Prime Minister Dr Mahathir Mohamad is confident Malaysia will be able to reclaim its “Asian Tiger” status among the region's developing countries.
He said while Malaysia had in the past devised its own solutions to survive the Asian financial crisis, its strength has been reduced by the previous administration over the years.
"Now the tiger is like a very small kitty.
"But I am sure that this country will grow and grow to become another tiger," he added in his opening speech at the "Malaysia: A New Dawn" forum in Kuala Lumpur this morning.
Recalling the 1997 Asian Financial Crisis that had rocked the region, Mahathir said Malaysia had recovered despite the ringgit's low value then.
"This time it's not about devaluation so much because our money is quite strong. But we need to find money to pay off the debts.
"We are confident we can overcome this because we have survived similar changes in the past," said Mahathir, who at the time led the Barisan Nasional government as Malaysia's fourth prime minister.
In overcoming the crisis in 1997, Mahathir had shunned the move taken by neighbouring economies to turn to the International Monetary Fund (IMF) for assistance and instead imposed strict capital controls to stabilise the ringgit's value against the dollar.
More than 20 years later, Mahathir said the government now requires new input from stakeholders to boost Malaysia's economy.
"We need to grow the economy (so) our debts will appear smaller than it is now," he added.
As part of the growth process, Mahathir said he had personally met with various companies keen to invest in Malaysia, during his recent visits to the US and the UK.
Stakeholders from various industries gathered for the one-day conference organised by the Finance Ministry and shared their inputs on future economic growth and challenges in a new Malaysia. - Mkini
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