NILAI: Government-linked companies (GLCs) are urged to give priority to domestic investments to stimulate the economy.
MCA deputy president Datuk Dr Wee Ka Siong said currently, overseas investments by local firms were higher than incoming foreign investments in the country.
Malaysian companies should bring the money home to help revive the economy, Dr Wee said when opening the Negri Sembilan Wanita MCA annual general meeting here on Sunday.
Dr Wee, also Minister in the Prime Minister’s Department, said the government should also encourage exports as a way to counter the depreciation of the ringgit.
He said manufacturers, who had to import raw materials, were greatly affected by the slide in the currency which breached the RM4 to a dollar barrier on Friday.
He suggested that more incentives be given to local businessmen to enhance exports which were traded in US dollars.
“The government should map out strategies to increase exports from the current 19% to 25%,” he added.
Dr Wee also encouraged the people to buy local products.
“Many Malaysian-made products are of international standard and better compared to the imported goods,” he said.
Wanita MCA chairman Datuk Heng Seai Kie said the wing would launch a campaign to promote local products.
She said the move could also reduce reliance on imported goods to prevent any outflow of the ringgit.
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