By Ravi Mahendra
https://www.linkedin.com/posts/ravi-mahendra-7396691a_the-downfall-of-malaysias-most-ambitious-activity-7097759791229407234-YGDb/
The Look East Policy (LEP) was an economic development plan introduced by then-Malaysian Prime Minister Mahathir Mohamad in 1981. The LEP aimed to emulate the economic success of Japan and other East Asian countries, such as South Korea and Taiwan.
The LEP had four main objectives:
To promote investment and technology transfer from Japan and other East Asian countries.
To improve the quality of education and training in Malaysia.
To develop new industries and technologies in Malaysia.
To create a more skilled and competitive workforce in Malaysia.
The LEP was initially successful, and it helped to boost Malaysia's economy. The policy also led to increased collaboration between Malaysian and Japanese companies, and it helped to transfer technology and expertise to Malaysia.
However, the LEP also had some negative consequences. One of the main criticisms of the LEP was that it led to an over-dependence on foreign investment. This made Malaysia vulnerable to fluctuations in the global economy, and it also led to a loss of control over the country's economy.
Another criticism of the LEP was that it did not do enough to promote entrepreneurship and innovation in Malaysia. This led to a situation where Malaysia was importing technology and expertise from other countries, but it was not developing its own indigenous capabilities.
The LEP also came under criticism for its focus on heavy industries, such as steel and cement. These industries were capital-intensive and required a lot of imported inputs. This made them less competitive in the global market, and it also contributed to environmental problems.
The LEP was eventually abandoned in the late 1990s. However, it had a significant impact on Malaysia's economy and society. The LEP helped to boost Malaysia's economy and to improve the quality of education and training. However, it also led to an over-dependence on foreign investment and a lack of entrepreneurship and innovation.
https://www.linkedin.com/posts/ravi-mahendra-7396691a_the-downfall-of-malaysias-most-ambitious-activity-7097759791229407234-YGDb/
The Look East Policy (LEP) was an economic development plan introduced by then-Malaysian Prime Minister Mahathir Mohamad in 1981. The LEP aimed to emulate the economic success of Japan and other East Asian countries, such as South Korea and Taiwan.
The LEP had four main objectives:
To promote investment and technology transfer from Japan and other East Asian countries.
To improve the quality of education and training in Malaysia.
To develop new industries and technologies in Malaysia.
To create a more skilled and competitive workforce in Malaysia.
The LEP was initially successful, and it helped to boost Malaysia's economy. The policy also led to increased collaboration between Malaysian and Japanese companies, and it helped to transfer technology and expertise to Malaysia.
However, the LEP also had some negative consequences. One of the main criticisms of the LEP was that it led to an over-dependence on foreign investment. This made Malaysia vulnerable to fluctuations in the global economy, and it also led to a loss of control over the country's economy.
Another criticism of the LEP was that it did not do enough to promote entrepreneurship and innovation in Malaysia. This led to a situation where Malaysia was importing technology and expertise from other countries, but it was not developing its own indigenous capabilities.
The LEP also came under criticism for its focus on heavy industries, such as steel and cement. These industries were capital-intensive and required a lot of imported inputs. This made them less competitive in the global market, and it also contributed to environmental problems.
The LEP was eventually abandoned in the late 1990s. However, it had a significant impact on Malaysia's economy and society. The LEP helped to boost Malaysia's economy and to improve the quality of education and training. However, it also led to an over-dependence on foreign investment and a lack of entrepreneurship and innovation.