MALAYSIA will return to the days when the government views the private sector as partners in profit-making and building of the economy, said Dr Mahathir Mohamad.

“This government promises to return to the days of when we had Malaysia Incorporated, where the home country is regarded as one big company.

“And work with the private sector together to make big profits for this national corporation so that we have the money to support industries and the people and provide good governance,” the prime minister said at the opening of the 9th international rubber glove conference and exhibition in Kuala Lumpur today.

Dr Mahathir said the government stands to benefit when industries thrive and reap more profit.

“The government encourages business although it’s not altruistic on the part of the government.

“If we help you to make more money, it’s because 26% of the money you make belongs to the government,” said Dr Mahathir.

“If you’re thinking of going into business, there is no business as good as government because we don’t invest but 26% of your profit belongs to us.”

He also stressed the importance of building up the research and development in the country, saying that having raw and natural resources will not be enough to make Malaysia a leader within its own industry.

“Rubber comes from Brazil while oil palm comes from West Africa but we were able to plant better trees and come up with products through research,” he said.

“Although, we are no longer the biggest producer of rubber any more, we are now the biggest producer of rubber gloves in the world.

“It’s not the rubber that’s important but it’s the application of the product that is important,” said the 93-year-old.

Malaysia is the biggest rubber glove manufacturer in the world and is expected to supply 63% or 168.8 billion rubber gloves in 2018.

According to Malaysian Rubber Glove Manufacturers Association (Margma) president Denis Low, rubber gloves make up 73.2% of all rubber goods exported from Malaysia.

For the first six months of 2018, the value for local rubber glove industry was at RM8.47 billion, up 6.57% from the same period last year.

“This translates to a projected revenue of RM18.8 billion for Malaysia in 2018,” said Low. – September 4, 2018.