KUALA LUMPUR, March 28 — UMNO is proposing to introduce ‘Economic Patriotism’, a new economic model that could be the basis for an economic framework that could bolster the nation’s growth post-COVID-19 pandemic.
Its president, Datuk Seri Dr. Ahmad Zahid Hamidi said economic patriotism aims to make economic equality for the people a reality.
“Before the 14th General Election, we were among the biggest recipients of foreign direct investments (FDIs) in Asia.
“But today, we are trailing behind neighbouring countries even though they had been affected by the pandemic too,” he said when delivering the president’s policy speech at the UMNO 2020 General Assembly held at the Kuala Lumpur World Trade Centre today.
He said based on a report by the World Bank, Malaysia has fallen behind ASEAN countries in terms of investments and developments.
“The Malaysian Investment Development Authority reported that foreign investments dropped by 56 per cent in 2020.
“Meanwhile, the United Nations Conference on Trade and Development (UNCTAD) said Malaysia received the least FDIs in the region, dropping by 68 per cent,” he said.
The two-day general assembly which started Saturday was attended by some 2,600 delegates and was also held virtually at 190 UMNO divisions nationwide.