International Economic Relations under Mahathir’s Period

Faridah Binti Jaafar

, Saiyid Radzuwan S. Ghalib

, Soijah Likin

and Nazarudin Zainun

Political Science Section, School of Distance Education, Universiti Sains Malaysia, 11800, Penang, Malaysia

Antropology & Sociology Section, School of Distance Education, Universiti Sains Malaysia, 11800, Penang, Malaysia

History Section,School of Humanities, Universiti Sains Malaysia, 11800, Penang, Malaysia

Keywords: Mahathir Mohamad, Economic foreign Policy, “Buy British last”, “Look East Policy”

Abstract: Malaysia's foreign policy under the leadership of Mahathir Mohamad from 1981 until 2003 has

demonstrated new dimension and unique identity compared with the previous Prime Minister. Mahathir, in

his era has played an important role to bring in a great impact on national, regional and international

relations in terms of international economic aspects. During the time, the foreign policy of Malaysia was

influenced by various internal and external factors. While many policies were formed, this paper will only

analyse international economic relations during 1981-2003 by focusing on the “Buy British Last” and "Look

East Policy”. These two policies are important to study as Mahathir seems to re-establish economic relations

with Japan as it is the first country he visited after he returned to be the 7th Prime Minister of Malaysia.

1 INTRODUCTION

Mahathir Mohamad was an influential figure in

shaping Malaysia foreign policy in the years of

1981-2003. The main objective of this paper is to

analyse Malaysia’s foreign policies during Mahathir

Mohamad’s periods in the aspects of international

economic relation. Foreign policies during Mahathir

Mohamadperiods were affected by different

situations, conditions, and time and space. They had

great impacts on the national, regional and

international relations. In this paper, the debate upon

the economic relations that took place during the

administrations of Mahathir Mohamadpremier will

be scrutinized in detail for example “Look East

Policy”. The paper will also provide some insights

into the factors why Mahathir wasinterested to

establish economic relations with certain countries

and organizations while distancing from others.

2 ECONOMIC RELATIONS

UNDER MAHATHIR’S PERIOD

Malaysia’sforeign policy under Prime Minister

Mahathir Mohamadconcentrated more on economic

ties. The testimony is evident from the foreign

political policies during his tenure, which were

economicallyoriented. Mahathir himself admitted

that as the Prime Minister, he gave directives to

Malaysian foreign envoys or diplomats to emphasize

more on economic issues rather than politics in the

countries assigned. It was done in order to identify

possible prospects of trade and investment to

improve economic relations with the country

(Mahathir Mohamad 2009). According to Rafidah

Aziz, the concentration of economic relations took

place during Mahathir’s tenure as the government

saw the need to spur economic growth which was

progressing rapidly during the period compared to

other aspects (Rafidah Aziz, 2009).

The country’s good ties with other countries, be

it at the regional or global stage, were focussed

towards expanding the dimension of economic

cooperation. Mahathir also outlined that the first

issue to tackle in the local economic sector was the

ethnic-based economic identification (Mahathir

Mohamad 1983). According to Mahathir, during his

era, there was a pressing need for the government to

formulate and implement foreign policies that could

develop the nation’s political and economic interests

(Pathmanathan 1990). Mahathir also concentrated on

economic diplomacy whichsaw Malaysia forming

ties with all nations, regardless of a country’s

ideology. In economic diplomacy, what is important

is that a country establishes ties with any country, as

Binti Jafar, F., S Ghalib, S., Likin, S. and Zainun, N.

International Economic Relations under Mahathir’s Period.

DOI: 10.5220/0008884903410347

In Proceedings of the 7th International Conference on Multidisciplinary Research (ICMR 2018) - , pages 341-347

ISBN: 978-989-758-437-4

341

long as it could benefit the country’s economy

(ChamilWariya 1989).

In the early days of Mahathir’s period, he

manifested his anti-British orientations in both the

political and economic relations. The “Buy British

Last” policy was the reflection of his anti-British

policy on the economic relation, as a response to

British corporate figures who were not only ignorant

with the government’s policies, but often interfered

with matters related to Malaysian employees. The

British business community was insensitive towards

Malaysia’s domestic economic policies like New

Economic Policy (NEP), which required the

participation of the bumiputera, or local people and

it was an issue that Malaysia could not tolerate.

Malaysia was disenchanted with The Western

media’s prejudice towards the country’s domestic

economic policy. The Western media often labelled

Malaysia as a country that practiced ethnic

discrimination in its economic policies as they

claimed that the Chinese and Indian ethnics were

suppressed and denied equal rights in the economy

and education sectors (ChamilWariya 1989).

2.1 Buy British Last

The situation led Malaysia to take a different

approach by launching the “Buy British Last”

policy, and the takeover effort of the Guthrie agency

by PermodalanNasionalBerhad (Jomo 1983). The

“Buy British Last” policy that was launched in 1981

was actually a domestic economic policy, however,

it had created a rift with the British which led to

strained economic ties with the British (Mahathir

Mohamad 1982). This issue is reflected in the

conclusion segment in the second chapter which

claims that foreign policies are often linked with

domestic consequences, and vice versa. Through

this policy, products and services originating from

Britain were to become the last choice in the pecking

order at government agencies.

The above situation appears to be cliché as it was

often aired by the Malaysian media to justify the

“Buy British Last” policy. However, the events that

followed were what Mahathir had been hoping for,

as it was an opportunity for him to manifest his anti-

British stance, and a chance to teach the nation’s

former colonial master to better respect Malaysia’s

status as an autonomous and independent country. It

has been explained previously that leaders would

never abandon their previously-held ideologies and

principles, and they would just lie in wait for the

right time and momentum to strike. The same goes

with Mahathir, as it was common knowledge that his

anti-British stand was strong, and that he held

Britain fully responsible for Malaysia’s topsy-turvy

state of the economy.

The “Buy British Last” policy was re-evaluated

in 1983, after Mahathir felt that there was a slight

change in Britain’s stand, as they extended attempts

to neutralize the two-way frosty relation between

Malaysia and Britain resulting from the “Buy British

Last” policy (Mahathir Mohamad 1984). The re-

evaluation was an impact from the global economic

situation in 1983 that saw the British pound suffered

a devaluation compared to the Malaysian Ringgit.

Once the pound was devalued, the products and

services from Britain became more affordable, hence

it would be unrealistic for Malaysia to continue with

the policy (ChamilWariya 1989). According to

Mahathir: “Even when we are saying “Buy British

Last”, we still laid out the welcome mat for British

investors (ChamilWariya 1989).”

The policy is considered as a two-pronged

strategy in Malaysia’s foreign economic policy as

the target was not just aimed at the Margaret

Thatcher government, but also towards the

Malaysian bureaucrats that thought too highly of

anything British. The British realized that morally,

they should not have belittled Malaysia as an

autonomous and independent nation. Meanwhile,

the bureaucrats were indirectly reminded that not all

products and services from Britain were the best, to

the point that they neglected their rights as a citizen

of a sovereign and independent nation to make

choices if other countries could offer products and

services that were better than Britain.

In terms of the economy, the “Buy British Last”

policy had helped Mahathir face British in dealing

with the increased tuition fees for Malaysian

undergraduates in Britain, and the stock exchange

procedure of Guthrie’s successful takeover by PNB.

Mahathir, in his own way, had imparted some moral

lessons for British firms to be more sensitive

towards Malaysia’s economic policies like NEP.

There were a few factors that had contributed to

the decision by Mahathir to implement the “Buy

British Last” policy. The first factor is Mahathir’s

anti-British stance; while the second factor is an

external factor, that is, the British traders’

insensitivity towards Malaysia’s domestic economic

policies like NEP. Another external factor is the

approach taken by Japan and Korea in forming

collaborations and providing assistance to Malaysia

to advance its economic growth.

ICMR 2018 - International Conference on Multidisciplinary Research

342

2.2 The Look East Policy

The stellar rise of East Asian nations’ economy had

encouraged Mahathir to reform Malaysia’s foreign

policy which was traditionally Western-oriented, to

change its bearing to the East. The Look East Policy

was Mahathir’s attempt at revolutionizing the mind-

set of the Malaysian society to progress successfully

like their Eastern neighbours, Japan and Korea. The

policy was announced by Mahathir on 8 February

1982 at the “5

Joint Annual Conference of the

Malaysia-Japan Economic Association (MAJECA)

and Japan-Malaysia Economic Association

(JAMECA) at the Hilton Hotel, Kuala Lumpur

(Mahathir Mohamad 1982).

Basically, the policy implies that the government

would perform analyses and research to select values

and work ethics, and positive examples from Japan

and Korea, and adapt and improve them to suit the

Malaysian environment (Means 1991). According to

Mahathir, the main ingredients of the Look East

Policy are: work ethics, management practices,

discipline, and dedication (Mahathir Mohamad

1984). Other than that, the enactment of the policy

was also an attempt at changing the nation’s

traditional economic policy, which was traditionally

based on agriculture and mining, to an industrial-

based policy.

The policy can also be considered as a reflection

of Mahathir’s personality who was never

comfortable with the West, thus, he tried to seek

new values from the East in developing the nation’s

economy. In the process, he had elevated the status

of developing countries like Japan and Korea as role

models in the quest to develop the country.

However, Mahathir did remind the Malaysian people

that any implementation based on the policy did not

mean that they were to totally emulate Japan or

Korea, but that the differences in social-politics and

culture were to be considered in any decisions made

(Mahathir Mohamad 1983).

Many quarters were unhappy with the decision,

especially as many could still recall the Japanese

army’s brutality during their colonization of Malaya

during 1941 to 1945. Mahathir had his own reasons

in choosing the two nations as role models. The

stellar rise of Japan after the calamity had inspired

various emerging industrial nations. With the

government’s support, the nation’s researchers and

capitalists worked hand-in-hand to propel the nation

in taking the step of relying on high-tech industrial

machineries that awed many foreign nations

(Mahathir Mohamad 1983). Meanwhile, Korea was

chosen due to its people’s diligence, loyalty and

discipline that had done wonders to the Korean

economy. When the policy was announced in 1982,

only Japan and Korea were chosen as the two model

countries for economic development. In 1997,

another eastern nation was chosen, that is Taiwan, as

proven from the following excerpt from a speech

text;

The main aim outlined in the policy is to spur

the performance of the nation’s administration and

development that would generate citizens that

possess positive ethics and work values that would

propel the nation’s development

(http://pmr.penerangan.gov.my. Retrieved on

30 July 2008). Through the Look East Policy, the

government continued to expand its diplomatic ties

and trade relations with non-traditional trade

partners while sustaining and improving current ties,

consistent with the interests of the nation (Mahathir

Mohamad 1987).

A few strategies were developed to ensure that

the policy succeeded, such as programs that

encompassed three main aspects: Reforming

structures, changing attitudes, and conducting

trainings and courses. A few reforms were

introduced in the government administrations such

as punch card, name tags, establishment of teams to

improve work quality, (QCC), the concept of open

office, one-stop bill payment service counters,

deskfiles and work procedure manuals. To promote

changes in attitude, a few programs were introduced

such as excellent service, the clean, efficient and

trustworthy concept, and leadership by example.

Meanwhile, trainings and courses introduced under

the Look East Policy include: Industrial and

Technical Trainings, Academic Educational

Programs, Technical Education Programs, Executive

Development Programs, Cooperation between

Institutions and Entrepreneur Development Training

Schemes (http://pmr.penerangan.gov.my.

Retrieved on 30 July 2008)

The Look East Policy was not just a political

rhetoric from Mahathir, it was properly organized

and was filled with programs that saw the success of

the policy. However, there were several challenges

in the nation’s capacity to implement the policy. The

major challenge was that many citizens, including

the professional workers’ group,we’re unable to

understand the objectives of the policy. In fact,

some quarters accused the policy of being biased, as

all building contracts at the time were awarded to

construction companies from Japan and Korea. They

also claimed that Japan and Korea became arrogant

due to the policy.

International Economic Relations under Mahathir’s Period

343

The critiques were unhappy with the Japanese

and Korean governments for their failure in

providing more assistance to Malaysia after the

policy was launched. According to Mahathir, “…

The Look East Policy did not mean that other parties

must bear our burden, or that they will be accorded

special treatment. The policy merely means that we

will be looking east to learn how a few people from

the eastern countries succeeded in advancing their

industries and challenging developed countries

(Mahathir Mohamad 1983).”

The policy required that Japan plays a leading

role especially by importing more Malaysian-

processed commodities. It was due to Malaysia’s

difficulty in exporting processed commodities to

developed countries including Japan (Mahathir

Mohamad, 1984). As Japan practiced a stringent

economic protection policy, it was difficult for the

Japanese economy to absorb Malaysian-made

products (Mahathir Mohamad, 1984).

Even though various quarters criticized the Look

East Policy, but the success of the policy was

undeniable. It succeeded in luring a huge pool of

contractors from the East that proved to be

conducive for the construction industry and the

nation’s economy. The Look East Policy had

produced many local contractors, including

Bumiputera contractors. Slowly, local contractors

managed to win projects, especially through

collaboration, or subcontract deals, which also led to

the increase in the number of trained workers

(Mahathir Mohamad, 1984).

Various agencies in the public and private

sectors had benefited from the exposure and

trainings provided by Japanese agencies through the

policy. It provided Malaysia with the opportunity to

improve its capacity in enhancing its economic

growth extensively and systematically. Most

Malaysian trainees who underwent trainings

managed to secure employment, with some

successfully landing jobs with Japanese firms.

Overseas Development Assistance or ODA and

Foreign Investment promotion had promoted the

overall development not only in Malaysia but also to

the Asia Pacific region. Internationalization program

or ‘kokusaika’ which was a new phase of Japan’s

relation with foreign countries had given hope for

other countries that Japan would open up its markets

for goods from their countries, including products

from Malaysia (Mahathir Mohamad 1989). Japan

emerged not only as a significant trade partner in

Malaysia, but also became a leading source of

foreign assistance for Malaysia. This gave Japan

better edge in negotiating the most important sectors

in Malaysia’s economy (Far Eastern Economic

Review 1991).

From 1997 until May 2002, 643 projects with

Japanese-interest companies worth RM 11.4 billion

was recorded in Malaysia. After the U.S.A, Japan

emerged as Malaysia’s second biggest trade partner,

and contributed RM98.37 billion or 16% of the

country’s international trading that totalled

RM614.84 billion in 2001. Until the middle of 2002,

there were 1,368 Japanese-linked companies in

Malaysia, with 786 companies involved in the

manufacturing sector with an investment tally of

RM22.8 billion (Utusan Malaysia 2003). In the

aspect of direct investment by foreign nations, Japan

is an important source for Malaysia. This is evident

from the number of projects approved in January to

October 2001 - from the total of RM3.05 billion,

Japan remained as the second-highest investor after

the U.S.A. In 2002, it was recorded that Japan was

Malaysia’s second-important trade partner that

contributed 17% from Malaysia’s total world trade

partner (Mahathir Mohamad, 2002).

Japan has contributed a lot to Malaysia’s

economic development (Mahathir Mohamad, 1997).

The strong aspiration to emulate Japan’s success

story had inspired Malaysia to send their students to

undergo trainings in Japan. Since the launch of the

Look East Policy, a total of 13,000 Malaysian

citizens has been sent to further their studies or

receive trainings in Japan. Malaysia still feels that

the Look East Policy is still relevant and that

Japanese universities and institutions will provide

more opportunities for Malaysian undergraduates

and trainees (Mahathir Mohamad, 2009).

According to Mahathir, Japan had shown a keen

interest in assisting the development of Malaysia’s

economy. As proof, the country had provided low-

interest loans to Malaysia, at only 0.7% with a

repayment period of 40 years, compared to 4.5%

interest rate for loans from the international market,

apart from other terms and conditions. Therefore, it

would have been a waste if Malaysia did not take up

the gesture of kindness from Japan (Mahathir

Mohamad 2009). Other than that, it was observed

that Japan’s market was considered as unchartered

territories due to the country’s stringent local

business’ protection policy. It was hoped that the

Look East Policy would change Japan’s stand by

opening its market for commodities from Malaysia

(MD Nasrudin, 2008).

Even though some quarters criticized the policy,

but it was without doubt that the policy had shown

various successes. The exodus of Japanese

contractors had spurred the growth of the

ICMR 2018 - International Conference on Multidisciplinary Research

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construction industry and the economy of the

country. In fact, Japan played a significant role in

aiding Malaysia to develop its economy

systematically. The assistance from Official

Development Assistance or ODA and investment

stimulation had further spurred Malaysia’s economic

growth. Other than that, Japan had also introduced

its internationalization policy, or ‘kokusaika’ that

was seen as a new phase in Japan’s foreign relations,

as it gave hope to Malaysia that Japan would open

its market which was previously difficult to

penetrate, to goods from Malaysia. In conclusion,

Mahathir had succeeded in consolidating Malaysia’s

diplomatic tie with Japan through the Look East

Policy. As proof, from 1997 until 2002, a number of

643 Japanese projects with a worth of RM 11.4

billion was recorded in Malaysia (Mahathir

Mohamad 2002).

There were a few factors that contributed to

Mahathir’s decision to implement the Look East

Policy. One of them is the domestic factor, as the

Look East Policy was an alternative to Malaysia’s

economic policy which had always relied upon the

Western nations especially Britain, and Mahathir

was keen to change it. “During my period, we did

not see that we could gain much from the United

Kingdom, but the rapid progress experienced by

Japan and Korea was something that we could

emulate (Mahathir Mohamad 2009).”Another

domestic factor is the importance of Malaysia’s

economy that aspired to be a part in the exploding

Japanese economy.

Meanwhile, another external factor that played a

role in the implementation of the policy was the

status of Japan as the most successful industrial

nation in the world, hence, the arrival of Japanese

investors with huge funds was significant towards

Malaysia’s economic growth.

2.3 Analysis of Economic Relations

during Mahathir Mohamad’s

Periods

Mahathir’s period saw Malaysia breaking new

frontiers by forging trade ties with all countries

without discriminating their ideologies, as long as

the country could offer benefits to Malaysia. “It is

because during TunDr.Mahathir’s period, the need

to concentrate on foreign economic policies was

more pressing compared to political aspects.

Hence, the period saw TunDr. Mahathir focusing

more on economic diplomacy compared to other

foreign issues (Rafidah Aziz, 2009)”

In terms of economic relations, the Buy British

Last policy had unveiled Mahathir’s anti-British

stance. In line with the anti-British economic stand,

Mahathir took the necessary steps of replacing

Britain’s position as Malaysia’s major economic

partner with Japan and Korea, especially in the

aspects of Foreign Direct Investment and trade. The

testimony was evident in the sudden increase of

economic relation between Malaysia and the two

eastern countries, Japan and Korea (Eng 1998).

When quizzed on why Mahathir decided upon

Japan and Korea as the countries to emulate, Rafidah

answered; “… due to changes in situations, as

during TunDr. Mahathir’s period, these two nations

had emerged as successful industrial nations. If we

did not take the opportunity, we would not be left

behind (Rafidah Aziz 2009).”

The answer illustrates how Mahathir had

chanced upon the situation by responding towards

the political and economic circle of the period so

that the nation could be either to equate or at least

emulate the achievements by the two countries.

In terms of economic association, it was a huge

advantage for Malaysia when it decided to reduce its

economic reliance on Britain and expanded its

economic spectrum to other regions. The Look East

policy had escalated Malaysia’s trade connection

with Japan and Korea as it resulted in an exodus of

investors from the countries to Malaysia.

Approaching small, underdeveloped, and unknown

nations was also an advantage as Malaya had the

opportunity to venture into new market prospects.

At the same time, Mahathir’s policy in economic

cooperation had a number of shortcomings, because

as diplomatic ties with Britain suffered a setback,

economic ties also languished. On the other hand,

relations with Japan and Korea also witnessed some

lopsided economic collaboration. Meanwhile,

Malaysia had to shell out huge expenses in order to

explore the previously unchartered territories.

During Mahathir’s tenure, there was a pressing

need to establish ties with all quarters to ensure

success in the economic sector. It was executed to

seek and identify investment opportunities and

potential nations that could be the mitraand

investment source. Japan and Korea were two

nations that experienced an upswing in economic

growth and thus he felt that it was integral for

Malaysia to learn from them. Japan’s willingness to

assist Malaysia through ODA was a golden

opportunity that was too good to be true. The events

were what made Tunku receptive towards striking

up amicable relations with Britain, and Mahathir

International Economic Relations under Mahathir’s Period

345

keen to turn to Japan and Korea (Rafidah Aziz,

2009).

During Mahathir’s period, domestic factors were

more dominant in influencing Malaysia’s economic

relations, especially by the conception of the “Buy

British Last” policy, Look East Policy, economic

collaboration with ASEAN, NAM, and small

countries. According to Syed Hamid Albar, in

general, Malaysia’s foreign policies were an

extension of the nation’s domestic policies

(Mahathir Mohamad 2009). It tends to synchronize

with Ahmad Fuzi’s perspective, an Ambassador At-

Large Special Envoy at the Foreign Ministry that

saw the foreign policies as theextension to domestic

policy, and Malaysia’s interest as a sovereign and

independent nation which must be protected at all

costs (Ahmad Fuzi 2007).

External factors also played a role in influencing

economic policies which were formulated based on

the stimulus or incentives from the countries

involved, like Britain’s negative stance towards

Malaysia that resulted in the “Buy British Last”

policy; and Japan and Korea’s enthusiasm that

spurred the Look East policy.

In economic relations, the “Mahathir” factor

played an important role in the formulation of the

“Buy British Last” policy and the Look East Policy.

Meanwhile, history was seen as the least dominant

factor in economic affiliations formed during

Mahathir’s era. If there were any, it was far too

insignificant compared to the domestic and external

factors that influenced the economic decisions taken

during his tenure as the Prime Minister

3 CONCLUSION

In conclusion Malaysia’s foreign policies during

Mahathir’s tenure,were focused more on economic

partnerships. In fact, the economy became the basis

in every foreign diplomatic tie formed during his

period. Mahathir was more pro-active in expressing

Malaysia’s important economic aspirations at the

global arena. His pro-active stance was proven

when he advocated for the restructuring of the

world’s economy. Mahathir did not make ideologies

as the parameter in fostering economic ties with any

nation. Meanwhile, Mahathir opted for Japan as

Malaysia’s preferred trade partner that warranted

much interest based on the nation’s stellar rise to

success. Mahathir’s international economic policy

also emphasizes on ASEAN’s economic relation,

Non Align Movement (NAM), South-south, New

International Economic Order (NIEO) and economic

collaboration with small countries.

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Asia TimurFakultiSasteradanSainsSosialUniversiti

Malaya, Kuala Lumpur.

TunDr. Mahathir Mohamad,the Official Dinner in Honour

of H.E. Junichiro Koizume Prime Minister of Japan,”

at Seri PerdanaPutrajaya, Malaysia on 10 January

2002.

Writer’s interview with TunDr. Mahathir Mohamad at his

office at Level 86, KLCC, Kuala Lumpur on 9 June

2009 at 3.00 p.m.

Writer’s interview with Tan Sri Rafidah Abdul Aziz on 26

February 2009,at her residence in Bukit Damansaraat

10.00 a.m.

PhangHooiEng, Foreign Direct Investment: A Study of

Malaysia’s Balance of Payment Position, 1998.

Pelanduk Publication.Selangor.

Writer’s interview with Tan Sri Rafidah Abdul Aziz on 26

February 2009,at her residence in Bukit Damansaraat

10.00 a.m.

Writer’s interview with TunDr. Mahathir Mohamadat his

office at the 86

floor, KLCC, Kuala Lumpur, on 9

June 2009 at 3.00 p.m.

Writer’s interview with Tan Sri Ahmad Fuzi, the

Ambassador AT-Large Special Envoy at the Foreign

Ministry, Wisma Putra on 24 May 2007, at 3.00 p.m

at his office at the Foreign Ministry, Wisma Putra,

No.1, JalanWisma Putra, Precint 2, Putrajaya.

International Economic Relations under Mahathir’s Period

347