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Prime Minister Tun Dr Mahathir Mohamad pledged that Putrajaya will continue to welcome foreign direct investment, but with a caveat that local contractors will be given priority in the development sector.
"This FDI will be limited to those bringing funds and technology into the country, constructing factories, producing goods for the local market or export.
"We find that Malaysians are already competent in the development sector. We can build our own cities and other necessities for the people.
"Therefore, the Pakatan Harapan (PH) government decides that all these will be open to local companies. So, if there are big infrastructure projects, we will only allow foreign participation if we do not have the expertise," he said.
Dr Mahathir was speaking in a televised interview with RTM1 yesterday where he promised a business-friendly environment as well as deregulation under the new PH government.
Dr Mahathir said the government will also scale back on regulations to encourage businesses.
"Everyone can freely and easily conduct businesses. We welcome investment be it from within the country or outside," he said.
Dr Mahathir said a review of the economy will also be conducted to determine the country's real level of debt and the health of its finances.
On the government front, Dr Mahathir revealed that valuable gifts and "donations" will no longer be accepted.
"Any donation cannot be accepted by any quarters or any parties without the knowledge and permission of the cabinet.
"Sometimes, people also give gifts to members of the government, these should be limited to perhaps food and flowers, but not valuable items," he said.
Dr Mahathir stressed that the move is necessary to stamp out elements of corruption.
He also assured that all public procurement activities will go through an open tender.
"An if there are anomalies in an open tender, it will be reviewed by appointees who will be specifically assigned to look at such cases.
"I believe the people do not need to feel worried or suspicious of the government's intent.
"Our intent is to clean the country and reduce the economic problems facing our country," he said.