KUALA LUMPUR: Umno today proposed a new economic model in its manifesto ahead of the 15th General Election.
Its president Datuk Seri Dr Ahmad Zahid Hamidi said the draft proposal was ready and would be presented to Barisan Nasional leaders in its coming convention.
"Umno must come up with a new economic model based on the economic patriotism, which is aimed at giving economic justice to all the people while building a stable nation.
"The Barisan Nasional economic agenda, which was halted due to change of government in the 14th General Election (GE14) must resume," said Zahid in his policy speech when officiating the Umno General Assembly held at the Putra World Trade Centre in Kuala Lumpur and broadcasted on virtual platforms.
He said the economic model would be the basis for the country's development post Covid-19 pandemic, highlighting Malaysia's 56 per cent drop (to US$3.4 billion) in Foreign Direct Investment (FDI) in 2020 compared to the previous year reported by the Malaysian Investment Development Authority (MIDA).
Citing the World Bank, he said Malaysia was behind other Asean countries in terms of investment and development.
"Prior to GE14, Malaysia recorded the highest economic growth and received the highest foreign investment in the Asian region. We are now lagging behind. (Meanwhile), neighbouring countries continue to enjoy abundant investments despite being hit with Covid-19 pandemic.
"To return as the government, we must offer a new deal to win the people's trust that was lost," he said, citing the United Nations Conference on Trade and Development (UNCTAD) report which stated Malaysia suffered a 68 per cent drop in foreign investment to US$2.5 billion in 2020, the worst among countries in the region.