“The secret is there is rain. We depend on rain. Sorry, we can’t export that,” said Dr Mahathir. The reply was among many that drew laughter during the final session at the conference A Meeting of Minds when Forbes chairman and CEO, and Forbes magazine editor-in-chief Steve Forbes spoke with the former premier.
To another question that the Iskandar Region in Johor seemed to rely very much on Singaporean investments, he said it was a good project but would be better if Singapore allowed Malaysia to build a second bridge to the republic.
“Don’t make problems about having a bridge. While the causeway might have nostalgic values, a second bridge would reduce traffic congestion and improve travel,” he said.
Dr Mahathir also took several jibes at the US in particular and the West on issues like the monetary policy and foreign relations during the session.
“We talk about globalisation, but when one country decides on a policy and imposes that on others, there are bound to be problems.
“It should consult others and work out a solution together. You had the G8, now you have G20. Who do they represent?” he said when asked to comment on the effect US monetary policy had on other countries.
When Forbes asked Dr Mahathir as to why he had resisted the advice given by the International Monetary Fund during the 1997-98 financial crisis, he said: “Fortunately, I am not a financier nor an economist, therefore my views are unorthodox.
I found their prescription would make matters worse, so we came up with a different method by understanding what was actually happening.”
In terms of the Asean region, Dr Mahathir said while the member states were progressing, they were not all equally developed, adding that the countries should be allowed to protect some of the industries within them. The protection should be removed when the industries were more independent and able to stamp their mark abroad.
Asked if Asean was moving towards a common currency like the euro, he said it should be gradual and start as a common trading currency between the members and not to be used as a currency like the euro.
On trade with China, he said the relationship had been established over many centuries. “They are only 2,000 miles away but we have had no problems. Portugal is 8,000 miles away and yet they invaded (Melaka). It is the attitude,” he said.
To a question on how the US dealt with Asia-Pacific nations and China, he said: “One of the problems with the US is that it claims to be a super power but yet it doesn’t understand the world.”
Dr Mahathir said among the reasons for Malaysia’s exponential growth was that as a young, independent nation it broke with world practice and invited foreign participation to invest and provide expertise where it lacked. “But not to interfere in domestic politics,” he quickly added.
When asked how he wanted historians to remember him, he said: “I started as an unpopular PM with the Chinese, I left unpopular with my own race because I spoke out the truth. But I guess they don’t hate me that much now. There were no racial conflicts when I was PM and I am happy with that.”
Dr Mahathir said among individuals he admired were the Prophet Muhammad and Nelson Mandela. When Forbes asked if he admired any business personalities, Dr Mahathir said he found it hard to answer. “I think we need to send you the Forbes magazine,” said Forbes, to loud laughter from an appreciative crowd.