Fifty years of Malaysia's economic diplomacy : the development approach to peace, security and stability

Abstract

The pursuit of national development has been a constant in Malaysia's foreign policy since 1957. The overdependence of foreign direct investment (FOi) for the purpose has dictated the choice for the free market model since independence. The strategy remained a constant throughout the formative, take-off and advanced phases of Malaysia's development strategy under all five of Malaysia's prime ministers. The success of the strategy has propelled Malaysia ahead of many other developing countries in development terms over the last five decades. The use of the strategy externally to complement her other tools to secure domestic development agenda however has been less highlighted in the literature on Malaysia's foreign policy. The paper will examine the role played by her economic diplomacy in the process. In an era of globalization and increased economic competition, more robust use of the strategy can be expected in the pursuit of the national development agenda.