The missing link in the economy is a confident private sector that is not wholly reliant on government spending but can play the global economic game.
The success of the FDIs has sidetracked the national economic policy into infrastructure construction only for the purpose of clearing road congestion brought on by wrong monetary policy that stimulates consumer spending in buying houses and cars. (Too many housing estates in poorly developed areas.)
Monetary policy nurtures asset inflation by its low interest rate policy. (Banks no where to lend except increasing the supply of their collateral assets. Real estate prices are rising from speculation while rental is low due to poor demand. No wonder foreign buyers are called in to support housing developers' profitability.)
The local economy is unable to lock into the global value chain and the global supply chain. (This is why when the global commodity prices rise, the locals are not protected by higher income which should have come naturally from higher GDP growth.)
Except for the plantation sector which is a legacy of the past. (Now oil palm estates better than housing estates.)
It's a long road to redemption. Technical knowledge. Market knowledge. Innovation. Risk-taking. Market creation. Art of selling. Reward. (This is real hard work that requires a lifetime of dedication.)
By dichotomising real reward from real effort, the economy has lost its internal mechanism for saving and investment. (Those who work do not get, those who get do not work.)
The only game in town seems to politicking and speculation. (Win the politics and get the contracts.)
Get down to the brass tacks.