MANGALORE: People of the country should welcome foreign direct investment (FDI) with an open mind because it is required for the nation's economic growth. One should give up the mentality of suspecting the motives of investors, said H.G. Mannur, visiting professor of economics, University of Western New England, Massachusetts, U.S., here on Friday.
He was addressing a gathering after inaugurating a workshop on "Role of foreign direct investment in economic development" organised by Shri Dharmasthala College of Law and Centre for Postgraduate Studies in Law, and Forum, an NGO.
Prof. Mannur said that FDI would bring new technology and ideas to the country. High-level investment was needed for the economic growth.
Policymakers in the country need not follow the model of other countries for economic development. Instead, the country could have its own model of development by inviting FDI, he said.
Privatisation and globalisation were here to stay, he said.