THERE WILL BE FURTHER LIBERALISATION OF MALAYSIAN ECONOMY, SAYS PM

PUTRAJAYA, June 22 (Bernama) -- Malaysia will announce further
liberalisation of its economy in the next few weeks, Prime Minister Najib Tun
Razak said.

Najib, who is also Finance Minister, said with the measures, the government
hoped to see further contribution from the services sector to the economy from
55 percent presently to over 70 percent in line with the structure of other
fully matured, developed economies.

"Let me state here that we are not liberalising to conform to some new
economic orthodoxy. Nor is it for the sole purpose of attracting foreign
investments and capital.

"Our objective is clear, to ensure that Malaysians, our people and our
companies, benefit from the competitive dynamics that are shaping the global
marketplace for ideas, talent and funds, so that Malaysian companies and
Malaysians can emerge stronger, become more globalised and ultimately thrive in
this new world order," he said.

He said this when delivering his keynote address at the 7th Heads of Mission
Conference at the Putrajaya International Convention Centre (PICC), here Monday.

Najib said Malaysia must play a greater regional role at a time when
conflict continues to face some of its neighbours.

"We can do this by monitoring trouble early - and by keeping our wits about
us in deciding how and when we can help address threats," he said.

He said a problem on the border can stay on the other side of a border for
only so long and for that reason, Malaysia must maintain close bilateral
relationships with every one of its neigbours, enabling issues to be addressed
through cooperation rather than confrontation.

"Towards this end, we must undertake cooperative arrangements with them. My
visit to Singapore last month must be seen in this light," he said.

He said Malaysia should also punch above its weight and beyond its region,
and Malaysia had special ties with China, in light of the enormous contribution
made to the society by Malaysian citizens of Chinese descent.

"But as other countries such as India and Brazil rise as economic powers,
they too will have roles to play, and we will need to ensure we maintain and
maximise our close working relations with them," he said.

He said Malaysia must continue to explore trade and investment opportunities
with its traditional partners, the United States, Europe, Japan, South Korea,
Australia and Asean and must also develop strategic partnerships for trade and
investment with countries in the Middle-East, Africa, Latin America and other
parts of Asia.

Najib said this was where the heads of mission, as representatives of the
government abroad, had an important role to play in applying the concept of
1Malaysia to Malaysia's diplomacy.

"As our top diplomats, you will need to be ever alert and sensitive to
change and be acutely aware of the opportunities and challenges that impact
Malaysia.

"We in the government can only perform as we should if you provide us prompt
advice on how we can enhance our relations with other countries and take
advantage of opportunities as soon as they present themselves," he said.

Najib also expressed his aspiration to see Malaysia once again emerge as a
leading light within Asean and contribute towards effective leadership of the
region.

The Prime Minister also welcomed the positive foreign policy outlook
under
United States President Barack Obama's administration.

He said Malaysia's relationship with the US remained central and strategic
at many levels and across many issues such as disarmament, revamping the global
financial architecture, the Middle-East peace process and the environmental
challenge.

"I am looking forward to sitting down with President Obama to take advantage
of the goodwill and atmospherics being generated on both sides of the
relationship. I believe working closely together, we can achieve much more in
the region and beyond," he said.


-- BERNAMA