LIBERALISATION TO MAKE ECONOMY MORE BROAD-BASED

KUALA LUMPUR, June 26 (Bernama) -- The liberalisation of the economy is to
ensure Malaysians benefit from the competitive dynamics that are shaping the
global marketplace for ideas, talents and funds.

"We are not liberalising to conform to some new economic orthodoxy nor is it
for the sole purpose of attracting foreign investments and capital," Second
Finance Minister, Ahmad Husni Mohamad Hanadzlah, said at the plenary
session at the United Nations Conference on the Global Financial and Economic
Crisis and its Impact on Development, held in New York on Thursday.

The text of his speech was released here.

He said Malaysia was using the current economic slowdown to make its economy
more broad-based and better placed to optimise opportunities that would emerge
when the global economy recovered.

Ahmad Husni said the new economic model would leverage on innovation,
creativity and entrepreneurship to spawn high value-added industries.

"It will focus on liberalising the services sector in view of its potential
to expand rapidly and contribute significantly to economic growth," he said.

He said process of liberalising the sector has begun with the removal of
equity conditions on 27 services sub-sectors and subsequently with the further
liberalisation of the financial sector.

-- BERNAMA