JAPAN, US HAIL MOVES TO LIBERALISE ECONOMY

By Tengku Noor Shamsiah Tengku Abdullah

KUALA LUMPUR, July 3 (Bernama) -- Japan and US today welcomed Prime Minister
Najib Razak's moves to further liberalise the Malaysian economy as a positive
step forward and hoped it would be broader.

Japanese Ambassador to Malaysia, Masahiko Horie, said Najib has been sending
encouraging messages to foreign investors with a series of positive
announcements.

"I think it is a positive step forward.

"Whenever a country carries out various reforms, its implementation is most
important. I believe that strong determination and leadership by the prime
minister will ensure that he achieve the goal of 'Wawasan 2020' (Vision 2020
under 1Malaysia policy," he told Bernama here Friday

Masahiko said Japan was also looking forward to further liberalisation by
the government.

Meanwhile, the US said it welcomed the announcement of the liberalisation of
the economy.

"We look forward to further and broader liberalisation of the economy that
will increase investment opportunities," the US Embassy here said in a statement
to Bernama Friday.

At the opening of InvestMalaysia 2009 conference on Tuesday, Najib, who is
also finance minister, announced that ownership in the wholesale segment of the
fund management industry would be fully liberalised to allow for 100 percent
ownership for qualified and leading fund management companies to establish
operations in Malaysia.

For retail segment, the foreign shareholding limits for the unit trust
management companies would be raised to 70 per cent from 49 per cent currently.

Najib also announced a comprehensive deregulation of the investment
guidelines administered by the Foreign Investment Committee.
-- BERNAMA