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Liberalisation To Make Economy More Broad-based
Bernama Online
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, Datuk Seri 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.
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