Muhyiddin: High time Malaysia Inc is revived

KUALA LUMPUR: Deputy Prime Minister Tan Sri Muhyiddin Yassin said it was about time the spirit of Malaysia Incorporated be revived to foster closer cooperation between the public and private sector.

GREETINGS: Muhyiddin (right) shaking hand with  Asian Strategy and Leadership Institute (ASLI) CEO Datuk Dr Michael Yeoh (right) at the 14th Malaysian Capital Market Summit. — Bernama photo

GREETINGS: Muhyiddin (right) shaking hand with Asian Strategy and Leadership Institute (ASLI) CEO Datuk Dr Michael Yeoh (right) at the 14th Malaysian Capital Market Summit. — Bernama photo

“ I have stressed to many of the cabinet committees the need to approach problems with a greater sense of urgency and to adopt a pro-business and market friendly approach,” he said in his keynote address presented at the 14th Malaysian Capital Market Summit 2009 here yesterday.

Muhyiddin said such sense was essential because it was important for the government and the private sector to work closely together.

“Sustainable growth and economic development needs constructive dialogue and regular engagement between the government, businesses and financial community where problems faced by the private sector can be resolved,” he said.

Muhyiddin said the progress made in improving the public delivery system by the Special Taskforce to Facilitate Business or Pemudah was one example of how closer public-private partnership can achieve better results.

He also called on the business and financial community to invest more in Malaysia’s real economy and the capital market.

“Now that Initial Public Offering’s have been freed from the 30 per cent Bumiputera requirement, there is no reason why local companies and small-and-medium enterprises should shy away from investing in their own country,” he pointed out.

Muhyiddin also said there was a need for more local listings, to add depth and breadth, to the capital market.

Quoting the Treasury Economic Report, he said funds raised in the capital market remained strong with gross funds increasing almost 64 per cent to RM109.7 billion for the first seven months of the year compared with 3.1 per cent growth registered in the same period last year.

On a net basis, the funds raised grew more than two-fold to RM68.4 billion, in the same period, with the public sector accounting for 66 per cent. — Bernama

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