April 24, 2009 20:55 PM

Najib To Announce Financial Sector Liberalisation Measures On Monday



KUALA LUMPUR, April 24 (Bernama) -- Prime Minister Datuk Seri Najib Tun Razak will announce the much-anticipated liberalisation measures for the financial sector on Monday.

This will be his second major announcement on the country's market liberalisation plan following the measures announced for 27 sub-sectors in the services industry on Wednesday.

The move to liberalise the services sector has been welcomed by the local business community and foreign investors, who say it will create a conducive business climate in the country and make the economy more competitive on the world stage.

"Can you wait until Monday! I will make an announcement on the financial sector," Najib told reporters after chairing his first Umno Supreme Council meeting as president at the Putra World Trade Centre here Friday.

Najib, who is also Finance Minister, said this when asked whether Malaysia will consider increasing foreign ownership in banks.

He said the Umno Supreme Council meeting had taken into view the recent changes announced by the government.

"I had explained the liberalisation policy and also the dissolvement of the Ministry of Entrepreneur and Cooperative Development. It was an effort to prevent redundancy in ministerial functions but the basic focus of the agency will be continued," he said.

As for the liberalisation of the 27 services subsectors, he said it was not a sudden move but it had been studied by the Ministry of International Trade and Industry for two years and considered by the Economic Council.

"We were satisfied that the change was for good and would be accepted by all groups including the Bumiputera community involved in the 27 subsectors," he said.

Najib said the change was in synch with changes made by other Asean member nations. He added that Malaysia was lagging in the opening of its services sector.

-- BERNAMA