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NATIONAL NEWS
Subsidies to be gradually phased out
Author: Posted by Lenny/source RTM
Date: 09/02/2010
Commenting on subsidies for industries and consumers, Dato’ Seri Najib said it must be restructured and gradually phased out.
He said greater domestic competition must occur to give freer rein to private initiatives and market forces.
According to the premier, the country may not be able to afford over subsidized and under priced energy.
Dato’ Seri Najib said the government was in the process of streamlining institutions, policies and procedures to make it easier for investors to invest.
A study by the World Bank showed that 60 to 80 percent of the country’s wealth could be in the form of intangible assets such as proprietary technologies intellectual property, brand names and institutions.
Dato’ Seri Najib said, Malaysia needed to do more to cerate these intangible assets because investment in these was extremely critical.
