KUALA LUMPUR: The Government will continue to play an important role in ensuring the equitable distribution of wealth among the people through its pragmatic management of the economy.
Former Minister of Finance II Tan Sri Nor Mohamed Yakcop said since independence, the ruling government's perception of capitalism is pragmatic and it tweaks the economic system, with policies like the New Economic Policy, to ensure that economic growth leads to an equitable distribution of wealth for the people.
Nor Mohamed, who is Chairman of Khazanah Research Institute, said this during his opening remarks at the "Malaysian Capitalism: In comparative perspective" conference organised by Khazanah Research Institute here yesterday.
Further, Nor Mohamed who is also the deputy chairman of Khazanah Nasional Bhd said that, as a result, the nation has overcome hardcore poverty, and is today dealing with the issue of B40 through proactive policies and measures.
"We changed economic policies to ensure the economic growth is enjoyed by all. The Malaysian experience, since independence, has been to always have an open mind and be practical.
"The government has a role to play, which is that the wealth created is shared by everybody (in the country)," he said during a press conference after delivering his speech.
He said that despite the government being a key player in the economy, the private sector is still the engine of growth.
In his speech, he had explained that Malaysia's brand of capitalism was unique as it also had Government-linked companies (GLC) playing a role in the dynamism of her economy.
'Malaysian Capitalism: In comparative perspective' is a two-day Malaysian-French international conference organised by Khazanah Research Institute, Embassy of France in Malaysia and Malaysia-France University Centre.