Malaysia's capitalism model is quite unique in the world and despite being unorthodox, it has worked and will be continued, Khazanah Research Institute (KRI) said.

Chairperson Nor Mohamed Yakcop said the British ‘laissez-faire’ capitalism was tweaked by the nation in the early 70s to make way for Malaysia’s New Economic Policy (NEP), which stressed wealth distribution.

Citing examples of the NEP’s and subsequent policies' success stories on poverty eradication and the country’s experiences in handling the economic challenges in the past, Nor Mohamed said Malaysia's model of capitalism should
be carried on.

"I believe if we carry on with this policy of being pragmatic, of having a longer-term vision, having the guts to do what it takes, having an open mind and innovative thinking, the model will continue working.

"This model, of course, has to be tweaked as we go along in the context of changing circumstances. It has worked so far and I have no reason to believe it will not work in the future," he said in his welcoming remarks at the Malaysian-French International Conference in Kuala Lumpur today.

Organised by KRI together with the French Embassy and the Malaysia-France University Centre, the two-day conference starting today, titled ‘Malaysian Capitalism in Comparative Perspective’, serves as a platform for about 15
eminent Malaysian and French economists to further enlighten on capitalism and its multiple prevailing issues in Malaysia, and more broadly within the Asian economic space.

KRI managing director Charon Mokhzani said the conference aims to foster dialogue and enhance understanding amongst scholars, researchers and commentators from both countries.

"It has given us a different way of analysing our economic development and connects the research we do with similar research in Europe.

"We are delighted with this successful collaboration and we look forward to holding more international dialogues in the future," he added.

- Bernama