ETP yielding strong results, says Najib

Investors flocked to the local stock exchange, tempted by a succession of public offerings last year, he said at the launching of Four Seasons Place Kuala Lumpur here this evening.

"US$7.3 billion was raised in a series of bumper IPOs, including the world's third biggest; our stock exchange closed the year at an all-time high, up more than 10 per cent on 2011," he said.

Najib said the transformation programme involved businesses and investors from the very beginning, helping to identify areas of economy to be prioritised and the reforms needed to improve competitiveness.

He said the policy package, accompanied by government and political transformation programmes, will open up Malaysia politically and economically.

"This allows us to remain competitive in an increasingly connected world, attractive to investors and tourists alike, an on course to reach developed nation status," he said.

Earlier, Najib said the establishment of the RM2.5 billion mixed-development Four Seasons Place Kuala Lumpur would not only benefit the country's economy but also showed that investors and developers alike recognised the underlying strengths of Malaysia's economy.

It is a marker of the extraordinary scale and pace of development which the nation has enjoyed, with strong and sustained GDP growth over the past four decades, he said.

"That in turn is thanks to the wisdom and guidance of successive governments, who steered our economy through independence - and a financial crisis or two.