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KUALA LUMPUR, April 24 (Xinhua) -- Sultan Muhammad V was formally installed as Malaysia's new king on Monday, as a grand ceremony celebrating the event was staged at the National Palace during which the king delivered a speech calling for unity in a country with different races and religions.

In his speech televised to the whole nation, the king, called the 15th Yang di-Pertuan Agong, said it has been proved in Malaysia that diverse races, religions, cultures and way of life can live together in peace and harmony.

He described the co-existence of different races and religions as "the source of our uniqueness and strength."

The new king's installation came when Malaysia is celebrating its 60th anniversary of independence since 1957.

Earlier in the day, Malaysian Prime Minister Najib Razak read a declaration, in which he said the installation represented the continuation of the country's monarchy system.