The two-day Malaysia's Economic Conference organized by the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) kicked off here on Monday, drawing over 1,000 participants from the country's business and government sectors.

Themed "1Malaysia - New Economic Model", the conference is aimed at discussing the economic situation and challenges in the country in order to provide inputs to the Malaysian government, especially when the Malaysian government is in the midst of drafting the Tenth Malaysia Plan.

A Malaysia Plan is a five-year plan implemented by the Malaysian government to develop various sectors in the country for the well-being of its people and the nation. Besides that, the conference can also provide suggestions to the government for the soon-to-be unveiled New Economic Model.

The conference is endorsed by Malaysian Finance Ministry, International Trade and Industry Ministry, and the Economic Planning Unit under the Malaysian Prime Minister's Department.

Other supporting units include Malay Chamber of Commerce Malaysia, Malaysian Associated Indian Chambers of Commerce and Industry, Federation of Malaysian Manufacturers as well as Malaysian International Chamber of Commerce and Industry.

In the first session of discussion on "Malaysia's Strategic Position in the Globally Competitive Market", Francis Yeoh, Managing Director of YTL Group of Companies, said that Malaysia needed stable government policies, conducive business environment with lesser corruption practices in order to be globally competitive.

Yeoh stressed that laws enacted should not be an obstacle that would hinder investment activities, adding that being open and transparent would make Malaysia more appealing as a business- friendly country.

YTL is one of Malaysia's leading integrated infrastructure conglomerates with the core businesses being the ownership and management of regulated utilities and other infrastructural assets, serving 10 million customers in three continents.

Mukhtar Hussain, Deputy Chairman and Chief Executive Officer of HSBC Bank Malaysia Bhd, reiterated the importance of raising the country's competitiveness.

With Asia expected to overtake the European Union and the United States in 2016 to become the largest contributor of global gross domestic product, and Asian consumers becoming the biggest incremental spenders by 2013, Mukthar said global economy's drivers were shifting to the East.

He added that it was time for the Malaysian government to improve its weaknesses to grab the opportunities emerging in the fast growing region.

The term "1Malaysia" represents the concept initiated by Malaysian Prime Minister Najib Razak. Besides strengthening unity in the country, it is also serve as a motivator to the Malaysian government to serve the people and the nation, as stipulated in the slogan "People First. Performance Now."