The SC Chairman said that the Japanese participants were in particular very positive about the Malaysian government's initiative in establishing the National Bond Market Committee to drive the development of bond markets in Malaysia. This, he said, underlined the concerted effort being made by all the relevant authorities in Malaysia to move towards a more diversified, market-based financial system.

Furthermore, the SC's efforts at continuously reviewing the ways of promoting greater corporate accountability and its resolute efforts to implement the recommendations of the Finance Committee on Corporate Governance were acknowledged as affirmative actions in the right direction.

Encik Ali also stated that the Japanese fund managers were enthusiastic about the SC's strategic efforts to position the Malaysian capital markets vis-à-vis other world class capital markets. To this end, it is envisaged that Malaysia will be able to develop a capital market that is, amongst other things, efficient and competitive, financially sound, integrated and technologically advanced. The Capital Market Masterplan, he added, will provide a strategic road map towards attaining these objectives.

Earlier in the week, the SC Chairman also spoke at a high-level round table on Capital Market Reforms in Asia organised jointly by Asian Development Bank Institute and the Organisation of Economic Cooperation and Development (OECD).

At this forum, Encik Ali highlighted recent efforts being undertaken in Malaysia to provide the support needed to sustain future economic growth and development. Encik Ali was one of the selected heads of capital market agencies invited to speak at the capital market roundtable on Malaysia's experience in this area.