KUALA LUMPUR, Oct 21 — Malaysia has created “world class” infrastructure and a strong financial system with the government and private sectors working well together, Khazanah Nasional Berhad deputy chairman Tan Sri Nor Mohamed Yakcop said today.

Nor Mohamed, who served as Finance Minister II from 2004 to 2009, also pointed out that Malaysia was the only country in the world to have a dual banking system comprising conventional and Islamic banking.

“In terms of our optimal combination of public and private sector, what has worked is that we’ve built world class infrastructure, undoubtedly. We’ve done that very well,” Nor Mohamed said at the Global Transformation Forum here in a session titled “Transforming State-Owned Enterprises (SOEs)”.

“We’ve also created a very developed, very robust financial system, both in conventional banking as well as Islamic banking,” added the deputy chair of state investment fund Khazanah.

Nor Mohamed said the areas that need further improvement are skills training, which he noted has not been able to fulfil industry demands, as well as better coordination between government agencies.

When asked how Malaysia could prepare for an increasingly complex global economy, Nor Mohamed said SOEs and the private sector needed “stronger performance”, but did not elaborate.

“If we do not have stronger performance, we risk becoming like Nokia for example. We also need better risk management, or we risk a major accident like BP, or poor governance like Volkswagen,” he said.