A proposal from US automaker General Motors to partner Malaysia's ailing Proton remains "on the table" along with an offer from Germany's Volkswagen AG, Second Minister of Finance, Nor Mohamed Yakcop, told reporters today.

"There is VW and there is GM. On the table there are these two. We have not shut the door on any of them," he said.

Malaysian officials said earlier this month that Proton and German auto giant Volkswagen were cautiously edging towards a partnership after a second round of talks in Thailand following initial negotiations in New York.

But Yakcop said "the GM proposal is still there. So both are on the table."

He was speaking on the sidelines of the World Economic Forum on East Asia, a gathering of business leaders, government officials and other delegates.

The government's investment arm, Khazanah Nasional, is the controlling shareholder in Proton, with a 42.74 percent stake. State pension fund EPF and national oil firm Petronas own 12.07 percent and 8.84 percent respectively.

The remaining 36.35 percent is held by a mix of local and foreign companies.

Malaysia's government is under intense pressure to announce details of a partnership for Proton in a bid to provide it with expertise to stem a sharp decline in market share and cut financial losses.