Malaysia is a Southeast Asian country covering the Malay Peninsula and the island of Borneo. The country is composed of three main races consisting Malays, Chinese and Indians. Among the three, Malays make up the largest ethnic group reaching more than 50% of Malaysia’s total population. While Chinese ranks second of whom most of them spokes different dialects. And Indians ranks third which has the smallest population.
With a world ranking of 18 in the ease of doing business, international business in Malaysia is extremely friendly to every businessman who is willing to start their venture in this country. On the other hand, after the formal company set-up finding the right ways to organize distribution and approaching your clients may be challenging due to the different cultures within this country.
Malaysia’s import market amounts to approximately 73% of its GDP and the level of imports into the country have shown a healthy trend over several years.
Malaysia’s Vital Data (as of 2019)
|GDP (billion USD)||364|
|GDP per capita (USD)||12,478|
|GDP per capita PPP (USD)||29,619|
|Purchasing power per dollar, compared to the USA||228%|
|Surface area (sq km)||329,847|
|% of population living in urban areas||76.61%|
|% of GDP added by agriculture – industry – services||7.28% – 54.17% – 7.28%|
|Ease of doing business index (1 = best, 189 = lowest)||15|
What are business opportunities in Malaysia?
Malaysia’s international business strategy is well planned and articulated. There is little room for error or disappointment as long as local laws, customs, and demand are well understood and adequately addressed.
The Malaysian government and industry put out investor friendly information and maintain a high level of transparency when it comes to informing investors of the benefits and risks associated with individual business sectors.With regularly organized trade fairs, the Malaysian government offers opportunities for international businesses to interact meaningfully and realize the rich potential offered by this business-friendly nation.
The following are the top import sectors in Malaysia:
- Electronic equipment
What are Malaysia’s important events?
Malaysia offers a unique blend of nature and modern attractions to its visitors with world class infrastructure to match. Known as a traveler friendly nation, it offers a mix of nature, modern amusements, and shopping to give its guests a unique visiting experience.
A melting pot of Asian cultures, Malaysia offers a rich mix of delectable cuisine and never ceases to pleasantly surprise its guests.
To ensure incident free business transactions, contracts have to be signed after obtaining professional inputs. Dispute resolutions are efficient, but some losses may occur if the finer business points are not incorporated in your contract. A business friend in Malaysia goes a long way in putting your business on the right footing and ensuring optimal results for sustained profits.