Malaysia is a middle-income monarchy, which has been consistent in showing robust growth. It is one of the most prosperous countries in Southeast Asia. Malaysia has developed a prime position in the production and refining of palm oil. It is rich in other natural resources such as oil and timber, and it produces pharmaceuticals, electronics, and medical technologies.
The service sector in Malaysia has shown significant growth over the last few years. The country is a top-level financial center. It has become a global leader in Islamic finance and a notable leader in the region for e-commerce. Other significant industries are digital technologies and mobile applications. Tourism is also a key industry.
The Bukit Bintang neighborhood is the main strip. It is the epicenter of action in Kuala Lumpur and is always busy.
KLCC is home to the gleaming Petronas Twin Towers. It is the core for big-budget travelers and swank developments.
Kampung Baru is a traditional Malay neighborhood right in the heart of the capital. Its location is on some of the most valuable lands in Malaysia. Glass-paneled skyscrapers and other modern developments (including Petronas Twin Towers) surround it.
Malaysia has an effective bureaucracy, a stable political environment, and export-oriented industrialization. It also has flexible economic policies and an inflow of foreign direct investments, all of which have benefited the country.
These benefits have brought a high level of confidence. They have also brought affluence to large sectors of the population. The country has a fast-growing, healthy economy. On the downside, many have criticized its government for state intervention into economic development. There was also the imposition of currency exchange and capital controls in 1998.
Benefits and Strengths of the Malaysian Market
Malaysia has one of the lowest unemployment rates in Asia, which is one of the country’s biggest strengths. Mining is one of the biggest employers. Other large employers are the knowledge-based and service industries.
Another strength is the multicultural population, which comprises Indians, Chinese, and Malaysians. Despite the differences in religions and cultures, these groups coexist peacefully.
Malaysia has a population of 32.6 million people. More than half of the labor force works in the service sector. A little more than a quarter of Malaysian employees work in the industrial sector. The country also has many agricultural workers. More than three-quarters of Malaysians live in urban areas.
The literacy rate is exceedingly high, and so is the median household income. Malaysia’s consumer lifestyle has been evolving. The main contributing factors are the rising education levels and the resulting affluence.
Why Malaysia is the New Gateway to Southeast Asia
Malaysia is part of continental Asia. It’s also belongs to a massive archipelago, which extends west from the Philippines and New Guinea to Sumatra. Hence, Malaysia is the bridge between mainland Asia and the islands. It is also a gateway between the Indian Ocean and the China Sea. Because of its location, Malaysia is of great value to Southeast Asia and the rest of the world.
Rule of Law
Malaysia has ratified several human rights treaties. Despite these guarantees, the Universal Periodic Review (UPR) reported and highlighted various violations. The UPR working group made several recommendations about improving the situation of migrant workers. They also made suggestions to better the lives of refugees in Malaysia. The country rejected most of these recommendations. Malaysia also rejected proposals to abolish corporal punishment and the death penalty.
About Market Research in Malaysia
It’s easy to set up a business in Malaysia if you follow some basic rules and regulations. The Malaysian government offers many opportunities to entice foreign investors, and it is also flexible. Investors can establish 100-percent-foreign-owned companies. The country ranks highly in key performance indicators. For example, it’s near the top for ease of doing business and attractive countries for investment.