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Business Profile
Economy: A fully fledged ‘tiger’ economy, from the 1970s onwards Malaysia grew rapidly at around ten per cent annually before coming to a shuddering halt with the 1997 Asian financial crisis. This extraordinary economic development had been achieved through the familiar East Asian combination of a strong state allied to unfettered capitalism. The Government plays a central role in guiding the country’s economic progress – the New Development Policy was unveiled in 1991 as the country’s economic blueprint for the following 20 years. The manufacturing sector produces electronics, transport equipment, machinery steel and textiles. There are also reserves of oil and natural gas and mineral deposits of tin (of which it is a major producer), bauxite, copper, iron and gold. In the agricultural sector palm oil, of which Malaysia is the world’s leading producer, is a major export commodity. Timber production remains important although it has been limited by the introduction of conservation measures in the mid-1990s. Other cash crops include rubber (again, Malaysia is one of the world’s top producers), cocoa and pepper. Tourism dominates the service sector.
Japan is Malaysia’s largest single trading partner, followed by the USA and Singapore. Malaysia is also a member of the Pacific Rim organisation APEC (Asia-Pacific Economic Forum), which is assuming an increasingly important role in the regional economy. The essential stability of Malaysia’s financial sector meant that, although it suffered short-term damage, it was able to recover quickly. Over the last five years, Malaysia has averaged annual growth of three per cent.
Business: Suits or safari suits are acceptable for business meetings. Business visitors should remember that the Malay population is predominantly Muslim and religious customs should be respected and normal courtesies observed, eg appointments, punctuality and calling cards. Office hours: These vary between Peninsular Malaysia and East Malaysia. In general most offices are open by 0830 and close between 1600 and 1730. Almost all close for an hour between 1200 and 1400. Most close at 1200 Saturday.
Commercial Information: The following organisations can offer advice: Malaysian Trade Commission, 17 Curzon Street, London W1J 5HR, UK (tel: (020) 7499 7388; fax: (020) 7493 3199); or National Chamber of Commerce and Industry of Malaysia, 37 Jalan Kia Peng, 50450 Kuala Lumpur (tel: (3) 2141 9600; fax: (3) 2141 3775; e-mail: enquiry@nccim.org.my; website: www.nccim.org.my); or Malaysian International Chamber of Commerce and Industry (MICCI), PO Box 12921, 50792 Kuala Lumpur (tel: (3) 6201 7708; fax: (3) 6201 7705; e-mail: general@micci.com; website: www.micci.com.my); or Malaysian Industrial Development Authority (MIDA), Plaza Sentral, Jalan Stesen Sentral 5, 50470 Kuala Lumpu (tel: (3) 2267 3633; fax: (3) 2274 7970; e-mail: promotion@mida.gov.my; website: www.mida.gov.my).
Conferences/Conventions: Many conferences and conventions are held in Malaysia each year. Apart from the dedicated facilities at the Putra World Trade Centre in Kuala Lumpur, many hotels have facilities. Further information can be obtained from Tourism Malaysia, Convention Promotion Division (see Contact Addresses section).
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