Expanding Business to Malaysia One of the more stable Asian states, Malaysia is a mixture of modernity and tradition. It is a country that matches the lofty aspirations of its people. The logical and deft management approach here has allowed its market to raise its competitive game and sharpen its resilience. Aiming to be a fully developed nation by 2020, Malaysia also has a ready pool of talent, and an excellent quality of life for expatriates. Is Expanding to Malaysia a good decision? In instances where other South East Asian economies have faltered, Malaysia has sustained a steady growth, even during the global economic crisis. The Malaysian's proficiency for management and the highly skilled and flexible workforce have seen astounding economic growth over the last half-century. Malaysia is the fourth most open economy in the world, calculated by trade as a share of GDP. Exports have played a significant role in sustaining swift economic development. Malaysia's remarkable economic achievement is worthy of praise as it has reduced privation to exceptional levels in the region. The economic advancement offers good prospects for reliable trade and investment. To ensure constant progression, there have been steps made to aid the economy's diversification. The growth opportunities in Malaysia When expanding business overseas it is important to know the opportunities for growth in a particular region to make the best of the available resources. The main industries in Malaysia are rubber and oil palm processing and manufacturing, light manufacturing, electronics, tin-mining and smelting, logging, timber processing, petroleum production and refining, agriculture, etc., Its primary import commodities are electronics, machinery, petroleum products, plastics, vehicles, iron and steel products and chemicals. The main export commodities are electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber and textiles. The government also offers industry specific tax breaks, financial support for development in areas such as R&D and the removal or reductions of tariffs on imports. The government is recently pursuing a program of liberalization in the sector to encourage foreign financial investment. What to keep in mind while running a business here. Although Malaysia has infrastructure and logistics on a par with Hong Kong and Singapore and offers a significantly lower cost advantage compared with the two destinations for regional establishments, international expansion of your business in Malaysia are more than just costs and procedures. It's making sure your product or service fits the inclinations and habits of the nation. While countries may be getting more heterogeneous, the foundations of a culture hardly ever changes. The sensitivities, traditions, humor, discourses, protocols are essentially unbending. Cultural sensitivity and understanding of protocol is paramount here. It is wise to revise the selling-points for a foreign market, even if you are certain your product or service can sell itself on indigenous merits. To ensure that business operations are devoid of any obvious hurdles when doing business overseas, it is best to take the help of an expert business consultant. With the expertise of a professional, and minimal risks experts have firsthand experience of the prevailing environments and can advise whether the chosen destination is conducive for business expansion. They can offer immense help in nearly all areas of your business, be it market entry, legal expertise, international accounting or payroll. Contemporary Malaysia represents a steaming heterogeneous stew of Malayan, Chinese and Indian tradition and culture. Its pluralism and multiculturalism is rooted in ancestry and social historicism, so acquiring a fundamental cultural knowledge is usually critical to success.
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Published on Jun 29, 2011
One of the more stable Asian states, Malaysia is a mixture of modernity and tradition. It is a country that matches the lofty aspirations of...