Malaysia holds one of the biggest economies of South East Asia. With its aptitude for global reach and fast paced development, Malaysia is easily set to gain even more economic power. But what is the secret to Malaysia’s prowess? It would be best to touch lightly on the history of Malaysia first to find out.
Malaysia was declared its own country in 1965. This was following its independence from British occupation in 1957 and the subsequent expulsion of Singapore from the united states of Malaysia in 1963.
As such, the economy of the country has been through turbulent times to reach the peak it has today. However, serious efforts were made in the 1990s. Thus, allowing the current economic boom to occur. Moreover, the government of Malaysia openly encourages foreign investment. As such, registering in Malaysia for companies have been made easier than ever. Furthermore, Malaysia is part of several economic unions:
By being a member of the organizations listed above, the Malaysian economy is given more reach to improve. But where does most of Malaysia’s profit come from? Experts point to the country’s booming export climate. With a value of $263 billion, Malaysia is quite industrious. Their main export partners are China, Singapore, Hong Kong, The United States, Thailand and Japan. In turn, their main import partners are China, Japan, South Korea, Singapore, The United States, Indonesia and Thailand. Most of Malaysia’s economic details are summarized below:
Key details regarding the current Malaysian economy
As mentioned above, Malaysia’s economic power can be quoted to stemming from its export industry.
In 2017, Malaysia’s exports reached a peak value of $263 billion, this number continued to increase in 2018. Malaysia’s main exports products are the following:
Valued at $83 billion, making it contribute to (33.6% of total exports)
Valued at $38.4 billion, making it contribute to 15.5% of total exports
Valued at $25.4 billion, making it contribute to 10.3% of total exports
Valued at $12.1 billion, making it contribute to 4.9% of total exports
Valued at $9.4 billion, making it contribute to 3.8% of total exports
Valued at $9.4 billion, making it contribute to 3.8% of total exports
Valued at $7.5 billion, making it contribute to 3% of total exports
Valued at $4.9 billion, making it contribute to 2% of total exports
Valued at $4.4 billion, making it contribute to 1.8% of total exports
Valued at $3.9 billion, making it contribute to 1.6% of total exports
Malaysia’s main import products are the following:
Valued at US$60.7 billion, making it contribute to 27.9% of total imports
Valued at $31.4 billion, making it contribute to 14.4%
Valued at $23.1 billion, making it contribute to 10.6% of total imports
Valued at $8.8 billion, making it contribute to 4% of total imports
Valued at $6.6 billion, making it contribute to 3% of total imports
Valued at $6.3 billion, making it contribute to 2.9% of total imports
Valued at $5.5 billion, making it contribute to 2.5% of total imports
Valued at $4.7 billion, making it contribute to 2.2% of total imports
Valued at $4.5 billion, making it contribute to 2% of total imports
Valued at $4 billion, making it contribute to 1.8% of total imports
Related Article: Requirement of Export Import License in Malaysia for business
Noted: This point only for export import business Formation in Malaysia
Therefore, if you are a foreign national interested in registering in a company in Malaysia, you may take note of the industries mentioned above. By having your business activities relate to them, you may find your company succeeding in the Malaysian economic climate.
Other reasons to consider Malaysia to register your business are the following:
Malaysia is extremely diverse in terms of ethnicity, race and religion. As such, even as a foreign individual, you would not stand out nor be ostracized.
Although Bahasa Malaysia is the official language of the country, English is still used by most of the country. Moreover, English is recognized as the official language of trade.
As the government of Malaysia has made strides to increase foreign investment, the Formation process is easy. Moreover, it can be done online or in person, at your discretion. Furthermore, 100% foreign ownership of business is allowed.