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A fully fledged 'tiger' economy, Malaysia underwent
consistently rapid growth from the 1970s until it came to a shuddering
halt with the 1997 Asian economic currency crisis. The rapid
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. Nearly half of total output comes from
the manufacturing sector, in which electronics, transport equipment,
machinery steel and textiles are the strongest industries. Malaysia
also has 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 producers), cocoa and pepper. Tourism dominates
the service sector, more so since the country's financial services
industry was damaged by the 1997 financial crisis.
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 fundamentally secure condition of Malaysia's
financial sector meant that, although it suffered short-term
damage, it was able to recover quickly and within 18 months was
already returning an annual growth figure of 9 per cent. However,
this has since declined to just over 3 per cent and there remain
some doubts about Malaysia's economic future.
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 W1D 5HL
tel: (020) 7499 7388; fax: (020) 7493 3199
National Chamber of Commerce and Industry of
Malaysia
37 Jalan Kia Peng, 50450 Kuala Lumpur
tel: (3) 241 9600; fax: (3) 241 3775
e-mail: info@niccm.org.my
website: www.nccim.org.my
Malaysian International Chamber of Commerce
and Industry (MICCI)
PO Box 12921, Wisma Damansara, 10th Floor, Jalan Semantan, 50490 Kuala Lumpur
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