Malaysia is a multicultural federation of 13 states and 3 federal territories, consisted of two regions, the Peninsula Malaysia and the states of Sabah and Sarawak which are separated by the South China Sea. It is one of the most vibrant economies in Southeast Asia, supported by decades of industrial growth and political stability. Since gaining independence in 1957, it is considered as an upper middle-income country and has transformed its economy from a producer of raw materials and was initially agriculture and commodity-based into a multi-sector economy. The country is now witnessing a growth in manufacturing and service sectors, driving the country to become a leading exporter of electrical appliances, electronic parts and components.
Malaysia’s economy is projected to expand 4.6% and the country is attempting to attain high-income status by 2020, according to The World Bank Group. A home to 31.8 million people, a relatively large population, with a middle income which is set to become high soon generate a very attractive customer base for businesses, as local and foreign companies enjoy its open environment to grab the market.
Endowed with rich natural resources such as timber and oil, Malaysia has developed a leading position in the production and refining of palm oil. Malaysia is also seen as a strong industrial country, made up by its large industrial production leading in electronics, pharmaceuticals as well as medical technologies.
The country is moving further up the value-added production chain by attracting investments in high technology, knowledge-based industries and services, away from the country’s reliance upon natural resources. Along with the target to increase the well-being for its people, these objectives will enhance business in the country and consolidate its place as a pillar of Southeast Asia by expanding upon the country’s other key advantages, including a highly English proficient population and many large companies that already lead the market in Southeast Asia. Moreover, to foster the attractiveness of Malaysia, the government has also designed the supportive regulatory and fiscal environment with relatively low taxes in the global competition.
To support that, the government of Malaysia has also taken steps to liberalize some services sub-sectors. Malaysia in now one of the most open economies in the world, with a trade GDP ratio averaging over 130% since 2010. With about 40% of jobs in Malaysia linked to export activities, the country’s openness to trade and investment have been instrumental in employment creation and income growth.
With its diverse landscape, modern and traditional cities, wide range of famous UNESCo world heritage sites, Malaysia is also a major tourist destination in Southeast Asia, reaching MYR 84.1 billion receipts and 25.8 million tourist arrivals in 2018. The tourism industry continued to its significant contribution to Malaysia’s economic growth with a share of 14.9% 2017.
The country is aiming to be among the world’s top 10 tourist destinations by 2019, according to Ministry of Tourism, Arts and Culture. The ministry has undertaken several efforts in promoting MalaysIa as a must-visit destination and is planning to set new strategic directions to provide a conducive environment for industry players to drive and boost tourism growth. The government is targeting the tourism sector to be able to drive the nation forward, making Malaysia preferred travel destination for tourists.
Market Research Malaysia is a growth strategy and innovation marketing consultancy, focusing on Malaysia and the Southeast Asia region. Our team of consultants helps multinational corporations and our broad range of clients to enter and win the Malaysian market which sees a more dynamic private sector.
By providing B2B Malaysia market research and strategy recommendations, we help our clients to help them grow their businesses and understand Malaysian economic landscape through comprehensive market entry and growth strategy services.
Market Research Malaysia is well-known to be very hands-on by getting our hands dirty in the marketplace so that we can interpret, analyze, and strategize based on solid Malaysia Market Intelligence. We managed to earn many client recommendations as well as repeat engagement rate over 90% through this approach. We have offered services in Malaysia which are able to help our clients to comprehend the market landscape, size the market, assess industries, identify and profile competitors, locate production sites, determine investment feasibility, segment customers and distribution channels, analyze supply chains, and find local suppliers.
Our team performs research to support the Asia market growth expansion strategies of our clients and provide them with the insights and roadmap to capture a profitable market share in the region. With the data the data obtained from hard-driven facts through our primary research methods, we analyze actual market trends and industry perspectives and value chain partner opinions to subsequently derive marketing strategies and competitive intelligence for our clients to effectively compete in the Malaysian market. Our strong presence in the country guarantees in-depth market research that is able to help your business gaining revenues in Malaysian market.