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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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