The Malaysian economy has made an enormous leap since 1957. The transformation of the country's economy from one based on primary commodities like tin, rubber and palm oil to a dynamic and vibrant industrializing nation is attributed to a variety of pull factors. Malaysia's political and economic stability, prudent and pragmatic investor friendly business policies, cost productive workforce, developed infrastructure comparable to that of any western country and a host of other amenities make this country an enticing place for investors.
Multinational corporations from more than 40 countries have invested in over 5,000 companies in Malaysia's manufacturing and related services sectors, encouraged by the country's pro-business environment. Malaysia today is one of the world's top locations for offshore manufacturing and service based operations. Malaysia is in its' most radical transformation as it battles to achieve Vision 2020. To move the country forward, the Government has crafted a framework comprising four pillars to drive the change.
The New Economic Model (NEM) to be achieved through an Economic Transformation Program (ETP), constitutes a key pillar which will propel Malaysia into being an advanced nation with inclusiveness and sustainability in line with goals set forth in Vision 2020. The ETP will be driven by eight Strategic Reforms Initiatives (SRIs) which will form the basis of the relevant policy measures. Three other pillars have been launched over the past year.
Malaysia has achieved 14 continuous years of trade surplus. Their total trade in 2011 reached RM 1.269 trillion, an increase of 8.7% compared to 2010, the highest total trade ever recorded. Exports showed a positive growth with an increase of 8.7% to RM 694.55 billion for the year 2011 and imports rose by 8.6% to RM 574.23 billion.
International trade, especially seaborne trade, has traditionally been the lifeblood of Malaysia. Today, more than 90% of the country's trade is by sea via Malaysia's seven international ports namely Penang Port, Port Klang, Johor Port, Port of Tanjung Pelepas, Kuantan Port, Kemanan Port in Peninsular Malaysia and Bintulu Port in Sarawak. In tandem with the expansion of the economy and trade, ports in the country registered impressive growth in recent years. Two of the ports, Port Klang and the Port of Tanjung Pelepas (PTP), are ranked among the top 20 container ports in the world.
For more information about the Malaysian economy go to: www.mida.gov.my