Malaysia is a multi- cultural country in Southeast Asia and one of the wealthiest and most developed countries, outranked in GNP only by Singapore and oil-rich Brunei. The Federation of Malaya became an independent country on 31 August 1957.
Malaysia is a federation of 13 states, the country’s political system is a constitutional monarchy based on the British Westminster parliamentary system. The nine Malay States (Sultanates) are constitutionally headed by a traditional ruler of royal descent.
Malaysia is one of the most open economies in the world, with a trade to GDP ratio averaging over 130 percent since 2010. Openness to trade and investment have been instrumental in employment creation and income growth, with about 40 percent of jobs in Malaysia linked to export activities.
In the past couple of decades, the government has focused on modernizing the country, encouraging technological advancements in the country to improve satellite, Internet, and general communications.
Malaysia is focused on attracting foreigners to the manufacturing and services sector. The government’s New Economic Model has been designed to propel Malaysia from a middle-income to a high-income economy, and greater emphasis will be placed on the development of the services sector to sustain the economy. In the Eleventh Malaysia Plan, 2016-2020, the services sector has been cited as being the primary driver of economic growth. The main growth contributors are projected to be the wholesale and retail trade, financial services and communications subsectors; and the services sector is expected to grow at 6.8% per annum and contribute 56.5% to the GDP in 2020, as well as provide 9.3 million jobs. Visit https://www.mida.gov.my/home/investment-opportunities-in-services-sector/posts/ for more information