Overview of best prospect sectors, major infrastructure projects, significant government procurements and business opportunities.
Malaysia’s business environment is governed by several regulatory bodies to maintain an efficient and competitive private sector. The country is considered an easy and cost-competitive market for doing business, and it is ranked 12th globally on the World Bank’s Ease of Doing Business 2020 report. Malaysia’s ranking shows a continued improvement. Ranked 24th in 2018, the country’s rank jumped to 15th in 2019, sending a signal to the global community that Malaysia is “open for business.”
The government and private sector in Malaysia understand the need to embrace a country-wide digital transformation. The digitalization of processes across all major industrial sectors will be a decisive factor for securing Malaysia’s role in the future global economy. The country aims to be a regional hub for digital and procurement-focused industries.
In 2019, the government released one of the most aggressive stimulus budgets to support these objectives. The sudden government transitions and the global pandemic have been some of the biggest challenges faced by Malaysia as the country attempts to carve out its place in the global economy. If the successful government response to the global pandemic is any indication of the future direction of the country, there is optimism that Malaysia is heading in the right direction.
Top Sectors for U.S. Exporters
Some of the top sectors in Malaysia for U.S. exporters that will be explored in more detail in this report include the following:
- Equipment and Machinery
- Technology and ICT
- Medical Devices
- Environmental Technologies