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Doing Business in Malaysia 2017 / 2018 BRITISH MALAYSIAN CHAMBER OF COMMERCE Doing Business in Malaysia 2017 / 2018 Unlocking Opportunities 1 Foreword Aurelia Silva Executive Director British Malaysian Chamber of Commerce (BMCC) As a nation built on an ideological bedrock that As emerging markets compete to make their mark strives for progress and inclusiveness - Malaysia in the global arena, Malaysia is poised to become at the humble age of 60 has attained a reputable a regional powerhouse in the years to come. The stature in the South East Asian region attributed to BMCC is eager to invite UK companies to play its rapid economic growth and development. an active role in this outcome. Our team includes sector specialists with vast knowledge and expe- Malaysia’s numerous often global headline catch- rience across industries who are ready to advice ing economic endeavours have been a testament and support UK companies seeking route to the to its ambitious appetite to become an internation- market. ally recognised player. A country that can be de- scribed as one that continuously yearns to punch This tailor-made guide serves as a preliminary lit- above its weight across the multitude of home erature that attempts to describe Malaysia with rel- grown industries, with an unwavering attitude that DISCLAIMER evance and accuracy and to increase understand- has fuelled its modern era development thus far. ing of companies looking to expand their business This guide was produced by the British Malaysian into this beautiful part of South East Asia. Chamber of Commerce (BMCC). Whereas every Malaysia’s business etiquette and cultural values effort has been made to ensure that the informa- are derived from the relationship of Asian tradi- tion given in this document is accurate, neither the tions with the inherited virtues of British govern- British Malaysian Chamber of Commerce nor its mental, legal and educational systems adopted as Departments (Overseas Partner Delivery) accept li- ability for any errors, omissions or misleading state- a result of the intimate past shared by both coun- ments, and no warranty is given or responsibility tries. This strong relationship that Malaysia and accepted as to the standing of any individual, firm, the UK enjoy is also reflected in their current eco- company or other organisation mentioned. nomic ties and a solid balance of bilateral invest- ments. You may reuse this information (not including lo- gos, images and case studies) free of charges in any Today’s success of the country has been driven format or medium, under the condition to acknowl- largely by foreign investments through both port- edge the source of the information (i.e. BMCC) in folio and direct investments. Malaysia’s flourish- your product or application. ing and inclusive economy has been drawing the Any enquiries regarding this publication should be curiosity of foreign investors, exporters and ser- sent to our Enquiry Service by email: info@bmcc. vice providers alike. org.my or telephone: +60 (0)3 2163 1784 The British Malaysian Chamber of Commerce (Monday – Friday 09.00am-06.00pm) (BMCC) has been part of this success support- This publication is also available on our website at ing and guiding UK companies through the legal www.bmcc.org.my and regulatory systems and facilitating business matching with local partners. © BMCC Copyright 2017 2 3 Contents CONTENTS 3 Foreword 24 Mega Projects in Malaysia 6 Highlights - A Diverse Blend of UK Companies in Malaysia 26 Industry Analysis 27 • Financial Services 8 Trade Figures 28 • Outsource Malaysia - Business Services 29 • Healthcare 31 • Information, Communication & Technology 10 Malaysia - Economic Overview 32 • Oil & Gas 36 • Electrical & Electronics 37 • Food & Beverage 11 Global Competitiveness Index 38 • Manufacturing 39 • Infrastructure 40 • Education 12 Overall Outlook Malaysia 42 • Tourism 13 Monetary Outlook 44 Regional Development 14 ASEAN & AEC 46 Case Study 16 Malaysia Moving Forward - Economic Transformation Programme 47 New Business Incentives by MITI 17 12 National Key Economic Areas 48 Business Start-Up Considerations 18 11th Malaysia Plan 49 Business Etiquette 20 Greater Kuala Lumpur - Revitalising The Heart of Malaysia 50 Malaysian Free Trade Agreements 22 Bandar Malaysia 52 Sources 4 5 Highlights - A Diverse Blend of UK Companies in Malaysia Highlights A Diverse Blend of UK Companies in Malaysia Banking Oil, Gas & Energy Financial Solutions Professional Services Education Healthcare & Bio-Pharmaceuticals Retail Technology & Communications Automobile | Aerospace & Defence Food & Beverage | Fashion & Lifestyle 6 7 Trade Figures Trade Figures Total Imports to Malaysia by Sector Total GDP: GDP Average Per capita: GDP growth: US$296.3 billion (2016) 10,878 4.5% – 5% Population 21st largest Member of the exporting country Commonwealth of Nations 16 Ranked 26th Ranked 23rd Active Free Trade The International World Bank’s with 4 more Property Rights Ease of doing Total Imports to Malaysia by Country under negotiations 30.1 Index 2016 Business Million Currency: Ringgit RM Dominant Vernacular: Malaysia English (British), Bahasa Malaysia & Cantonese Malaysia and Europe (Billions RM) All Sources: MATRADE 1 2016 A.T. Kearney Global Services Location IndexTM Source: A.T.Kearney 2 8 9 Malaysia - Economic Overview Malaysia Global Economic Overview Competitiveness Index (GCI) As one of the four Asian tiger cub economies, Ma- With a stable political landscape, a legal system laysia has become the gold standard for developing compatible with that of the UK’s unhampering countries in the region. Its economy has shown weather cycles and overall economic maturity, Ma- great resilience as it sustained an average annual laysia is a conducive investment destination that Malaysia’s real GDP growth rate of 5.3% over the past 5 years remains significantly unsaturated. Rank: Score: (2012-2016) while weathering several global and regional economic storms. Continuing its upward trend, Malaysia makes its way into the top 20 for the first time since the cur- 20 5.2 Malaysia’s multifaceted economy has a thriving rent GCI (Global Competitiveness Index) method- service and manufacturing industry that has been ology was introduced in 2006. Malaysia remains cultivated and fostered by foreign direct invest- the highest ranked among the developing Asian ments which continues to create and sustain a economies. plethora of investment/business opportunities. Malaysia ranks in the top 50 of each of the 12 pil- lars, performing most strongly in goods, market ef- Country WEF - Global World Bank - A.T. Kearney ficiency and financial market development. Competitive Ease of Doing Global Services Ranking Business Location Index (140) Ranking (190) (55) Malaysia 20 23 3 Singapore 2 2 50 Thailand 32 46 6 Indonesia 41 91 5 Cambodia 90 131 NA Myanmar 131 170 NA Vietnam 56 82 11 Source: World Economic Forum 3 An export oriented economy where it accounts for 80% of its GDP (21st largest exporting country) and nestled in the heart of South East Asia between Thailand, Singapore, Philippines and Indonesia, Malaysia enjoys a geographic advantage as it plays an integral part in the region’s supply chain. The government’s favourable attitude towards growth and development bolsters businesses and their operations. Government policies which have adequate regulation and limited bureaucracy cre- ates and facilitates a commerce-friendly environ- Port Klang is Malaysia’s largest port operator and the 12th busiest in the ment. world. (11.89 million TEU in 2015) 4 Source: World Economic Forum 5 10 11 Overall Outlook on Malaysia Monetary Outlook In August 2016, Fitch Ratings rated Malaysia’s Malaysia has adopted a managed float exchange Long-Term Foreign - and Local-Currency Issuer rate regime against the US dollar. This was to allow Default Ratings (IDRs) at ‘A-’ with a Stable Out- the currency to float with reasonable magnitude look.* Fitch’s analyst attribute this to Malaysia’s with respect to economic events while being undis- Private consumption demand and continued spend- ruptive to international trade. This policy mitigates ing on strategic projects by the government and currency risk by retaining the currency close to its state-owned enterprises which are likely to support fair value. growth, countering some of the downside pressure from weak external demand. In 2016, the statutory corporate tax rate in Malaysia was been reduced to 24% from 25%. The reduc- According to the World Bank, Malaysia’s GDP tion in corporate tax rate was to induce the flow of growth would likely rebound to 4.3% in 2017 be- foreign direct investments into the country, a move Bank Negara Malaysia is the Central Bank of Malaysia. Established in 1959, fore accelerating further to 4.5% in 2018. The World that serves as an indication to Malaysia’s commit- its main purpose is to issue currency, act as banker and adviser to the Gov- ernment of Malaysia and to regulate the country’s financial institutions, credit Bank cites the Malaysian government’s accelerated ment to foreign investment. system and monetary policy. implementation of productivity-enhancing reforms and continues efforts to increase the quality of hu- The inflation rate in 2016 for Malaysia was 2.1%, man capital in the country for its success. an expected increase from previous years since the implementation of Goods and Services Tax (GST) These implementations are expected to create great- of 6%. Analyst forecast the inflation rate to increase er competition in the economy which will act as to a manageable 2.5% - 2.8% in 2017 amidst mar- the main driver to propel and secure the country’s ket uncertainties. position in the High-Income bracket. Maybank IB Malaysia’s private consumption & spending is likely to support long- Research expects Malaysia’s unemployment rate to Bank Negara Malaysia (Malaysia’s Central Bank) term growth average at 3.5% in the coming years. has maintained the overnight policy rate at 3.00% in 2016. The central bank had cut the interest rate by a quarter percentage point from 3.25% to help spur economic growth within certain facets of the economy.
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