Malaysia at a glance
Publish Date:2007-01-17
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General informationMain imports: Electronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicalsMain import partners: Japan, USA, Singapore, China, Thailand, South Korea, Germany, Indonesia Main exports: Electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicalsMain export partners: USA, Singapore, Japan, China, Hong Kong, Thailand Currency: Ringgit (MYR)Local time: GMT +8:00 International dialing code: 60 IntroductionOne of the world''s largest producers of palm oil, cocoa and rubber, Malaysia is also the leading exporter of tropical woods and has America, Singapore and Japan as major trade partners. An importer of manufactured products, machine tools and transport equipment, Malaysia attributes recent economic growth to domestic demand and export vigor. The Malaysian economy is typified by its openness and favorable approach toward foreign investments. Being that it is one of the leading exporters of semi conductors and electronic components, Malaysia? electronic sector is its most active; however, growing competition from neighboring countries suggests that the region may need to diversify into new activities. Business etiquetteMalaysia observes a working week from Monday to Friday and generally keeps business hours of 9:00am to 5:00pm from Monday to Thursday, and 9:00am to 12:30pm on Saturday. Department stores and shopping malls are usually open between 10:00am and 10:00pm daily. Banks open Monday to Friday from 9:30am to 4:00pm and 9:30am to 11:30am on Saturdays. It is useful to remember that banks are closed on the first Saturday of each month. English is normally spoken during business discussions. Personal relationships are an important part of business in Malaysia and are usually established over a meal. As Malays fast for the month preceding Malay New Year (Hari Raya Puasa), avoid trying to arrange business lunches during this time. When passing out or receiving business cards, do so with both hands. If a person has a title, it should be used, as Malaysians attach great importance to the respect of both the age and title. A long sleeve shirt and tie with dress trousers is the recommended business attire. Jackets are also advisable for more formal meetings. Women should dress conservatively. Source: Austrade and The World Fact Book |
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