Malaysia’s economy ranks in the fourth position in terms of size in Southeast Asia, while globally it is 38th. The reason for the higher ranking in Southeast Asia is that the country has workers who are more productive because of better education, better technology, and having knowledge-based industries. In fact, reports from 2017 show that regarding competitiveness, the Malaysian economy is position 23 in the world. This statistic is in stark contrast to neighboring countries such as Indonesia, Vietnam, the Philippines, and others.
Due to the advancements in the crucial industrial sector, the country has been able to develop a highly diversified and robust market. For example, in 2015, the value of exports stood at $57.258 billion. Recently, in 2017, the World Bank reported that the nation’s income per capita was 10,620 nominal US Dollars.
In total, the industrial sector of Malaysia accounted for more than a third (around 36.8%) of the nation’s GDP in 2014. As of 2012, the sector employed almost 40% of the Malaysian labor force.
This year, industries that are on top of the list are those which have an element of digital technology – after all, digital technology is changing the way we live and do things and so the industries are making the necessary changes to the way they run so that they could exist in the current business environment and also meet our requirements. Some of the major industries in Malaysia are:
Banking and Finance Industry
The banking and finance industry has always been top of the list and now it is even more popular as digital technology plays a huge role in the industry. As a result, there are more demands for skilled people, not only with a banking and finance background but also of those with IT knowledge. Also, the requirement for more control and regulation resulted in growing demand in compliance and audit roles in this industry.
There is an increasing trend in the growth of the manufacturing sector in Malaysia. Last year, the sector contributed 23% to GDP while production grew by 6.1% and sales value by 13.7% respectively. And all these numbers can be translated into one thing – more jobs.
See this article: Here we are mainly going to focus on the various manufacturing company in Malaysia.
Media outlets have, in an effort to digitalize themselves, have changed the way they deliver news and information to the people. They are incorporating IT into their daily routine so that they stay relevant in this business environment. Those having the relevant knowledge will be high in demand and this makes working in the media a very attractive option.
Digital Technology Industry
Nowadays, almost everything runs on IT. Things like mobile internet and cloud technology on the boom. Those with a digital background will find their demand increasing, whether it is for data analysis, cybersecurity, coding and more. You can even get a job in a non-IT sector as every sector is going the digital way.
The relatively large industry is worth well over $32 billion. The erection of non-residential buildings contributed the largest share at 34.6%. This share was closely followed by the civil engineering sub-sector with 30.6%, then by residential building with 29.7%, and special trades with 5.1%.
Looking at the states of Malaysia, the highest value of construction undertakings was recorded in the state of Selangor with a contribution of 24.5%. The state of Johor is second with 16.5%, followed by Kuala Lumpur with 15.8%, then Sarawak with 8.6%, and then Penang with 6.4%. In total, these top five states accounted for just over 70% of the total worth of construction projects in Malaysia.
The major capital expenditure projects have been one of the driving forces behind the expansion of this sector in Malaysia. Other key factors are government efforts and mega-projects between the public and private sectors such as Iskandar Malaysia, KVMRT, and Tun Razak Exchange.
Electrical and Electronics Industry
The Electrical and Electronics (E&E) sector are one of the most important contributors to the manufacturing industry in Malaysia. Within the E&E sector, there is a smaller sector that specializes in the production of electrical components which comprises things like semiconductor gadgets, printed circuits, passive components, and a few other things. The export of these components comprise of a large part of Malaysia’s export. The nation is also a major hub for global firms such as Intel, AMD, ASE, Texas Instruments, and others.
Food Delivery Providers & Food Industry
2019 will play host to the growth of the food delivery industry as the number of people who have started to choose to get the food delivered home have increased. This has made food delivery a profitable business which seems to be booming.
Here are the popular food manufacturing company in Malaysia.
Property & Development Industry
The property industry in Malaysia very competitive. Property companies are on the lookout for those with exceptional skills and talent to help them capture their envisioned audience to help drive sales. The thriving property industry is being represented by Gamuda, IJM, Mah Sing, and UEM to mention a few.
These industries are showing huge potential and are set to one of the top important industries in 2019. If by seeing the above information you think that Malaysia could be your cup of tea and would like to conduct business here, then fear not, we can help you to establish a business entity in Malaysia by providing consulting, incorporation, registration, and legal services. Our experts will take care of the entire Banking, Visa, Legal, and Licensing formalities, without letting you worry about the bureaucratic red tape and legal formalities. So when in any kind of doubt regarding the registering, incorporating legal or any other services we provide, do reach out to us.
For detailed information, you may read this valuable article on list of all industries in Malaysia.