Malaysia is an exciting country with an economy that has been robust for more than 50 years. Malaysia's gross domestic product has risen steadily during that time. Today, Malaysia's economy is one of the strongest in all of the Asia.
In 2015, Malaysia had the 35th largest economy in the world, but many experts predict that it will rank as the 21st largest by 2050. Malaysia scored even better regarding the competitiveness of its economy, ranking 14th in 2015. These statistics show that this is the time to expand into Malaysia.
The country's leadership has vigorously promoted programs for entrepreneurs, thereby increasing the health of Malaysia's financial markets. These programs include relatively easy processes for first-time business owners to create start-up companies.
The Cultural Diversity of Malaysia
Tourists from every corner of the world visit Malaysia every year to enjoy its many natural wonders, such as the Batu Caves, Mt. Kinabalu, GunungMulu National Park, and the Seribuat Archipelago.
In addition to visiting natural wonders, tourists enjoy attending Malaysia's many festivals that reflect its vast diversity in ethnicity, culture, and religion. Malay, Chinese, Indian, and European traditions predominate, with influences from Islamic, Hindu, Buddhist, and Christian religious traditions.
Kuala Lumpur, the capital, is better known as KL by locals. It is home to colonial buildings dating back to the British period, busy shopping districts such as Bukit Bintang, and even skyscrapers such as the iconic Petronas Twin Towers. Visitors often take the family to Sunway Lagoon Theme Park, Malaysia's ultimate theme park experience with over 80 attractions spread across 88 acres.
Malaysia truly has something for everyone, including many fabulous hotels, bars, restaurants and shopping centers.
Choosing a Business Type
Malaysia's stable financial situation makes for excellent quality of life for companies of many different varieties. Whether as a start-up business or expansion, the opportunity to be profitable is huge in many areas:
- real estate
- goods and services for workers
- restaurants and bars
While all of the above provide the potential for profit, choosing the right type of business and the correct location will help to determine whether the company will, in fact, become profitable. For example, hotels can be expensive to build, but are likely to do very well if an attractive tourist location is chosen.
Focus on Quality
New business startups need to offer the consumer a better product or service than what the competition has on offer. People are often willing to pay more for high quality, whether the product is clothing, gifts, jewelry, shoes, spa services, food, accessories, transportation, or whatever.
With that in mind, starting small with high-quality products or services and a personal touch can work better than building a larger business with lower quality products. Customers who have a memorable experience will return for more and even recommend you to their friends.
Malaysia – a Great Location
Malaysia is a paradise for both local and foreign investors. The main part of the country is located on a long, skinny peninsula surrounded by water, making shipping in and out of the country easy for any business that relies on getting goods from abroad or sending their products out.
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Published by: SERVCORP