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Welcome to Malaysia Dai Harries Leicester 5 September 2007
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Malaysia – Political, Economic and Social Doing Business in Malaysia - why and how UK Trade & Investment services in Kuala Lumpur Malaysia: an introduction
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Malaysia: a country at a crossroads
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Malaysia: geographically diverse
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Multi-ethnic, multi-cultural, multi-religious society But stable Bumiputra involvement important Malaysia: ethnically diverse
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Malaysia: economic growth GDP growth: ups and downs, but impressive overall 7.1% for 2004, 5.2% for 2005, 5.9% for 2006 with c.6% forecast for 2007 Ringgit peg to dollar scrapped smoothly in July 2006
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Economy more and more developed. Service sector largest (nearly 60%) But manufacturing (over 30% + of GDP and 80% of exports) important. So are mining and quarrying and agriculture/commodities (both nearly 10%) Above all an open economy: 18 th biggest trading nation in the world, with exports same size as GDP E & E accounts for nearly 50% of manufacturing output and over 40% of exports: a strength and vulnerability China factor – an opportunity and challenge Skills - including English language Malaysia: economy
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UK-Malaysia: trade Source: Department of Trade & Industry, London
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Investment also significant - and increasingly in both directions Since 1990 cumulative UK investment well over £3 billion Major current investors: Shell, BP, TESCO, Jardine Matheson, HSBC, Standard Chartered; but also various smaller companies Significant Malaysian investment in UK: traditionally in hotels and leisure (eg Laura Ashley, Corus Hotels, Crabtree & Evelyn); recently in other sectors (Wessex Water, Petronas, Genting…) UK-Malaysia: investment
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Malaysia – Political, Economic and Social Doing Business in Malaysia - why and how UK Trade & Investment services in Kuala Lumpur Malaysia
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Why do business in Malaysia? Close ties with the UK: similar governmental and legal systems; but above all education and the English language. And football! Robust, generally open economy and buoyant domestic demand Good infrastructure - IT, roads, airports A good base for the region and Asia – with incentives on offer
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How to do business in Malaysia? Close to UK…but different, Asian customs, attitudes and rules of the game Relationships central and key to success. Need to invest time and be patient Bumiputra issue - especially with Government bodies (eg Petronas, TNB, Telekom Malaysia or TM) A good local partner almost always essential
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How to set up in Malaysia? Various options to set up a legal presence in Malaysia: from light and easy to full-fledged local company Other options – with incentives – for bigger companies operating regionally We can provide more information But strongly advise to seek advice from reputable business consultants, as well as MIDA if appropriate
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Taxation in Malaysia Tax regime reasonably benign, both corporate (28%) and personal (1% to 28%) Also Sales (0-25%) and Service (5%) Taxes. Due to be consolidated into GST (= VAT) in 2007 Customs Duties generally low. But wise to check Withholding Tax complicated, with potential liability of 8% for UK companies Again, always best to check with business consultants
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Useful Websites www.uktradeinvest.gov.uk www.uktradeinvest.gov.uk UK Trade & Investment: www.uktradeinvest.gov.ukwww.uktradeinvest.gov.uk www.britain.org.my www.britain.org.my British High Commission Kuala Lumpur: www.britain.org.my www.britain.org.my www.mida.gov.my www.mida.gov.my Malaysian Industrial Development Authority (MIDA): www.mida.gov.my www.mida.gov.my www.fmm.org.my www.fmm.org.my Federation of Malaysian Manufacturers (FMM): www.fmm.org.my www.fmm.org.my www.micci.com www.micci.com Malaysia International Chamber of Commerce & Industry (MICCI): www.micci.comwww.micci.com www.bmcc.org.my www.bmcc.org.my British Malaysian Chamber of Commerce: www.bmcc.org.my www.bmcc.org.my
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