The Government's Economic Policy of Malaysia

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 The Government's Economic Policy of Malaysia


          Malaysia is the second fastest growing economy in the outh Asian region with an average Gross National Product (GNP) growth of eight-plus per cent per vear in the last seven years. Since independence in 1957, Malaysia has moved from an agriculturally based economy a more diversified and export oriented one. The Malaysian market is Tairly openly oriented, with cantts only averaging approximately fifteen per cent and almost non existent non tanil barriers and foreign exchange controls. The open trade based economy is supported by the fact that the total two way trade almost amounts to 120 per cent of the GNP (1994). Together with a stable political environment, increasing per capita income, and the potential for regional integration throughout the Association of South East Asian Nations (ASEAN), Malaysia is an attractive prospect for FDI (refer to Tables 1, 2, 3 and Graph I for relevant economic indicators). Until 1993, foreign investment contributed 60% of all investment in Malaysia. FDI grew strongly in the late 1980s to reach a peak of RM17.7 billion in 1992. This was followed by a sharp drop to RM6 billion in 1993 due to the world rececession, but rose again to RM15.2 billion in 1994. Malaysia is among the top five recipients of foreign direct investment in the world and while in recent years it has come mainly from other Asian countries, 1993 saw the US as the biggest inward investor with RM1.7 billion. Japan and Taiwan are clearly the largest overall investors with the US third, followed by France, Singapore and the UK (McLeman 1994, 19).


          On April 21 2009, the prime minister Najib Tun Razak has announce liberalisation of 27 services sub-sector by abolishing the 30% bumiputera requirement. The move is seen as the government efforts to increase investment the service sector of the economy. According to the premier, many more sectors of the economy will be liberalized. On June 30 2009, the premier announces further liberation moves including the dismantling of the Bumiputera equity quotas and repealing the guidelines of the Foreign Investment Committee, which was responsible to monitor foreign shareholding in Malaysian companies. However, any Malaysian companies that wishes to list in Malaysia would still need to offer 50 per cent of public shareholding spread to Bumiputra investors. The rationale of this report is not to promote Malaysia as an attractive destination for multinational entities, but rather to analyze how Malaysia's economic policy impacts upon FDI. Malaysia, perhaps, represents one of the most successful developing nations that has been able to effectively incorporate economic policy objectives with foreign funds, knowledge and networking throughout FDI. FDI in Malaysia is an important catalytic factor, increasing exports, knowledge and provides an economic vehicle towards the Malaysian 2020 vision.

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