The Malaysian government is committed to changing the status of the country from a “developing nation” to a “developed nation”. This means that; there’s great demand for qualified businesses, and professionals who can utilize the opportunities in the already booming industries in Malaysia to promote the growth plans of the nation.
The national target for 2020 gave rise to the demand for the labour force, strong financial institutions, a stable political environment, and the attraction of foreign consumers. And, so far, the achievements in securing these four components have not only helped to drive the Malaysian economy to steady growth, but it has also helped diversify the economy.
Malaysia Economic Progression in Brief
In the past, the country relied heavily on their natural resources which made up almost 60% of its total exports. Malaysia successfully transferred gains from the export of natural resources to strengthen other areas of the economy including agriculture, mining, services, and the manufacturing industry.
Relevant Information about Malaysia
- Location: Southeast Asia
- Capital: Kuala Lumpur
- Land Area: 330,803 KM2
- Drive: Left
- Call Code: +60
- Population: 31,949,777 (2019)
- Language: Malaysian (Bahasa Malaysia), English (Secondary/Unofficial)
Key Statistics about Malaysia
- The fourth-largest economy in Southeast Asia (Wikipedia Economy of Malaysia).
- Malaysia is a global leader in Islamic finance.
- An unemployment rate of 3.38%
- Minimum wage: $283
Top Booming Sectors in Malaysia for Work & Investment
1. Industries (Manufacturing and Production)
Malaysia has over 2,500 manufacturing companies of various sizes; this is propelled by the large population and middle-income bracket of the country which turns out to be a sweet spot for businesses. Coupled with its large natural reserves in petroleum and natural gas, it is little wonder that the country is highly industrialized.
With the government giving more incentives for foreign companies to do business in the country, there’s going to be more opportunities for workers to explore.
Most Sought After and Highest Paying Industries in this Sector
- Electrical and Electronics Engineering
- Pharmaceuticals
- Petroleum Refining and Production
- Timber Processing
- Automobile
- Civil Engineering
2. Agriculture
For a long time, agriculture has been among the booming industries in Malaysia. The economy thrives on agricultural exports such as palm oil and timber. The growth and expansion in export gains gotten from agriculture led to growth in other areas such as electrical electronics, pharmaceuticals, and medical technology.
Most Sought After and Highest Paying Industries in this Sector
- Timber processing
- Rubber and palm oil processing
3. Services
Out of the 17 Malaysian companies that ranked in Forbes global 2000 for 2014, 6 were in banking services, 2 utilities, and 1 I.T servicing company. Further showing the influence of the services industry in Malaysia.
Most Sought After and Highest Paying Industries in this Sector
- Financial services (bankers, accountants, business developers, especially Islamic finance).
- Information technology (I.T engineers, computer scientist, web developers etc)
- E-commerce
- Mobile services (application,
- Digital technology
- Data analyst and related fields
- Digital marketers
- Travels and tourism
8 Booming Industries in Malaysia for Work & Investment
1) Electrical and Electronics Engineering
EE is the number one contributor to the manufacturing sector which happens to be the sector with the highest employment ratio in Malaysia.
Top companies in this Industry
- Intel
- AMD
- ASE
- Texas Instruments
- Globetronics
- Green Packet
- First Solar
- Hanwha Q
- SunPower
- Panasonic
- Jinko Solar
- JA Solar
2) Construction
The construction industry in Malaysia is valued at $32 billion as of 2021. More so, the nation has attracted huge foreign investment in real estate which has contributed to the rise in demand for civil engineers and project managers.
3) Automobile
There are 27 known automobile companies and 640 manufacturers of automotive components operating in the country.
Top companies in this Industry
- Proton
- Perodua
4) Banking and Finance
The banking and finance industry is a leading industry in the country. This is one of the key industries that was heavily invested in to ensure growth in Malaysia. A career in banking and finance in Malaysia ensures that you’ll work with world-class tools and technology.
Top companies in this Industry
- Maybank
- CIMB Bank
- AmBank Group
5) Information Technology
As of 2020, Integrated circuit/micro-assemblies stand as the most valuable export in Malaysia. With the Electrical and I.T industries working hand in hand, the industry is set up for continuous growth.
6) Media
With the presence of top media companies like Universal Music Group, Walt Disney, Giggle, Codemasters, Hybrid, and Group M, the media industry has experienced remarkable growth in the last couple of years. The media has also provided several channels of communication to allow national growth by presenting the country in a good light to the foreign audience.
7) Education
The government of Malaysia is heavily invested in education. Malaysia ranks as one of the best countries to live and work in Asia because of their access to better education, better technology, and education-based institution compared to their neighbours Vietnam, the Philippines, and Indonesia.
8) Tourism
Tourism in Malaysia has been enhanced by key factors such as;
- The country is English speaking.
- Beautiful landscape, sand and beach.
- Relatively low tax.
- Food, and hospitality: For years, Malaysia has been a choice destination for holidays, and tourism; which has lead to the rapid growth of the food and hospitality industry.
Summary
Malaysia is one of the largest economies in Asia and has recorded steady growth in the last couple of years. The political environment of the country is friendly to expats. And there’s also a relatively low taxation policy.
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