Malaysia has been an attractive destination for foreign investment. Its economy is forecasted to grow steadily (4.4% in 2020) despite the slowdown of global economic growth (3.61% in 2020). According to the Ministry of Finance, Malaysia, the private sector will continue to be the driver of GDP growth.
With government efforts such as Budget 2020, which aims to appeal to foreign investment and grow Malaysia’s digital economy, and supportive policies towards foreign investments, Malaysia is expected to continue to draw attention from international businesses.
To shed light on how Janio supports businesses based in Malaysia and Southeast Asia and how we help them expand regionally, our General Manager Syed Faisal Alkaff joined the online panel discussion ‘Set in Malaysia,’ hosted by WeWork Equatorial Plaza, along with industry experts, namely Vistra Malaysia, SportScientia, and MDEC (Malaysia Digital Economy Corporation).
Here are a few key takeaways from Set in Malaysia for businesses looking at expanding to Malaysia:
Unlike the limit on foreign investment in most countries, foreign investors can hold 100% of the equity in Malaysia for new projects or expansion by existing companies, giving businesses more financial flexibility.
Government bodies such as MIDA (Malaysia Investment Development Authority) or other associations such as MDEC (Malaysia Digital Economy Corporation) and FUTURISE have their respective focuses for different types of businesses to consider to touch base with. For instance, MIDA’s e-Service portal for foreign businesses to easily find and connect with local service providers, and MDEC’s cross-border eCommerce initiatives with solution providers like Janio who are dedicated to supporting merchants to export from Malaysia.
Most industry-focused hubs offer not only the benefit of geographic advantages but also the incentives and support from relevant supporting organisations. For instance, logistics hubs are located near Shah Alam and Johor, while IT or tech-based hubs spread around MSC Malaysia’s locations, for example, Cyberjaya and Bangsar South; not to mention the well-known DFTZ (Digital Free Trade Zone) that aims to drive Malaysian export with supporting cross-border eCommerce.
Strategic partners that can help your business tap into key resources and gain your footing in the new market are crucial to the success of your business development in Malaysia.
Take Janio for example, as WeWork’s partner and appointed initiative partner of MDEC, Janio’s solution helps businesses who are expanding into and out of Malaysia with customisable logistics solution that enables businesses to manage supply chain with ease.
Malaysia is a market that is not only rich with opportunities for enterprising businesses, it has the infrastructure, policies and ecosystem to facilitate growth as well. Let 2020 be your year for growth in the Malaysian market.
Contact us to learn more about Janio’s initiatives in Malaysia and how we can support your logistics needs.
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