Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
Print
Email
Discuss this article (0 Comments)Towering achievements
by This email address is being protected from spam bots, you need Javascript enabled to view it on Saturday, 10 November 2007
zoom
A business trip to Kuala Lumpur, the capital of Malaysia, is becoming an increasingly common stop on any global executive's itinerary. The city leads the country's fast-paced development in trade and commerce, banking and finance, manufacturing, transport, information technology and tourism. Considered one of the fastest growing economies in South East Asia, Malaysia is also the largest and most innovative Islamic financial services hub in the world.
At a stratospheric height of 452 metres, the 88-storey Petronas Twin Towers dominate Kuala Lumpur’s skyline and reside in the heart of the city centre.
Malaysia is divided into two areas, East Malaysia and Peninsula (west) Malaysia. Its biggest city and commercial centre, Kuala Lumpur, often referred to by locals as KL, is located about 40 km inland from the west coast of the Peninsula and lies in a valley surrounded by jagged hills at the intersection of two rivers - the Klang and Gombak. Today, Kuala Lumpur is home to 1.3 million people, with more than six million in the surrounding metropolitan areas. It is the political, economic, and cultural heartbeat of Malaysia.
Malaysia, a middle-income country, transformed itself from 1971 through to the late 1990s from a producer of raw materials into an emerging multi-sector economy. Growth was almost exclusively driven by exports - particularly of electronics. As a result, Malaysia was hard hit by the global economic downturn and the slump in the information technology sector in 2001 and 2002. However, by 2003 the economy had grown by 4.9%, overcoming the regional slowdown that was caused by the outbreak of Severe Acute Respiratory Syndrome (SARS) virus in neighbouring countries. Growth topped 7% in 2004 and 5% per year in 2005-06.
Following the East Asia financial crisis in 1997, Malaysia has taken measures to guard against future economic crises. Healthy foreign exchange reserves and a small external debt greatly reduce the risk of another economic slump. However, the economy remains dependent on continued growth in the US, China, and Japan - top export destinations and key sources of foreign investment. In light of this the government presented its five-year national development agenda in April 2006, which targets the development of higher value-added manufacturing and an expansion of the services sector, especially in financial services.
According to the World Bank, Malaysia has a gross domestic product (GDP) of US$148,940bn, slightly less than half of Saudi Arabia's GDP.
The total population of Malaysia is almost 25 million, with 1.3 million people residing in its capital. The population's average age is round 25 and 32% is under the age of 15. The majority of the populations, 60.4%, are Muslim, 19.2%, Buddhist and 9.1% are Christian. The country is ethnically very diverse, comprising of Malay, Chinese, Indians, and indigenous people.
Business etiquette
All business meetings, however informal, are conducted at the office or in neutral venues such as restaurants. Business office hours are usually 9am - 5pm, Monday to Friday, although government departments tend to close earlier. Note that many businesses close down for a religious holiday on Fridays so avoid scheduling meetings for that day.
Despite the high humidity levels, suit and tie is the norm for men and smart dress for women, although concessions are usually made for visiting foreign business people unused to the tropical conditions.
English is the main business language in Kuala Lumpur, with most business people, at all levels, at least competent in English. Any attempts to use a few Bahasa Malaysian conversational words are greatly appreciated and can break the ice quickly.
One key aspect to remember is that it is considered inappropriate to use the left hand for handshakes or handing over documents, as this is traditionally regarded as unclean. Business cards are also an essential prerequisite to any business meeting, no matter how informal, and should be handed over with both hands. Always make sure you have plenty of cards on your person (plan to hand out around 50 per day). Business cards should be free of any blemishes - never write on the card unless directed by the host.
Malaysians are quite conservative when it comes to business and clients are not often invited home.
It is also important for visitors to be careful when choosing gifts, as offerings such as alcoholic drinks are a definite non-starter and less obvious gifts like watches, associated with death by many ethnic Chinese, might also offend.
All business meetings, however informal, are conducted at the office or in neutral venues such as restaurants. Business office hours are usually 9am - 5pm, Monday to Friday, although government departments tend to close earlier. Note that many businesses close down for a religious holiday on Fridays so avoid scheduling meetings for that day.
Despite the high humidity levels, suit and tie is the norm for men and smart dress for women, although concessions are usually made for visiting foreign business people unused to the tropical conditions.
English is the main business language in Kuala Lumpur, with most business people, at all levels, at least competent in English. Any attempts to use a few Bahasa Malaysian conversational words are greatly appreciated and can break the ice quickly.
One key aspect to remember is that it is considered inappropriate to use the left hand for handshakes or handing over documents, as this is traditionally regarded as unclean. Business cards are also an essential prerequisite to any business meeting, no matter how informal, and should be handed over with both hands. Always make sure you have plenty of cards on your person (plan to hand out around 50 per day). Business cards should be free of any blemishes - never write on the card unless directed by the host.
Malaysians are quite conservative when it comes to business and clients are not often invited home.
It is also important for visitors to be careful when choosing gifts, as offerings such as alcoholic drinks are a definite non-starter and less obvious gifts like watches, associated with death by many ethnic Chinese, might also offend.
READERS' COMMENTS
Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
MORE FROM ARABIANBUSINESS.COM
TOP IN MIDDLE EAST BANKING & FINANCE
TOP MIDDLE EAST BUSINESS STORIES
ALSO IN MIDDLE EAST BANKING & FINANCE
From 
SHARE PRICE CHECK
RELATED STORIES
The Ritz-Carlton Hotel Company LLC
| 98 stories- Doha spa industry sets standards
15 Nov '09 | Comment - Cairo and beyond
16 Oct '09 | Features - Checking in
2 Jun '09 | Interviews
World Bank
| 50 stories- World Bank raises MENA job creation concerns
10 Nov '09 | News - Mideast needs to improve insolvency rules - World Bank
8 Nov '09 | News - Emerging markets 'havens for stolen assets' - World Bank
8 Nov '09 | News
Mobile
