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Understanding The Business Environment Factors In Malaysia Malaysia’s economy is dependent upon a mix of several natural resources, industrial growth and agriculture. Additionally, it has a fantastic floor for small business ventures. Therefore, if you start a small business in Malaysia, be sure of instant success because of the rich resources it boasts of. The market of Malaysia is affected by external and internal factors. Malaysia is located along one of the world’s critical maritime routes. Below are some of the business environment factors in Malaysia. Political Factor Malaysia got its independence several years back. Almost fifty eight years ago to be exact. It’s been dominated by the exact same ruling coalition since then. No changes have occurred. The coalition has been responsible of bringing different parties together to represent different races all over the country. Through this, every race has a representative to share their problems and find solutions. On the other hand, there is the opposition that does not agree the government . Theirs is to keep the government on toes so that they do not oppress the citizens. Research claims that the resistance voice has become louder and this could impact market confidence in the government’s equilibrium. Thus, when the country succumbs to the political risks, it might greatly affect the marketplace and market.
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Economic Factors
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The economy of Malaysia has been greatly affected by the falling of global oil prices. This has intensively reduced the development of the market. However, regardless of the oil problem, Malaysia is a fertile ground for smaller businesses. The small businesses are a major economy booster in Malaysia. Another economic problem is that growth expansion has been hampered by labor shortage, rising costs of products and highly depending on foreign workers to carry out various projects. These variables majorly affect the manufacturing and building sectors. They do this by decreasing productivity. Therefore, the economy is affected in one way or another. Social Issues The most popular ethnic group in Malaysia is Malays. The remainder comprise of Chinese, Indians, smaller migrant bands and indigenous Bumiputras. Most of the Malaysians speak Malay which is the national language while others also speak English. The country is filled with different races and religious beliefs. The old generation is strict about traditions while on the other hand, the young generation embraces the western attitude and modernity. The very best way to bond with customers is via drinks, different types of Malaysian cuisines that the country has to offer you. Technological Issues Technology has abundantly improved the economic development of Malaysia. Business people take Benefit of the advancement in technology to perform various companies. Strong IT and technological development factors are carried out to educate the people about different technological advantages when carrying out businesses. Tech in Malaysia has significantly impacted the market favorably in Malaysia.