Business Environment Factors In Malaysia Malaysia’s economy depends on a mix of many natural resources, industrial growth and agriculture. It also has a good ground for small business enterprises. 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 situated along one of the world’s crucial maritime routes. Below are some of the business environment factors in Malaysia. Political Issues Malaysia got its independence several years back. Nearly fifty eight decades ago to be precise. It has been dominated by the same ruling coalition since then. No changes have occurred. The coalition was accountable for bringing different parties together to represent unique races all around the nation. Through this, each race has a representative to express their problems and find solutions. On the flip side, there’s the opposition that does not agree the authorities . Theirs is to maintain the government on toes so that they don’t oppress the citizens. Research says that the resistance voice has become louder and this might influence marketplace confidence in the government’s stability. Thus, once the country succumbs to the political dangers, it may greatly impact the marketplace and market.
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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, despite the oil problem, Malaysia is a fertile ground for small businesses. The small companies are a significant economy booster in Malaysia. Another economic problem is that growth expansion has been hampered by labour shortage, rising costs of merchandise and tremendously based on foreign workers to carry out different jobs. These variables majorly affect the manufacturing and building sectors. They do this by decreasing productivity. Hence, the market is affected in one way or another. Social Issues The largest ethnic group in Malaysia is Malays. The rest include of Chinese, Indians, smaller migrant groups and indigenous Bumiputras. Most of those Malaysians speak Malay which is the national language while some talk English. The nation is filled with various races and religious beliefs. The older generation is strict about traditions while on the flip side, the young generation embraces the western attitude and modernity. The best way to bond with clients is through beverages, different kinds of Malaysian cuisines that the nation has to offer you. Technological Factors 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.