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City Guide - Kuala Lumpur - Business | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Business Profile: Since World War II, Malaysia has staged a remarkable transformation from a rural-based economy into a progressive urban-based economy. Such was the economic success of this metamorphosis that GNP growth in the decade preceding 1997 was around 8% a year and the country entered the top 20 of the world's largest trading nations. In the second half of 1997, this spectacular growth was shattered by the Asian economic crisis, which saw the economy take a nosedive into recession and the Malaysian currency, the Ringgit, devalued. Today, the worst of this crisis is over and the country's economy is back on track with low, and some analysts would say, more realistic growth levels. Prime Minister Mahathir's grand plans to make Malaysia a fully 'developed' nation by 2020 have been scaled down with many of the mega projects that he made his hallmark curtailed or downsized. For example, the new monorail system that was scheduled to open in 1999 is now slated to open in 2002; the concrete stumps that line the route are a poignant reminder of the country's recent economic woes. On the positive side, unemployment is low and the government seems to be taking greater care of the economy and planning for the future with developments like the Multimedia Super Corridor (MSC). This project looks to extend Malaysia's role as the world's largest producer of semi-conductors and a major manufacturer of electronic products, with an economic corridor from KLIA to KLCC, based around the suburbs of Putrajaya and Cyberjaya. Another industry signalled out for expansion is tourism. The large revenue generated by Thailand's recent tourist boom has not been lost on Malaysia and the country is now looking enviously beyond its traditional main market of Singapore. Petronas are the biggest company in Malaysia concentrating mainly in oil and related industries, but increasingly diversifying into other sectors. Other bid domestic players are Bank Negara and Maybank in finance, and Gamuda, Ekovest and YTL in construction. Major international companies with a presence in KL include Nestle, Carlsberg and Guinness. For businesspeople, internet facilities are available throughout the city with most shopping malls having at least one internet café and most hotels offering internet access. Business Etiquette English is the main business language in KL with most businesspeople at all levels, in all sizes of company, at least competent in English. Any attempts to use a few Bahasa Malaysian conversational words are greatly appreciated and can break the ice quickly. 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 businesspeople unused to the tropical conditions. 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 used for cleaning after toilet use. Business cards are also an essential prerequisite to any business meeting, no matter how informal, and should be handed over with both hands. It is important to be careful when choosing gifts, as obvious things like alcohol are a definite non-starter and less obvious gifts like watches, associated with death by many ethnic Chinese, can also offend. Generally, meetings at client's houses are not the way things are done in KL. All business meetings, however informal, would be conducted at the office or in neutral venues such as restaurants. Business office hours are usually 0900-1700 Monday to Friday, although government departments tend to close earlier. |
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