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The industries in Malaysia identified by the Malaysian Investment Development Authority (MIDA), include agriculture, infrastructure and communication, electronics and electrical, oil, gas, energy, tourism, wholesale and retail, and healthcare.
The three industries that attracted the most DDI were rubber products (including rubber gloves) at RM3.2 billion, followed by M&E (RM3.1 billion), and food manufacturing (RM2.1 billion). These industries made up 46.4% of total approved domestic investments.
The economy of Malaysia is the fifth largest in Southeast Asia and the 36th largest in the world in terms of nominal GDP. When measured by purchasing power parity, its GDP climbs to the 30th largest. Malaysia is forecasted to have a nominal GDP nearly half a trillion US$ by the end of 2024. [22]
Malaysia has come a long way from its humble agricultural roots, emerging as one of Asia’s dynamic economies. With Malaysia’s industrial transformation over the past three decades, sectors and job roles are set to evolve once more as Malaysia paves the way for the digital-first Industry 4.0 era.
In a grand and transformative moment for Malaysia’s industrial landscape, the New Industrial Master Plan (NIMP) 2030 was unveiled on 1 September 2023, marking a significant milestone in the nation’s journey towards the MADANI Economy.
Malaysia is a multi-ethnic country with the predominant ethnic groups in Peninsular Malaysia being Malay, Chinese and Indian. In Sabah and Sarawak, the indigenous people represents the majority, which includes Kadazan-Dusun, Bajau and Murut in Sabah as well as Iban, Bidayuh and Melanau in Sarawak.
This outlook was reiterated in the early months of 2023, suggesting that Malaysia would not achieve the earlier forecasted growth target of 4%-5%. Recent data suggests that the Malaysian economy is on a path to a modest recovery in 2024, with an expected growth rate of around 3.5%.
