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| Capital city: |
Kuala Lumpur |
| Surface area: |
330,000 sq km |
| Population: |
26.8 million |
| Official language(s): |
Malay |
| Head of State: |
HM The Yang Di-Pertuan Agong XIII Al-Wathiqu Billah Tuanku Mizan Zainal Abidin Ibni Al-Marhum Sultan Mahmud Al-Muktafi Billah Shah |
| Head of Government: |
Prime Minister YAB Dato' Seri Abdullah bin Haji Ahmad Badawi |
| Australian exports to Malaysia: |
A$3,425 million |
| Australian imports from Malaysia: |
A$8,142 million |
| Malaysia's principal export destinations: |
USA, Singapore, Japan |
| Malaysia's principal import sources: |
Japan, China, Singapore | (Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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Economic climate
The Malaysian Government has an active privatisation program. Despite this, however, a number of major businesses are either government controlled or have substantial government equity. The financial sector is regulated by the government through Bank Negara Malaysia, the Central Bank of Malaysia.
Malaysia is competing hard with other countries in the region to provide a pro-business environment. To this end the government has relaxed foreign ownership laws in the manufacturing sector and has also implemented a range of incentives to attract investors in priority areas such as operational headquarters, regional distribution centres and international procurement centres. The government has also invested heavily in infrastructure to facilitate both efficient business and a high standard of living, particularly in the major centres.
Malaysia’s 2020 vision is to achieve developed nation status. The government plans and manages its progress towards achieving this vision through five year plans.
Key economic indicators and statistics for 2007:
GDP – US$186.7 billion
GDP per capita – US$6,956
Real GDP growth – 6.3 per cent
Inflation – 2.2 per cent
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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Malaysia is a federal constitutional monarchy with a bicameral
federal legislature consisting of a non-elected upper house, an elected
lower house and unicameral state legislatures. Malaysia comprises of 13
states and three federal territories. Nine of the states in Peninsular
Malaysia have hereditary rulers. The Supreme Head of State is the Yang
di-Pertuan Agong (King) who is elected every five years from among the
nine rulers.
Malaysia entered a new political era in November 2003 with the
retirement of long serving Prime Minister Dr Mahathir Mohamad. Dr
Mahathir has been succeeded by his former Deputy Prime Minister, Datuk
Seri Abdullah Ahmad Badawi who has stamped his first 100 days as prime
minister with a very active campaign on corruption and cronyism in
government. He has also moved quickly to improve bilateral relations
with ASEAN neighbours.
The prime minister must be a member of the Dewan Rakyat (House
of Representatives) or Parliament. The Parliament comprises of two
Houses: the Dewan Rakyat, which is fully elective, and the Dewan Negara
(Senate), where members are nominated by H.M. the King from among
citizens who have rendered distinguished public service, achieved
distinction in the professions, or are representatives of racial
minorities. A General Election is held every five years.
The 13 states of Malaysia also have their own Chief Ministers or
Mentri Besar, who is also elected to office, and have their own
(elected) State Assemblies.
Barisan Nasional (National Front) is the governing coalition and
consists of the United Malays National Organisation (UNMO), the
Malaysian Chinese Association, Gerakan (a Chinese-based party), the
Malaysian Indian Congress plus a number of other parties including some
based in Sabah and Sarawak. The current government has been in power
since 1955.
The Malaysian Government has a very active privatisation
program. Despite this, a number of major businesses are either
government controlled or have government equity.
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Malaysia is an active member of the Association of South East Asian Nations (ASEAN) and the Asia Pacific Economic Cooperation (APEC).
Governmental links between Malaysia and Australia are continually strengthened through regular meetings including the Joint Trade Committee, APEC gatherings, the ASEAN Regional Forum and bilateral visits.
Malaysia is a significant export market for Australia and our 12th largest trading partner. Malaysia is also Australia’s third largest trading partner in ASEAN.
Major Australian exports to Malaysia (2007-08):
- Copper – A$448 million
- Aluminium – A$335 million
- Crude petroleum – A$302 million
- Ferrous waste and scrap – A$235 million
Major Australian imports from Malaysia (2007-08):
- Crude petroleum – A$2,750 million
- Computers – A$851 million
- Monitors, projectors and TVs – A$668 million
- Telecom equipment and parts – A$304 million
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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