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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. It also has a fantastic floor for small business enterprises. Consequently, if you begin a little business in Malaysia, be sure of instant success because of the rich resources it boasts of. The market of Malaysia is influenced by external and internal aspects. Malaysia is situated along one of the planet’s critical maritime routes. Below are some of the business environment factors in Malaysia. Political Malaysia got its independence several years back. Almost fifty eight years ago to be exact. It has been dominated by the 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, each race has a representative to express their problems and find solutions. On the other hand, there is the resistance that doesn’t agree the government . Theirs is to keep the government on toes so that they do not oppress the citizens. Research says that the opposition voice has grown louder and this might impact market confidence in the government’s stability. Thus, when the country succumbs to the political risks, it might greatly affect 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 little 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 impact the production and building industries. They do this by decreasing productivity. Hence, the market is affected in one way or another. Social Factors The most popular ethnic group in Malaysia is Malays. The rest comprise of Chinese, Indians, smaller migrant groups and native Bumiputras. Most of the Malaysians speak Malay which is the national language while others also speak English. The country is filled with various races and religious beliefs. The old generation is strict about traditions while on the other hand, the young generation adopts the western mindset 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 Technology has greatly influenced the economic growth of Malaysia. Industry folks take Advantage of the advancement in technology to carry out various businesses. 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.