www.pwc.com/my
Malaysia in focus
Malaysia’s success as an investment location continues to grow. We look forward to helping you maximise the benefits of a Malaysian investment.
This material was prepared by PricewaterhouseCoopers (PwC) and is not to be used, distributed or relied upon by any third party without PwC’s prior written consent. The analysis and opinions contained in this document are based on publicly available sources. PwC has not independently verified this information and makes no representation or warranty, express or implied, that such information is accurate and/or complete. Recipients of this material must make their own independent assessment of the material and neither PwC nor any of its affiliates, partners, officers, employees, agents or advisers shall be liable for any direct, indirect or consequential loss and/or damage suffered by any person as a result of relying on any statement in, or alleged omission from, this material.
Welcome. Selamat Datang.
Malaysia is a country on the move. From a nation dependent on agriculture and primary commodities, Malaysia has today become an export-driven economy spurred on by high technology, knowledge-based and capital-intensive industries. We’re proud of how far we’ve come as a multi-sector economy. Since the 1970s, Malaysia has been the choice destination for many multinational companies due to its geographical location, political stability, reliable infrastructure and attractive incentives. By the 1990s, Malaysia achieved Newly-Industrialised Country (NIC) status, with 30% of exports consisting of manufactured goods. As Malaysia embarks on its vision to becoming a high income nation by the year 2020, it has positioned the Economic Transformation Programme (ETP) as a key pillar to driving change. The Government is proactively encouraging private investment-led growth with the ETP creating many investment opportunities. Capitalise on Malaysia’s transformation as this opens up unique investment opportunities, with enhanced financial incentives and business-friendly policies. The time to invest in Malaysia is now.
Mohammad Faiz Azmi Executive Chairman
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Contents
I.
About Malaysia
II. The economy
6 9
III. Business and investment landscape
13
IV. Abbreviations and key contacts
27
5
I. About Malaysia
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A multi-ethnic and multi-cultural country, Malaysia is located at the heart of Southeast Asia. Malaysia is a nation capitalising on its transformation with over US$400 bln worth of investment opportunities.
Facts and figures 2012 Land area
29 million
330,252 sq km
GDP (US$ bln)
237.8
GDP per capita (US$)
8,420
GDP growth (%)
Malaysia
Malaysia
4.8 (est)
Inflation (%)
2.6
Market capitalisation (US$ bln)
411
Equity market return (%)
11.63
Equity market price earning ratio
16.4
Credit rating - Standard & Poor’s - Moody’s
A A3
EIU country risk rating - Sovereign risk - Currency risk - Banking sector risk
BBB A BBB
Unemployment rate (%)
3.3%
Note: Exchange rate (as at 31 May 2012): US$ 1 = MYR 3.1750
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Source: Economist Intelligence Unit (EIU) and Bloomberg
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Country overview Area
Strengths
Weaknesses
Opportunities
Threats
Political outlook
• A successful democratic Islamic state
• The Malay community holds a constitutionally enshrined special position in society
• Prime Minister actioning reforms and changes – the Economic Transformation Programme (ETP) and Government Transformation Programme (GTP)
• Ethnic tensions continue to simmer with threat of revival of hard-line Islam
• Relative insulation from global energy price shocks being eroded to be net importer of crude oil in few years time
• To become a major financial hub over the medium term
• Threat to long-term economic stability (dependence on migrant labour, particularly for lowskilled jobs)
• Not rocked by any major racial unrest since 1969
Economic outlook
• Major world source for electronics and computer parts. • One of the world’s largest producers of rubber, palm oil, pepper and tropical hardwoods • Remain as a net exporter of crude oil
Business environment
• Standards of corporate governance have improved • Government offering attractive tax breaks and concessions to foreign companies
• Sustainability of the national subsidisation program on capping the prices of basic consumer goods • Dealing with the politically wellconnected when doing business in Malaysia
• Private sector-led growth will improve (government continues divestment of state shareholdings into raise funds to narrow the budget deficit)
• Government’s fiscal deficits could strain country’s finances
• Free trade agreement negotiations with the European Union (EU) as well as the Trans-Pacific Partnership may improve to the country’s business environment
• Waterways and shipping lanes that surround Malaysia will continue to experience the threat of piracy and terrorism
• With government-linked companies (GLCs) transformation, emerging M&A opportunities
• Malaysia is at risk of losing out to China, Vietnam & Indonesian in the race for foreign investment
Source: Business Monitor International (BMI), Q2 2012
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II. The economy
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Similar to advanced economies, the services sector is the largest contributor to Malaysia’s GDP, with a consistent yearon-year growth.
Economic snapshot Chart 1: GDP contributions by sector
Chart 2: GDP value and growth, 2003-13
• Services sector accounts for more than half (51%) of Malaysia’s GDP value, followed by manufacturing sector (25%).
• Post-global financial crisis, Malaysia GDP growth to hover around 5% over 2012-2013. • Growth will be driven by the Economic Transformation Programme (ETP), which aims to boost both private consumption and investments. % growth
US$
6
250
GDP*
150
US$275 bln
100
2 0
GDP Value
2012
2011
2010
-4 2009
0 2008
-2 2007
50 2003
Manufacturing 25%
4
200
2006
Services 51%
8
300
2005
Agriculture 12%
350
2004
Mining 12%
2013
• The major services sub-sectors are: Wholesale and retail trade, financial services, government services, real estate and construction.
GDP Growth
Source: Bank Negara Malaysia (BNM), 2012 * GDP at current price
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Source: International Monetary Fund (IMF), 2012
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Trade overview Chart 3: Malaysian trade, 2007 – 2011 "Malaysia is the third most open economy in Asia, after Hong Kong and Singapore” International Chamber of Commerce (ICC) Open Market Index 2011
• Malaysia continues to show strong trade performance in 2011 despite the slow US economic recovery, Eurozone debt crisis uncertainties and supply chain disruptions from Japan’s tsunami and Thailand’s floods. US$ bln 450 400 350 300 250 200 150 100
50 2006
2007
2008
Exports
2009
Imports
2010
2011
Total trade
Source: BNM, 2012
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Trade overview
Chart 4: Malaysian exports & imports, 2011
• Malaysia is a leading exporter of electrical appliances, electronic parts and components, palm oil and natural gas.
Malaysia has a well established trade relationship within Asia providing inroads to Southeast Asia economies and its market of over 600 million people.
• The major category of imports includes electronics and electrical goods, chemicals and chemical products, machinery, appliances and parts.
India 4%
S'pore 13%
Others 12%
China 13%
Oceania 4%
Total exports
North America 9%
Japan 11%
US$ 229 bln
EU 10%
Other NEA 12%
Other SEA 12%
India 2%
Others 12%
S'pore 13%
Oceania 3%
China 13%
North America 10%
Total imports US$189 bln
Japan 11%
EU 10% Other NEA 11%
Other SEA 15%
Notes: Other SEA: Other Southeast Asia countries Other NEA: Other Northeast Asia countries Source: BNM, 2012
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III. Business and investment landscape
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Business and investment landscape
Chart 5: Malaysia business rankings • Malaysia has a conducive business environment. What makes it: - Stable. A resilient macroeconomic environment and a sound financial sector. - Market-oriented. An efficient goods market and large export earner. - Well connected. World class infrastructure comprising excellent transport connectivity and advanced communications infrastructure. - Cost effective. Affordable costs of living and doing business. - Business friendly. Attractive governmental support through government policies and tax incentives.
Malaysia rankings World Bank Country Income Group 2012
Upper middle income economy*
World Bank's Ease of Doing Business Survey 2012
18th
World Economic Forum (WEF) World Competitiveness Ranking 2011-2012
21st
Institute for Management Development (IMD) World Competitiveness Ranking 2012
16th
WEF Global Enabling Trade Ranking 2012
24th
A.T. Kearney FDI Confidence Index 2012
10th
A.T. Kearney Global Services Location Index 2011
3rd
MERCER Worldwide Cost of Living Survey 2011
104th (out of 214 cities)
ECA International Cost of Living Survey 2011
33rd (out of 53 cities in Asia)
PwC World Bank Ease of Paying Taxes 2012
28th
* Countries with GNI per capita of US$3,976 - US$12,275, Malaysia’s GNI per capita in 2010 was US$7,760 Source: Various sources
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Business landscape Chart 6: Leading corporates
Market cap. US$ bln
Revenue US$ bln
Banking
21.63
1.84
Sime Darby
Holding Companies
18.98
3.62
CIMB Group Holdings
Banking
18.37
1.48
Petronas Chemicals
Chemicals
17.46
4.65
Public Bank Bhd
Banking
15.62
0.99
Maxis Bhd
Telecommunication
14.54
0.72
Axiata Group Bhd
Telecommunication
14.13
1.35
Genting Bhd
Hospitality & Leisure
12.90
1.61
Tenaga Nasional
Utilities
11.59
2.78
IOI Corp Bhd
Plantations
11.00
1.32
Company
Industry Sector
Malayan Banking
Chart 7: Banking Company
Chart 8: Telecommunications Market cap. US$ bln
Revenue US$ bln
21.63 18.37 15.62 7.39 5.70
1.84 1.48 0.99 0.56 0.63
Malayan Banking CIMB Group Holdings Public Bank Bhd Hong Leong Bank RHB Capital Bhd
Chart 9: Oil & Gas Company
Maxis Bhd Axiata Group Bhd DiGi.Com Bhd Telekom Malaysia Time Dotcom Bhd
Market cap. US$ bln
Revenue US$ bln
14.54 14.13 9.91 6.01 0.61
0.72 1.35 0.49 0.78 0.02
Chart 10: Retail Market cap. US$ bln
Revenue US$ bln
5.91 0.97 0.32
2.36 1.07 0.87
Petronas Dagangan Bhd Shell Refining Esso Malaysia Source: Bloomberg, 21 March 2012
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Company
Company Parkson Holding Aeon Co Bhd Store Corp Bhd Suiwah Corp Bhd Parkson Holding
Market cap. US$ bln
Revenue US$ bln
1.94 1.04 0.05 0.03 1.94
0.29 0.26 0.14 0.02 0.29
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Investment overview Chart 11: Global foreign direct investment (FDI) inflows, 2005 – 2013 Malaysia is fast gaining foreign investors interest and is expected to be a beneficiary of global FDI inflow.
• UNCTAD’s World Investment Report 2011 projected that global FDI flows will continue to recover from pre-crisis level to US$1.4US$1.6 trillion. FDI flows are expected to rise around 12% p.a. to US$1.9 trillion in 2013.
US$ bln 2,200 1,900
1,971 1,744
1,700
1,700
1,509
1,462
1,200
1,185
1,290
983
700
200 2005
2006
2007
2008
2009
2010
2011*
2012*
2013*
Source: UNCTAD, 2012
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Investment overview
Chart 12: Malaysia FDI inflows, 2006 – 2011 Malaysia continues to be a choice destination for MNCs, predominantly in manufacturing sub-sector. ETP plays a key role for future FDI inflow.
• Malaysia FDI inflows in 2011 surged by 12.3% to US$10.8 bln as multinational companies (MNCs) continue to choose Malaysia as their regional investment destination. • Key FDI inflow by sector in 2011 are: Manufacturing with 50% share, followed by services with 27% and mining 22%. US$ mln 12,000
10,854 9,666
9,587
10,000
7,956
8,000
7,328
6,000 4,000 1,661
2,000
2006
2007
2008
2009
2010
2011
Source: Malaysia Industrial Development Authority (MIDA) , 2012
• Moving forward, FDI will be driven by the Economic Transformation Programme (ETP), which spans across six growth corridors. The key growth corridors and their investment targets are: - Greater Kuala Lumpur (Greater KL), US$56.7 bln by 2020. - Iskandar Malaysia, US$94.9 bln by 2025. - Northern Corridor Economic Region, US$58.3 bln by 2025.
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Investment overview
Chart 13: Malaysia approved manufacturing investments (foreign & domestic)
Approved investments in the manufacturing sector continue to recover in 2011, with a 19% growth.
Malaysia is a hub for manufacturers and is starting to see a revival in investments within this sector.
US$ bln 25 20.7
19.7
18.5
20 15.6
15.2
15 10.8
10 5 0 2006
2007
2008
2009
2010
2011
By manufacturing sub-sector, 2011 Non-Metallic 5% Petroleum 5% Food 7%
Fabricated Metal 3% E&E 39%
Chemicals 10% Transport 12%
Basic Metal 19%
Source: MIDA, 2012
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Investment overview
Chart 14: Malaysia approved services investments (foreign & domestic)
Turnaround in approved investments in the services sector, recovering to pre-crisis levels.
Real estate makes up the largest services sub-sector for approved foreign and domestic investments.
US$ bln 25 20
21.9
21.2
18.3 16.5
15
12.8
12.1
2009
2010
10 5 0 2006
2007
2008
2011
By services sub-sector, 2011 Others 15% Education 2%
Real Estate 26%
Financial services 5% Telecommunications 9% Energy 10% Global Operations Hub 15%
Transport 18%
Source: MIDA, 2012
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Investment overview
Chart 15: Established operational headquarters (OHQ) in Malaysia Malaysia ranks no. 3 in A.T. Kearney’s Global Services Location Index 2011.
• Many prominent MNCs have chosen Malaysia as their regional and global operations. • The attractiveness of the country’s financial and business environment has helped to attract regional establishments into the country. • As at 31 December 2011, a total of 217 OHQs were approved with investments of US$758 mln. No. of regional establishments approved, 31 Dec 2011 Representative Offices 1,749 (57.2%)
Regional Offices 841 (27.5%) Operational Headquarters 217 (7.1%) International Procurement Centres 223 (7.3%) Regional Distribution Centres 28 (0.9%)
Source: MIDA, 2012
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Investment overview
A cross section of established OHQs in Malaysia by leading MNCs
Country
Name of Company
USA
• • • • • • • • •
General Electric Du Pont Dow Chemicals PepsiCo Grey Communications Hess Oil & Gas Air Products Henry Schein Schlumberger
• • • • • • • • • •
Baker Hughes Intel Transocean Agilent IBM Mars Foods Hewlett-Packard E-Storm Harman Kellogg’s
UK
• • • •
RMC Industries British-American Tobacco Diagonal Consulting Group Avocet Mining
• • • •
OHM Surveys Fitness First G4S Management Velosi
Germany
• • • • •
BASF Meuhlbauer Eppendorf Arvato Siemens
• • • •
Nordenia Bayer Binder A.Hartodt
Switzerland
• Novartis Corporation • SBM Group
• Omya Group • Tetra Pak
France
• Lafarge • Thales International
• Monier
Netherlands
• • • • •
• • • • •
Sweden
• Volvo • Ascom
• UCB Group
Norway
• Aker Kvaerner • Wilhelmsen
• AGR
Flexsys Prometric Friesland Foods Dow Corning Barry Callebaut
Organon Mammoet Subsea Core Acision
Source: MIDA, 2012
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The New Economic Model is a framework which aims to turn Malaysia into a high income nation that is competitive, sustainable and inclusive.
Transforming Malaysia
Overview of Malaysia’s New Economic Model (NEM)
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Transforming Malaysia
“The ETP is essentially an economic road map for Malaysia, co-created by the private sector and the government to achieve developed nation status in 2020.” Dato’ Sri Idris Jala Chief Executive Officer, Performance Management and Delivery Unit (PEMANDU)
NEM =
ETP + GTP + 1MY
Corporate
ETP (Economic Transformation Programme) 12 NKEAs + 6 SRIs
National Key Economic Areas (NKEAs) Areas of economic focus: • Tourism • Oil, gas & energy • Business services • Palm oil & rubber • Health services • Financial services • Electronics & electrical • Wholesale & • Education retail trade • Agriculture • Communications • Greater KL content & infrastructure
Strategic Reform Initiatives (SRIs) Enablers to achieve competitiveness: • Government’s facilitative role in business • Public finance reform • Human capital development • International standards & liberalisation • Public service delivery • Narrowing disparities
National Key Result Areas (NKRAs) Most important areas of improvements for the people: • Reducing crime • Fighting corruption • Improving student outcomes • Raising living standards of low-income households • Improving rural basic infrastructure • Improving urban public transport • Reducing the cost of living of the people
Ministerial Key Result Areas (MKRAs) Other important areas of improvements not covered under NKRAs: • Will be addressed under each Ministry (e.g. faster delivery) • Each Ministry may have different number of areas to be addressed
+ Government
GTP (Government Transformation Programme) 7 NKRAs + MKRAs
+ People
1MY (1 Malaysia concept) 7 initiatives/clusters
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1 Malaysia (1MY) Initiatives in 7 clusters: • Government • Politics • Economy • Education
• Social interaction • Media • Religion
Source: PwC Analysis; PwC Alert (Issue 88): Seizing ETP opportunities; NEM, Part 1: Executive Summary; GTP Roadmap; PEMANDU and related press releases
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Participating in Malaysia’s transformation Economic growth opportunities Being part of the growth equation The ETP (Economic Transformation Programme) will play a pivotal role in transforming Malaysia into a highincome nation by 2020. One of the ETP’s top priorities is to facilitate global companies’ efforts to make Malaysia their base. Here are 4 steps for global investors to harness project synergies and generate value from strategic projects.
Four steps to becoming an ETP project
3
Engage Government early
1
2
Strategic & detailed investment case
Robust investment analysis
Execute & follow-up
4
Your high level pitch should include clear: • analysis of how the project addresses issues & opportunities identified by the ETP labs • estimate/range of potential GNI & employment impacts • articulation of support you may need from the Government
If there are positive signals on the strategic investment case for your pitch, the Government will ask for a detailed analysis and business case be prepared
• Provide a detailed analysis which gives a robust estimate on the project’s impact on GNI, employment & investment • Appropriate PEMANDU (Performance Management & Delivery Unit) NKEA (National Key Economic Area) sector director and team can be engaged to help facilitate the project • These include meetings with various Government ministers and ministry officials
• These project meetings are important to secure the necessary support and to facilitate fast and successful implementation of the project • Any issues that cannot be easily solved can be escalated through problem solving meetings chaired by PEMANDU
Source: PEMANDU, PwC Analysis; PwC Alert (Issue 88: Seizing ETP Opportunities)
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Government includes relevant line ministries, PEMANDU, Economic Planning Unit, MIDA (Malaysian Industrial Development Authority) and Ministry of Finance
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Participating in Malaysia’s transformation
Examples of growth opportunities across 12 National Key Economic Areas Oil, Gas and Energy • Oil fields: Intensify exploration, enhance oil recovery, rejuvenate mature oil fields and explore marginal oil fields • Oil-field service and equipment operations • Energy: Nuclear and renewable (hydroelectricity and solar) Financial Services • Develop regional banking champions • Global hub for Islamic finance • Revitalise the capital market • Create integrated payment eco-system • Develop asset management industry Palm Oil • Oleochemical derivative products • Food and health-based downstream segments • Improve fresh fruit bunch yield • Accelerate replanting of palm oil • Develop 2nd generation bio-fuel Wholesale and Retail • Develop Malaysian concept shopping centres overseas • Large format stores* • Community markets • Make Malaysia duty-free • Modernise small retailers
Tourism • Improve rates, mix and quality of hotels • Increase medium-haul flights/tourists • Promote biodiversity and develop ecotourism and eco-nature resort • Create a Straits Riviera cruise destination
Business Services • Aviation maintenance, repair and overhaul services • Global business outsourcers and shared service centre • Data centre hub • Green technology industry • Engineering services Electronics and Electrical • Light emitting diode, develop Solid State Light hub • Semiconductor: fabrication, assembly, testing, packaging and circuit design • Solar wafer, cell and silicon production and design Communications Content and Infrastructure • Expand broadband coverage • Extend regional telecommunication network • Content development: creative content, e-commerce, e-healthcare, e-learning and e-government
* Stores of 3,000 to 5,000 sq m or larger e.g. hyperstore and superstore
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Healthcare • Export of generic drugs • Health metropolis • Health travel • Develop medical hub Education • Early childcare and education centres • International schools • Private teacher training • Private skills-training • Build discipline cluster in health science, engineering, science, innovation, business, finance and hospitality Agriculture • Agriculture biotechnology • Production of swiftlet nests • Scale up paddy production • Aquaculture • Premium fruits and vegetable Greater KL/Klang Valley • Integrated urban Mass Rapid Transit • High-speed KL-Singapore rail • Attract 100 of the world’s dynamic firms in priority sectors • Revitalise the Klang River into a heritage and commercial district
Source: PwC Analysis; PwC Alert (Issue 88): Seizing ETP opportunities
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Participating in Malaysia’s transformation
Chart 16: Malaysia’s six growth corridors - targeted investment sectors Malaysia’s growth corridors contribute an estimated 62% of total investment approved at US$11.4 bln in 2011 Investment target: US$ 36.9 bln by 2020
Investment target: US$58.3 bln by 2025 Northern Corridor Economic Region (NCER) • Agriculture • Manufacturing E&E, oil & gas, biotechnology • Tourism • Logistics
East Coast Economic Region (ECER) • Hospitality & leisure • Oil, gas and petrochemical • Manufacturing • Agriculture • Education
NCER
Sabah Development Corridor (SDC) • Tourism • Logistics • Agriculture • Manufacturing Investment target: US$94.9 bln by 2025
Iskandar Malaysia (IM) • E&E • Petrochemicals & oleochemicals • Food & agro processing • Logistics & related services • Tourism • Healthcare • Education • Financial services • Creative industries
ECER Investment target: US$56.7 bln by 2020 ( GNI contribution US$ 214.3 bln)
Greater KL • Wholesale & retail hub • Transportation hub • Financial services • Education • Healthcare (incl telehealth) • Shared services and outsourcing • Tourism
Investment target: US$25.5 bln by 2020
Greater KL
IM
SCORE
SDC
Investment target: US$65.9 bln by 2020 Sarawak Corridor of Renewable Energy (SCORE) • Manufacturing - oil-based, glass, timber • Mining - aluminium, steel • Agriculture - palm oil, livestock, aquaculture • Services - tourism, marine engineering
Source: PwC analysis, 2012
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IV. Abbreviations and key contacts
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Abbreviations Abbreviation
Full term
Abbreviation
Full term
1MY
1 Malaysia
MIDA
Malaysian Investment Development Authority
BMI
Business Monitor International
BNM
Bank Negara Malaysia (Central Bank of Malaysia)
MKRA
Ministerial Key Result Area
MNC
Multinational companies
ECER
East Coast Economic Region
NCER
Northern Corridor Economic Region
EIU
Economist Intelligence Unit
NEA
Northeast Asia
ETP
Economic Transformation Programme
NEM
New Economic Model
EU
European Union
NKEA
National Key Economic Area
E&E
Electronics and electrical
NKRA
National Key Result Area
FDI
Foreign direct investment
OHQ
Operational headquarters
GDP
Gross domestic product
PE
Price earning ratio
GLC
Government-linked companies
PEMANDU
Performance Management & Delivery Unit
GNI
Gross national income SCORE
GTP
Government Transformation Programme
Sarawak Corridor of Renewable Energy
SDC ICC
International Chamber of Commerce
Sabah Development Corridor
SEA
Southeast Asia
IM
Iskandar Malaysia
IMD
Institute for Management Development
SRI
Strategic Reform Initiatives
IMF
International Monetary Fund
UNCTAD
United Nations Conference on Trade and Development
KL
Kuala Lumpur
WEF
World Economic Forum
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Key contacts Malaysia
PwC Malaysia Level 10, 1 Sentral Jalan Travers Kuala Lumpur Sentral PO Box 10192, 50706 Kuala Lumpur, Malaysia
Organisation
Website
InvestKL
www.investkl.gov.my
Economic Planning Unit
www.epu.gov.my
Malaysian Investment Development Authority (MIDA)
www.mida.gov.my
Malaysia External Trade Development Corporation (MATRADE)
Tel: +60 (3) 2173 1188 Fax: +60 (3) 2173 1288
www.matrade.gov.my
Ministry of International Trade and Industry Malaysia (MITI)
www.miti.gov.my
Email: pwcmsia.info@my.pwc.com Website: www.pwc.com/my
Performance Management & Delivery Unit (PEMANDU)
www.pemandu.gov.my
East Coast Economic Region
www.ecerdc.com/ecerdc/
1Malaysia Development Berhad (KL International Financial District)
www.1mdb.com.my/klifd/klifdgreater-kuala-lumpur
Multimedia Super Corridor
www.mscmalaysia.my/
Iskandar Malaysia
www.irda.com.my/
Northern Corridor Economic Region
www.ncer.com.my/
Sarawak Corridor of Renewable Energy
www.sarawakscore.com.my/
Sabah Development Corridor
www.sdc.gov.my/sabahdc/
PwC
Assurance Services Pauline Ho Tel: +60 (3) 2173 0946 pauline.ho@my.pwc.com Tax Services Jagdev Singh Tel: +60 (3) 2173 1469 jagdev.singh@my.pwc.com Advisory Services Tan Siow Ming Tel: +60 (3) 2173 1228 siow.ming.tan@my.pwc.com
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Notes
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Notes
PwC
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