Malaysia is home to several thriving industries that are contributing to the economic well-being of the country. These local industries have expanded their horizons to the global market by promoting the export of goods and services. Since 2010, Malaysia’s economy has been making good progress with an average yearly growth of 5.4%. However, the last two years have been a roller coaster ride for almost all industries. Apart from Malaysia, several Asian countries have observed a downfall in their economic structure.
In 2023, the Malaysian economy showed some positive signs, expanding by 3.9% in the first three quarters. This progress identifies the massive shift Malaysian industries are making to stabilize the economic conditions. This article talks about some thriving industries that have not only improved the country’s standing but also brought local talent to the limelight.
Engineering Industry
The Malaysian engineering sector is the backbone of its economy and many other inter-related industries. The engineering industry accounts for 32.8% of the overall exports. Engineering is internally related to electronics, technology, and many other industries. Malaysia has a diverse range of engineering firms that have established strong relations with international leaders to promote exports. Similarly, its engineering industry is collaborating with the technology sector to ensure the production of digital devices, embedded technologies, and wireless devices. These production firms have been there for a long time and now they are focusing on international operations to promote local products.
Malaysian companies are owned by local speakers who understand the engineering business model and are looking for business expansion. These companies struggle to maintain effective communication with global partners and industry leaders due to language barriers. Business expansion cannot be achieved without bringing both parties on the same page. Malay translation services are proudly serving these companies to collaborate with global leaders and maximize their business exports. Additionally, engineering translation is a complex task that needs specific attention to detail to deliver quality results. A qualified resource having industry-specific expertise can promote your engineering business to the world.
Service Sector
The Malaysian service sector is responsible for more than half of its overall GDP, contributing to the betterment of its economy. Its service sector made a quick turnaround in just one year, rising from 6.5% to 12% in 2023. However, the service industry is also recovering from the COVID-19 pandemic situation and the companies are investing heavily to grow even more in the coming year.
Though the service sector has expanded to various industries, financial services have made a huge impact in recent years. This is because Malaysia has focused on adopting digital solutions to automate its service sector. Also, the Fintech sector has gained traction globally due to ever-changing technologies. However, the sector is facing several challenges to cope with international fintech companies and meet technical standards. To combat the financial landscape and embrace digitization, the sector demands global collaboration. Global fintech companies offer training programs and mentorship to educate businesses and financial companies. As Malaysian companies have local exposure, it becomes difficult for them to interact with fintech businesses and improve their understanding of digital finance. Professional Malay translation services can support these companies to seamlessly interact with fintech leaders and expand their vision in this highly lucrative industry.
Manufacturing Sector
After several uncertainties, the manufacturing sector is recovering to drive the thriving Malaysian economy. The success of the manufacturing sector defines the talent and capabilities of locals. The manufacturing industry empowers locals to boost their production and reach the global market to manage bulk orders. In the last few years, small-scale companies have ensured their access to all the resources to increase their production. This helps them fulfill international demand and surpass competitors. However, communication is a major roadblock for these local producers to access the global market.
Furthermore, Malaysia has a lot of Indonesian language speakers who are supporting its manufacturing sector. Indonesia has created strong terms with Malaysian companies to stabilize their business structure. Both countries heavily rely on each other in terms of resources to produce goods on a large scale. This collaboration demands flawless communication. To bridge this gap, manufacturing firms can hire professional Indonesian translation services. These services have a widespread impact, assisting in manufacturing document translation, business proposals, and many more.
Textile Industry
It won’t be wrong to say that the Malaysian textile industry fuels its exports. This extensive industry produces synthetic fiber, fabrics, natural fiber, and other goods. However, the industry has some competitors in Indonesia, Pakistan, and China. These Asian countries are strengthening their textile industry by improving exports. Malaysia has a strong reputation for producing high-quality products and selling them globally.
Malaysia has to improve its textile export sector by taking some essential measures. Malaysia can comfortably take the lead in the Asian region by removing communication barriers. They can start with Malay to Indonesian translation services to maximize cross-border export activities. This initiative can sell their products to the world and boost industry expansion.
Wrapping It Up
Malaysia has a strong local network that can contribute to the betterment of its economic structure. Malaysian firms can compete with global brands and earn their place in this competitive business landscape. Additionally, they can establish strong alliances with neighboring countries to uplift each other and overcome the loss they had to bear due to unfavorable conditions.
