Malaysia is a growing economy, and its GDP is predicted to touch almost 5% this year. This growth is largely credited to the great increase in the number of imports, particularly imports of semiconductors, and precious as well as non-ferrous metals.
2019 is naturally considered the best time to invest in a business opportunities in Malaysia as the business scene is Malaysia has been strong the past couple of years, and promises to increase further in the coming years. The growth in economy is not just limited to the import industry, but also to other industries such as housing and real estate.
It is no surprise then, that a lot of businessmen and entrepreneurs are itching to start a new business in Malaysia. Although there is a lot of competition, there is still scope for exponential growth if you are looking to get a piece of this action.
The key is to carefully pick a business niche and become the best at what you do. Forming a new company in Malaysia will not be too hard, no matter whether you are a seasoned businessman or a newbie entrepreneur.
Business Opportunities in Malaysia
Here is a list of possible business opportunities in Malaysia that will be profitable for you so that you can start building your empire on tried and tested business methods.
Malaysia is an extremely popular tourist destination. The tourism industry in the country contributes to its economy in a huge way. Tourism in Malaysia is continuously growing in terms of number of tourists per year, making it a very profitable business opportunity.
The most obvious types of business are those related to the food and beverage industry, where you can consider catering to tourists who would love to try out some good local food. Another booming industry is hotel and lodging, which would quite obviously do well in the tourism industry.
Another great idea would be to cater to tourists who want to travel through Malaysia and explore local tourist spots. You could set up a travel agency to show new tourists the beautiful and not very often explored parts of Malaysia.
Food and Beverage Industry
Apart from just catering to tourists, you can also consider getting in the food and beverage industry of the country.
The possibilities in this industry are limitless – from setting up a niche 5 star restaurant that caters to fine diners, to small local joints that serve amazing street food. Depending on your business budget and the kind of business you are truly passionate about, you can set up a food and beverage business and do extremely well.
People are always trying out new places to eat, and a food business is guaranteed to never go out of style. Proper planning and catering to the right kind of customers is essential to succeed in this industry.
Fashion never dies. Every season there are tons of fashion designers coming up with new trends and styles that quickly catch on, especially among the youth.
The fashion industry is your best if you have a creative mind, have some experience in the fashion industry, or just want to start out in a fast-past, quickly evolving industry.
Depending on your investment budget you could either start small as an independent fashion designer, or go big and create a fashion label that people will love.
The ecommerce industry is booming. People don’t have the time to go shopping often, which is why it is so convenient to make monthly purchases online. E Commerce also provides discounted prices to consumers, making it very popular.
You don’t need a huge capital to start an ecommerce business. Most ecommerce businesses follow the dropship model where the items are not stored or kept in the inventory of the seller.
The orders are directly sent to the distributor or wholesaler, who packages the item and ships it directly to the customer. The ecommerce business collects payment from the customer and transfers a predetermined percentage of that sale to the wholesaler.
Microfinance banking is especially booming during the last few years due to the huge increase in Malaysians wanting to start their own business.
If you are an investor and have good knowledge in finance and accounting, this would be a very good business opportunity for you.
With the right kind of knowledge and expertise, you can easily venture into creating a successful business for yourself in Malaysia. There are tons of other business opportunities in Malaysia, and this is in no way an exhaustive list.
No matter whether you are a businessman who has had experience starting a new business in the past, or a newbie who is trying to start something on your own, Malaysia provides you opportunities as diverse as its culture.