Malaysia's economy has been considerably influenced by its early years of British rule. With the British strategy of "divide and conquer", the economy previously was ethnically-assigned: the Malays, originally agriculturists, were trained for government; the Chinese who were initially imported to work tin mines were encouraged to stay in commerce, and the Indians who were initially imported to work rubber plantations have gradually moved to the service sector.
By the 40th anniversary of its independence in 1997, Malaysia has evolved from primarily an agricultural and raw commodity economy into a highly industrialized manufacturing economy that is now the world's greatest exporter of semiconductors. Nevertheless, raw materials are still significant in Malay economy. Malaysia is one the world's largest natural rubber producers (35% of the world production) and the largest palm oil producer (60% of the world total). The country is rich in natural resources, like natural gas and oil, tin, timber and rubber. Malaysian exports include electronic equipment, petroleum and petroleum products, rubber, palm oil, wood and wood products, textiles, pepper, coconuts, tea and cacao beans.
The country's fourth Prime Minister, Datuk Seri Dr. Mahathir Mohamad, initiated Malaysia's 'Look East' policy in the 1980's. Instead of turning to the West for support he relied on local Asian resources. He successfully launched a policy of heavy industrialization including the production of a national car (the Proton) and he pushed for development of oil and natural gas refineries.
Major economic and trading partners of Malaysia are Singapore, Japan and the USA. |
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Name: Malaysia |
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Area: 330.000 sq. km. |
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Capital City: Kuala Lumpur |
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Population: 19.7 million |
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Language: Bhasa, English, Chienese |
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Currency: Malaysian Ringitt |
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Time Zone: GMT +8 hrs |
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Religion: 52% Muslim, 17% Buddhist, 12% Tao |
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