Page 24 - The Guide To Malaysia 9th Edition

20 INTRODUCTION TO MALAYSIA
tin, rubber and palm
oil, but during the 1970s
it transitioned rapidly
to become a major manufacturing economy and since the 1980s the industrial sector has led Malaysia’s growth. It is now one of the world's largest producers of electronic components, electrical goods, solar panels,
and information and communication technology (ICT) products.
Services are also important, especially tourism, with Malaysia ranked 9th on the list of
the world’s most visited countries, receiving some 26 million visitors in 2018. Medical tourism has also become a significant sector of Malaysia's economy
and has been awarded “Destination of the Year” in 2015, 2016 and 2017 by the International Medical Travel Journal (IMTJ).
Kuala Lumpur has emerged as a major financial services hub. According to Bank Negara, Malaysia leads globally in integrating Islamic finance, with 16 fully-fledged Islamic banks including 5 that are foreign-owned. It is also home to five international financial institutions from Europe, the GCC and Asia Pacific. Malaysia’s Islamic banking assets totalled US$ 254 billion as of December 2019, 38% of total banking sector deposits.
The Malaysian economy is supported by an extensive
transport infrastructure.
A network of highways links all major cities on
the peninsula and a Pan Borneo highway is under development in East Malaysia. An intercity rail network covers both east and west coasts of the peninsula and connects
to Thailand and Singapore. An integrated mass transit light rail and monorail network covers Kuala Lumpur, with a High-Speed Rail link to Kuala Lumpur International Airport (KLIA). Further national rail expansion and a possible high speed (HSR) line between Kuala Lumpur and Singapore are under consideration.
The world-class Kuala Lumpur International Airport (page 422) is the main international hub, supported by international airports at Penang, Johor, Melaka, Kota Kinabalu, Kuching, Miri and Langkawi, and numerous other major domestic airports, with short take-off and landing (STOL) airports serving offshore islands and rural towns and villages in Sabah and Sarawak.
Sea freight is handled
by Malaysia’s modern sophisticated terminals (page 452), including Port Klang, Penang Port, Pasir Gudang, Tanjung Pelepas, Bintulu (Sarawak) and Kota Kinabalu (Sabah). Smaller ports handle domestic, feeder and regional shipping.
The Malaysian economy welcomes foreign investors with incentives, pragmatic labour
laws, a well-educated workforce, a transparent legal framework and a comprehensive transport and logistics network.
The country is ranked 12th in the world and second in Southeast Asia according to the World Bank’s Doing Business 2020 report.
Culture, Arts & Crafts
Malaysia’s history and diverse ethnic mix has created a vibrant cultural mingling. A fusion of Oriental and European architectural styles can be seen in modern structures such as the PETRONAS Twin Towers, the Penang Bridge, and Putrajaya, the administrative capital.
The Colonial past is represented by the exquisite Cheong Fatt Tze Mansion (or Blue Mansion) in Penang, the Moorish- style Sultan Abdul Samad Building in Kuala Lumpur, and the town centres of Melaka and George Town (Penang), which hold joint UNESCO World Heritage status. Fine examples of traditional architecture can be seen in many old Malay kampung houses, the wooden palace (Istana Kenangan) in Kuala Kangsar and the native longhouses of Sarawak and Sabah.
A wide variety of handicrafts also reflects