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The dual disasters were widely seen as a public relations nightmare and worse for this Southeast Asia nation of 30 million people, the third largest economy in the ASEAN region.
The airline is hobbled and will need a government lifeline. Tourism took a temporary hit. But the country has good fundamentals and should be on your bucket list if looking for trade opportunities in this part of the world.
For one thing, 90 percent of the population is avid Internet users. Social media seems to be popular with kids before they can walk. Busy thumbs gleefully unlock a world of goods whose purchase is a couple of clicks away. Malaysians are very fond of U.S. products and services, with American franchises getting especially high marks from local consumers. We notice that Pudgie’s Naked Chicken Co. has not yet arrived.
But there's a lot of competition in the region. Because of proximity, China is Malaysia's number one trading partner. The U.S. is third--still pretty good given that it’s an ocean away. We do better at investing and are number one in that category--a lot of it going to the oil and gas industry, which is giving a lift to the Malaysian economy and should continue to support growth and help the country to eventually enter the higher income club from the middle where it is today. Per capita GDP is about $18,000 a year, well within a bracket where foreign made items are not just coveted but can be paid for.
TPP Needs TP
And they'd become even more affordable if the 14 countries involved in negotiating the pact approve the Trans Pacific Partnership. Prospects were given a couple of boosts recently when Republicans, who generally are more supportive of trade than their colleagues across the aisle, won a majority in the U.S. Senate and the Japanese prime minister said his government is closing in on a possible deal despite vigorous opposition from farmers and domestic carmakers.
China has taken note and announced plans for its own regional free trade zone, but comes to the party too late to disrupt the momentum. If negotiations collapse, look for China to pick up the pieces. If negotiations succeed, look for China to sign on.
Let's say President Obama gets Trade Promotion Authority early in the New Year. Later in 2015, the U.S. could be shipping goods to Malaysia duty free. U.S. companies bidding in Malaysian government projects would be treated the same as Malaysian companies. There would be increased protections for intellectual property, and small shipments from small businesses would get expedited treatment under new de minimus rules.
An agreement will be good news for the trade dependent Malaysia. GDP growth, which has been averaging around five percent for the last few years, could get a significant boost.
Agreement or not, Malaysia beckons with opportunities in oil and gas equipment and services; aviation equipment; IT; medical equipment; and the earlier mentioned franchising. Because of its central location in the region, it can serve as a lily pad into other nearby markets. Its interesting mix of indigenous Malays and ethnic Chinese have a knack for business and trade, although the mixture has at times been combustible. More than 60 percent of the population is Muslim, so take that into account when timing visits, scheduling meetings, and reading up on business culture before you go. Similar to other countries in the region, personal relations and the building of them are important in succeeding here.
The current coalition government has plenty of experience and is trying to jump start technological clusters and foster innovative companies, so far with limited results. Government leaders were introduced to a worldwide TV audience when they stepped forward to brief reporters on the airliner disasters. They wished their debut had involved happier topics.
WPG recommends that you contact the U.S. Commercial Service at the Embassy in Kuala Lumpur. You’ll be glad you did.
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| PCM657070B bearing | 65 | 70 | 70 |
| PCM808560B bearing | 80 | 85 | 60 |