Harvard Case - Malaysia: An "Asian Tiger" Reawakens
"Malaysia: An "Asian Tiger" Reawakens" Harvard business case study is written by Richard H.K. Vietor. It deals with the challenges in the field of Business & Government Relations. The case study is 31 page(s) long and it was first published on : Jun 26, 2019
At Fern Fort University, we recommend a comprehensive strategy for Malaysia to solidify its position as a leading "Asian Tiger" by leveraging its strengths in innovation, infrastructure, and human capital. This strategy will focus on fostering a dynamic business environment, attracting foreign investment, and promoting sustainable economic growth.
2. Background
This case study examines Malaysia's journey from a developing nation to an 'Asian Tiger' economy. The country has experienced remarkable economic growth fueled by strategic government policies, infrastructure development, and a focus on attracting foreign direct investment (FDI). However, Malaysia faces new challenges in the 21st century, including global economic volatility, competition from other emerging markets, and the need for sustainable development.
The main protagonists of the case study are the Malaysian government, led by Prime Minister Mahathir Mohamad, and various stakeholders, including multinational corporations, local businesses, and the Malaysian workforce.
3. Analysis of the Case Study
To analyze Malaysia's situation, we can apply the Porter's Five Forces framework:
- Threat of New Entrants: Relatively low due to Malaysia's established infrastructure and skilled workforce. However, competition from other emerging markets is increasing.
- Bargaining Power of Buyers: Moderate, depending on the industry. Consumers have access to global products and services, increasing their bargaining power.
- Bargaining Power of Suppliers: Moderate, with some industries reliant on imported raw materials.
- Threat of Substitute Products: High, as global competition increases the availability of alternative products and services.
- Competitive Rivalry: High, with intense competition within various industries, both domestically and internationally.
Additionally, we can analyze Malaysia's economic performance using the following factors:
- Economic Growth: Malaysia has experienced sustained economic growth, but it needs to diversify its economy and move towards higher value-added industries.
- Foreign Investment: Malaysia has attracted significant FDI, but it needs to create a more conducive environment for long-term investment.
- Infrastructure: Malaysia has invested heavily in infrastructure, but it needs to focus on upgrading and modernizing its infrastructure to meet the demands of the 21st century.
- Human Capital: Malaysia has a relatively well-educated workforce, but it needs to invest in skills development and higher education to compete globally.
4. Recommendations
To solidify its position as a leading 'Asian Tiger,' Malaysia should implement the following recommendations:
1. Foster a Dynamic Business Environment:
- Government Policy and Regulation: Create a transparent and predictable regulatory environment that encourages entrepreneurship and innovation. Simplify business registration processes, reduce bureaucratic hurdles, and provide clear legal frameworks for intellectual property rights.
- Tax Policy: Implement a tax system that is competitive and encourages investment, while ensuring fairness and sustainability. Consider tax incentives for research and development, green technologies, and job creation.
- Infrastructure and Urban Development: Invest in modernizing and expanding infrastructure, including transportation, energy, and digital networks. Prioritize sustainable urban development to create livable and attractive cities.
- Public-Private Partnerships: Encourage public-private partnerships (PPPs) to leverage private sector expertise and resources for infrastructure development and public service delivery.
- Innovation: Promote innovation by investing in research and development, fostering collaboration between universities and businesses, and establishing incubators and technology parks.
2. Attract Foreign Investment:
- Foreign Direct Investment Policies: Implement clear and attractive policies to attract FDI, including tax incentives, streamlined investment approval processes, and access to skilled labor.
- Business and Government Relations: Foster strong relationships with foreign businesses and investors through proactive outreach, business diplomacy, and transparent communication.
- International Business: Promote Malaysia as a hub for international business by facilitating trade agreements, promoting cross-border investment, and creating a welcoming environment for foreign companies.
3. Promote Sustainable Economic Growth:
- Environmental Sustainability: Implement policies to promote environmental sustainability, including renewable energy development, sustainable agriculture, and waste management.
- Corporate Social Responsibility: Encourage corporate social responsibility (CSR) among businesses, promoting ethical practices, community engagement, and environmental protection.
- Social Policy: Address social issues such as poverty, inequality, and unemployment through targeted programs and initiatives.
- Health and Behavioral Science: Invest in public health infrastructure and promote healthy lifestyles to improve the overall well-being of the Malaysian population.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with Malaysia's existing strengths in infrastructure, human capital, and its commitment to economic growth and development.
- External Customers and Internal Clients: The recommendations aim to attract foreign investment, create a favorable business environment for domestic companies, and improve the quality of life for Malaysian citizens.
- Competitors: The recommendations address the increasing competition from other emerging markets by focusing on innovation, sustainability, and attracting high-value investment.
- Attractiveness: The recommendations are expected to yield positive economic returns through increased investment, job creation, and enhanced productivity.
6. Conclusion
Malaysia has the potential to become a leading 'Asian Tiger' by leveraging its strengths and addressing its challenges. By implementing the recommended strategies, Malaysia can create a dynamic business environment, attract foreign investment, and promote sustainable economic growth, ensuring a bright future for its people and its economy.
7. Discussion
- Alternative Options: Other alternatives include focusing solely on attracting low-skilled labor-intensive industries or relying on government-led economic development. However, these approaches may not be sustainable in the long term and could lead to economic stagnation.
- Risks and Key Assumptions: The success of these recommendations depends on the government's commitment to reform, the ability to attract skilled labor and investment, and the willingness of businesses to embrace innovation and sustainability.
- Options Grid: A detailed options grid can be developed to assess the feasibility, risks, and potential benefits of each recommendation.
8. Next Steps
- Short Term (1-2 years): Implement policy reforms to create a more business-friendly environment, attract FDI in key sectors, and invest in infrastructure upgrades.
- Medium Term (3-5 years): Focus on developing a skilled workforce, promoting innovation, and fostering sustainable development practices.
- Long Term (5+ years): Continue to diversify the economy, attract high-value investment, and solidify Malaysia's position as a leading 'Asian Tiger.'
By taking these steps, Malaysia can ensure a prosperous and sustainable future for its people and its economy.
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Case Description
On May 9th, 2018, in an extraordinary upset, Mahathir Mohamad again became Malaysia's Prime Minister. Najib Razak, who had headed the government since 2009, had been swept up in the 1MDB scandal - perhaps the biggest state-corruption incident in history. Although Malaysia's growth had remained solid since the financial crisis, the scandal undermined the budget, the country's debt position, and foreigners' willingness to invest. What was it in the history, culture and institutional structure of the country that had allowed 1MDB to happen. And could the 93 year-old Mahathir get the country back on track?
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