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Brief History of Economy of Malaysia

The Malay Peninsula and indeed Southeast Asia has been a center of trade for centuries. Various items such as porcelain and spices were actively traded even before Malacca and Singapore rose to prominence. In the 17th century, they were found in several Malay states. Later, as the British started to take over as administrators of Malaya, rubber and palm oil trees were introduced for commercial purposes. Over time, Malaya became the world's largest major producer of tin, rubber, and palm oil.[72] These three commodities, along with other raw materials, firmly set Malaysia's economic tempo well into the mid-20th century.

Malaysia, Towards Vision 2020

Wawasan 2020 or Vision 2020 is a Malaysian ideal introduced by the former prime minister of Malaysia Tun Dr.Mahathir Bin Mohamad during the tabling of the Sixth Malaysia Plan in 1991. The vision calls for a self-sufficient industrial, Malaysian-centric developed nation, complete with an economy, in 2020 that will be eightfold stronger than the economy of the early 1990s.

The nine challenges outlined that Malaysia must overcome to achieve Vision 2020:-.

• Challenge 1: To form a nation that stands as one.
• Challenge 2: To produce a Malaysian community that has freedom, strength, and full of self confidence.
• Challenge 3: To develop a mature democratic community.
• Challenge 4: To form a community that has high morale, ethics and religious strength.
• Challenge 5: To cultivate a community that is matured and tolerant.
• Challenge 6: To form a progressive science community.
• Challenge 7: To cultivate a community rich in values and loving culture.
• Challenge 8: To ensure the formation of a community with a fair economy.
• Challenge 9: To cultivate a prosperous community.

Malaysia is a growing and relatively open economy. Malaysia is also well-endowed with natural resources in areas such as agriculture, forestry and minerals. The government is moving towards a more business friendly environment by setting up a special task force to facilitate business. The Malaysian Government encourages Foreign Direct Investment (FDI).

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Midsize Enterprises

    * Automotive
    * Chemicals
    * Consumer Products
    * Engineering, Construction & Operations
    * High Tech
    * Industrial Machinery & Components

    * Logistics Service Providers
    * Mill Products
    * Professional Services
    * Retail
    * Wholesale Distribution


Large Enterprises

    * Aerospace & Defense
    * Automotive
    * Banking
    * Chemicals
    * Consumer Products
    * Defense & Security
    * Engineering, Construction & Operations
    * Healthcare
    * High Tech
    * Higher Education & Research
    * Industrial Machinery & Components
    * Insurance
    * Life Sciences
    * Logistics Service Providers   

    * Media
    * Mill Products
    * Mining
    * Oil & Gas
    * Pharmaceuticals
    * Postal Services
    * Professional Services
    * Public Sector
    * Retail
    * Railways
    * Telecommunications
    * Utilities
    * Wholesale Distribution

The new standard of business model here combines the concept of living and working together for the common good, enabling cooperation and mutual prosperity to coexist with health and fair competition. "Human Dignity" refers to the sacredness or value of each person as an end, not simply as a means to the fulfillment of others' purposes or even majority prescription. The General Principles in Section II seek to clarify the spirit of kyosei and human dignity. The specific Stakeholder Principles in Section III are concerned with practical application.

Synopsis

The mobility of employment, capital, products, and technology is making business increasingly global in its transactions and its effects.

Laws and market forces are necessary but insufficient guides for conduct.

Responsibility for the policies and actions of business and respect for the dignity and interests of its stakeholders are fundamental.

Shared values, including a commitment to shared prosperity, are as important for a global community as for communities of smaller scale.

For these reasons, and because business can be a powerful agent of positive social change, we offer the following principles as a foundation for dialogue and action by business leaders in search of business responsibility. In so doing, we affirm the necessity for moral values in business decision making. Without them, stable business relationships and a sustainable world community are impossible.
Section II. General Principles

Principle 1. The Responsibilities of Business: Beyond Shareholders Toward Stakeholders

The value of a business to society is the wealth and employment it creates and the marketable products and services it provides to consumers at a reasonable price commensurate with quality. To create such value, a business must maintain its own economic health and viability, but survival is not a sufficient goal.

Businesses have a role to play in improving the lives of all their customers, employees, and shareholders by sharing with them the wealth they have created. Suppliers and competitors as well should expect businesses to honor their obligations in a spirit of honesty and fairness. As responsible citizens of the local, national, and global communities in which they operate, businesses share a part in shaping the future of those communities.

Principle 2. The Economic and Social Impact of Business: Toward Innovation, Justice, and World Community

Businesses established in foreign countries to develop, produce, or sell should also contribute to the social advancement of these countries by creating productive employment and helping raise the purchasing power of their citizens. Businesses also should contribute to human rights, education, welfare, and vitalization of the countries in which they operate.

Businesses should contribute to economic and social development not only in the countries in which they operate, but also in the world community at large. Through effective and prudent use of resources, free and fair competition, and emphasis upon innovation in technology, production methods, marketing, and communications.

Principle 3. Business Behavior: Beyond the Letter of the Law Toward a Spirit of Trust

While accepting the legitimacy of trade secrets, businesses should recognize that sincerity, candor, truthfulness, the keeping of promises, and transparency contribute not only to their own credibility and stability but also to the smoothness and efficiency of business transactions, particularly on the international level.

Principle 4. Respect for Rules

To avoid trade frictions and to promote freer trade, equal conditions for competition, and fair and equitable treatment for all participants, businesses should respect international and domestic rules. In addition, they should recognize that some behavior, although legal, may still have adverse consequences.

Principle 5. Support for Multilateral Trade

Businesses should support the multilateral trade systems and any similar international agreements. They should cooperate in efforts to promote the progressive and judicious liberalization of trade, and to relax those domestic measures that unreasonably hinder global commerce, while giving due respect to national policy objectives.

Principle 6. Respect for the Environment

A business should protect and, where possible, improve the environment, promote sustainable development, and prevent the wasteful use of natural resources.

Principle 7. Avoidance of Illicit Operations

A business should not participate in or condone bribery, money laundering, or other corrupt practices; indeed, it should seek cooperation with others to eliminate them. It should not trade in arms or other materials used for terrorist activities, drug traffic, or organized crime.
Section III. Stakeholder Principles

Principle 8. Customers

We believe in treating all customers with dignity, irrespective of whether they purchase our products and services directly from us or otherwise acquire them in the market. We therefore have a responsibility to:

    * provide our customers with the highest quality products and services consistent with this requirement;
    * treat our customers fairly in all aspects of our business transactions, including a high level of service and remedies for their dissatisfaction;
    * make every effort to ensure that the health and safety of our customers, as well as the quality of their environment, will be sustained or enhanced by our products and services;
    * assure respect for human dignity in products offered, marketing, and advertising; and
    * respect the integrity of the culture of our customers.

Principle 9. Employees

We believe in the dignity of every employee and in taking employee interests seriously. We therefore have a responsibility to:

    * provide jobs and compensation that improve workers' living conditions;
    * provide working conditions that respect each employee's health and dignity;
    * be honest in communications with employees and open in sharing information, limited only by legal and competitive restraints;
    * listen to and, where possible, act on employee suggestions, ideas, requests, and complaints;
    * engage in good-faith negotiations when conflict arises;
    * avoid discriminatory practices and guarantee equal treatment and opportunity in areas such as gender, race, and religion;
    * promote in the business itself the employment of differently-abled people in places of work where they can be genuinely useful;
    * protect employees from avoidable injury and illness in the workplace;
    * encourage and assist employees to develop relevant and transferable skills and knowledge; and
    * be sensitive to serious unemployment problems frequently associated with business decisions, and work with governments, employee groups, other agencies, and each other in addressing these dislocations.

Principle 10. Owners / Investors

We believe in honoring the trust our investors place in us. We therefore have a responsibility to:

    * apply professional and diligent management in order to secure a fair and competitive return on our owners' investment, and disclose relevant information to owners/investors subject only to legal requirements and competitive restraints;
    * disclose relevant information to owners'/investors' investment;
    * conserve, protect, and increase the owners'/investors' assets; and
    * respect owners'/investors' requests, suggestions, complaints, and formal resolutions.

Principle 11. Suppliers

Our relationship with suppliers and subcontractors must be based on mutual respect. We therefore have a responsibility to:

    * seek fairness and truthfulness in all of our activities, including pricing, licensing, and rights to sell;
    * ensure that our business activities are free from coercion and unnecessary litigation;
    * foster long-term stability in the supplier relationship in return for value, quality, competitiveness, and reliability;
    * share information with suppliers and integrate them into our planning processes;
    * pay suppliers on time and in accordance with agreed terms of trade; and
    * seek, encourage, and prefer suppliers and subcontractors whose employment practices respect human dignity.

Principle 12. Competitors

We believe that fair competition is one of the basic requirements for increasing the wealth of nations and, ultimately, for making possible the just distribution of goods and services. We therefore have a responsibility to:

    * foster open markets for trade and investment;
    * promote competitive behavior that is socially and environmentally beneficial and demonstrates mutual respect among competitors;
    * refrain from either seeking or participating in questionable payments or favors to secure advantages;
    * respect both tangible and intellectual property rights; and
    * refuse to acquire commercial information by dishonest or unethical means, such as industrial espionage.

Principle 13. Communities

We believe that as global corporate citizens, we can contribute to such forces of reform and human rights as are at work in the communities in which we operate. We therefore have a responsibility in those communities to:

    * respect human rights and democratic institutions, and promote them whenever practicable;
    * recognize governments' legitimate obligation to the society at large and support public policies and practices that promote human development through harmonious relations between business and other segments of society;
    * collaborate with those forces in the community dedicated to raising standards of health, education, workplace safety, and economic well-being;
    * promote and stimulate sustainable development and play a leading role in preserving and enhancing the physical environment and conserving the earth's resources;
    * support peace, security, diversity, and social integration;
    * respect the integrity of local cultures; and
    * be a good corporate citizen through charitable donations, education and cultural contributions, and employee participation in community and civic affairs.

7 Principles of Admirable Business Ethics

One of the most important attributes for small business success, is the distinguishing quality of practicing admirable business ethics. Business ethics, practiced throughout the deepest layers of a company, become the heart and soul of the company's culture and can mean the difference between success and failure.

"If you have integrity, nothing else matters. If you don't have integrity, nothing else matters." ~ Alan K. Simpson

Benefits of Practicing Business Ethics

In the research study, "Does Business Ethics Pay?" by The Institute of Business Ethics (IBE), it was found that companies displaying a "clear commitment to ethical conduct" consistently outperform companies that do not display ethical conduct. The Director of IBE, Philippa Foster Black, stated: "Not only is ethical behaviour in business life the right thing to do in principle, we have shown that it pays off in financial returns." These findings deserve to be considered as an important insight for companies striving for long-term success and growth.

7 Principles of Admirable Business Ethics

1. Be Trustful: Recognize customers want to do business with a company they can trust; when trust is at the core of a company, it's easy to recognize. Trust defined, is assured reliance on the character, ability, strength, and truth of a business.

2. Keep An Open Mind: For continuous improvement of a company, the leader of an organization must be open to new ideas. Ask for opinions and feedback from both customers and team members and your company will continue to grow.

3. Meet Obligations: Regardless of the circumstances, do everything in your power to gain the trust of past customer's and clients, particularly if something has gone awry. Reclaim any lost business by honoring all commitments and obligations.

4. Have Clear Documents: Re-evaluate all print materials including small business advertising, brochures, and other business documents making sure they are clear, precise and professional. Most important, make sure they do not misrepresent or misinterpret.

5. Become Community Involved: Remain involved in community-related issues and activities, thereby demonstrating that your business is a responsible community contributor. In other words, stay involved.

6. Maintain Accounting Control: Take a hands-on approach to accounting and record keeping, not only as a means of gaining a better feel for the progress of your company, but as a resource for any "questionable " activities. Gaining control of accounting and record keeping allows you to end any dubious activities promptly.

7. Be Respectful: Treat others with the utmost of respect. Regardless of differences, positions, titles, ages, or other types of distinctions, always treat others with professional respect and courtesy.