The Government plays a central role in guiding the country's economic progress - the New Development Policy was unveiled in 1991 as the country's economic blueprint for the following 20 years. Nearly half of total output comes from the manufacturing sector, in which electronics, transport equipment, machinery steel and textiles are the strongest industries. In the agricultural sector palm oil, of which Malaysia is the world's leading producer, is a major export commodity. Timber production remains important although it has been limited by the introduction of conservation measures in the mid-1990s. Tourism dominates the service sector, more so since the country's financial services industry was damaged by the 1997 financial crisis.
Japan is Malaysia's largest-single trading partner, followed by the USA and Singapore.
The fundamentally secure condition of Malaysia's financial sector meant that, although it suffered short-term damage, it was able to recover quickly and within 18 months was already returning an annual growth figure of 9 per cent. However, this has since declined to just over 3 per cent and there remain some doubts about Malaysia's economic future. Suits or safari suits are acceptable for business meetings. Business visitors should remember that the Malay population is predominantly Muslim and religious customs should be respected and normal courtesies observed, eg appointments, punctuality and calling cards. In general most offices are open by 0830 and close between 1600 and 1730.