Tourism, the biggest source of foreign exchange, picked up the growth momentum in Malaysia in the last few years. The Malaysian government has played an important role to promoting the industry.
The Malaysian tourism industry has witnessed rapid growth in 2007 and is identified as the central force of the growth in the service industry. The industry is the biggest source of foreign exchange for the country contributing significantly to the growth of Gross Domestic Product (GDP). Today, the tourism industry of the country is helping to generate employment and boasting the service account of the balance of payments, reported The Star.
As per the Economic Report 2007/2008, the total earnings from this industry have risen to RM 38.2 Billion in 2007, 6.7% of nominal GDP. The ‘Visit Malaysia Year 2007’ campaign has assisted a lot in the growth of the industry. In the first six months of 2007, the inflow of tourists was quite good and it made experts to predict significant rise in the next six months and add to 7.1% of GDP in 2007.
A huge 20.7 Million foreign tourists came to Malaysia in 2007 and crossed 20.1 Million mark set as the goal for the Visit Malaysia 2007 campaign. Maximum tourists visited the country came from ASEAN countries followed by Japan, China and Australia. Now experts are targeting new markets, which include India and the Middle East.
The efforts of the Malaysian government and leading players of this sector to improve the tourism services and infrastructure have contributed in attracting more foreign tourists. Other factors, like grand celebration of the 50th independence anniversary and Rasa Sayang campaign, also supported the cause.
In order to make the Malaysian tourism products and services more attractive, the government is giving importance to the promotion of country’s culture and natural heritage and is giving priority to shopping, leisure, recreational activities, and events related to business. Moreover, the Malaysian government took a bold decision of Visa-On-Arrival to lure more international tourists.
According to a recent report, “Opportunities in Malaysian Tourism Industry (2007-2009)” by RNCOS, last few years have shown tremendous improvement in the inflow of both domestic and foreign tourists to Malaysia. It is anticipated that this trend would continue in coming years and tourist arrivals in the country would surge at a CAGR of about 6.5% from 2007 to 2011. The high growth due to arrivals is mainly because of Malaysia’s healthy economy and rising travel confidence.
Related Market Research Reports:
Opportunities in Singapore Tourism Industry (2007-2009)
Opportunities in Thailand Tourism Industry (2007-2009)
Indian Tourism Industry Forecast (2007-2011)
