Let us now take a look at what industries are still surviving or will survive once this pandemic is declared over in Malaysia. It’s quite easy to put in place where economic growth is potentially good in this land in particular as what one really has to do is to look at the great basic offerings of Malaysia and its people. Let’s begin.
The Food Industry
Even while the MCO was in full effect, essential industries were still operating. We will go into this a little later but now on to food. Malaysians are not known as scientific innovators, but we certainly are food innovators. So many from managers to production workers have reinvented themselves as bakers and cooks while selling their wares online and by food delivery. Food in its tasty variety, is one of our main attractions both locally and internationally. But our people just know where to get the best food. They even wake up at 5am to get the best nasi lemak or bah kut teh from under a bridge or some corner in Klang. Let’s not forget those who travel to Penang, Kajang and Ipoh just for food. So where the best food is served, there you will find Malaysians. Eating out is a pastime and a culture which seems long forgotten in these two years. I wonder if we’re a deeply depressed lot as we find comfort and solace in food as opposed to other kinds of achievement, such as rocket building or astronomy?
Online stores have made more money in the last two years than in the years before because no mega sales are happening in physical stores. These physical stores have had to resort to online sales as well to move their stock. Making some money via these popular online stores may not be easy but sales referrals may earn you some income with their respective affiliate programs if you could apply yourself to learn how that can be done effectively to the level of producing a sizeable income. Stores like Lazada and Amazon all have a partner program.
While there have been travel restrictions, local travel will certainly boom after the fact. This is because people just can’t stay at home forever and we have an insatiable hunger and curiosity to head out to the great outdoors and explore the land and sea, experience the experience, get de-stressed with a change of environment and you guessed it, the food.
Education and Enrichment Centres
If you have a licence to run a tuition centre, don’t give that up yet. There is currently a freeze on new licence applications for this by the Education Ministry as far as we know now. We all know how far behind children are now academically despite the online learning by schools. As a tuition centre owner, you can make a roaring comeback for just two reasons. One, you’ve been in the right place with the right quality of teachers with a plan to catch up on lost time. Two and the most important, parents are way too stressed to handle their child’s academic needs hence your incredible opportunity to offer packages of value at that time. This we feel will be an extremely competitive business in time to come.
Enrichment centres are actually education based with a twist. Children can benefit from applying themselves practically in drama, music and public speaking and even cooking or making gourmet coffee. We all live in a microwave environment of constant pressure and insecurity and children are no exception. Parents will just love to have a few hours more off while having their children somewhere safe and beneficial.
This has been a new type of business for those who could not afford an entire office or the dynamics of your business is different. The shared workspace office has been around for a while and it’s very popular among young professionals and entrepreneurs. It allows shared business and profit, experience, shared resources and rent. There are growing signs that this type of work culture can take a bigger root in this country’s big cities.
Shipping, Transport & Logistics
These are considered part of the essential industries. That being said, it is also running on a tight margin of profit right now. Making it worse is the price of maintenance and running cost has not changed with a sluggish global supply chain. But, with all that, this is one industry that is still moving in every country on earth.
With much product waiting to be sold and moved through the global supply chain, this industry is just biding its time to grow bigger and that means more employment in the future. As this has to do with the slowdown of China, once that country picks up in this area, so will most of South East Asia.
This may appear dismal to us but not to investors. Currently the LRT line construction is slowly chugging along the Klang Valley and elsewhere. Once these are operational, it simply means that Malaysia can move its workers fast from one point to the next. You will no longer feel that Kajang is too far away for you to work as you will not be driving there anyway. People will be able to work anywhere the line takes them. Years ago, Singapore was able to undercut us in this aspect as they were able to move their workers anywhere on the island. This alone attracted investors to what they saw as a reliable transport network.
Another area that is growing is ride hailing such as Grab. If one is up to it and meets the criteria, then it can develop into fulfilling job with a viable income.
In conclusion, as the main players of Malaysia’s economy come back online which includes palm oil, tourism, oil and gas, the SMEs, FMCGs and services, the economy will pick up eventually. The government will after all, push these sectors up to growth. Then we will see the slow domino effect of growth.