(THIS TEXT COPY WROTE FROM WIKIPEDIA SITE) Kuala Lumpur and its surrounding urban areas form the most industrialized and economically, the fastest growing region in Malaysia.[46]Despite the relocation of federal government administration to Putrajaya, certain government’s important machineries such as Bank Negara Malaysia (Central Bank of Malaysia), Companies Commission of Malaysia and Securities Commission as well as most embassies and diplomatic missions have remained in the city.[47]
The city remains as the economic and business center of the country. Kuala Lumpur is a center for finance, insurance, real estate, media and the arts of Malaysia. Kuala Lumpur is rated as an alpha world city, and is the only global city in Malaysia, according to the Globalization and World Cities Study Group and Network (GaWC).[48] The infrastructure development in the surrounding areas such as the Kuala Lumpur International Airport at Sepang, the creation of the Multimedia Super Corridor and the expansion of Port Klang further reinforce the economic significance of the city.
Bursa Malaysia or the Malaysia Exchange is based in the city and forms one of its core economic activities. As of 20 November 2007, the market capitalisation stood at US$318.65 billion.[49]
The Gross Domestic Product (GDP) for Kuala Lumpur is estimated at RM73,536 million in 2008 with an average annual growth rate of 5.9 percent.[50][51] The per capita GDP for Kuala Lumpur in 2008 is RM48,556 with an average annual growth rate of 5.9 percent.[50][52] The total employment in Kuala Lumpur is estimated at around 838,400.[53] The service sector comprising finance, insurance, real estate, business services, wholesale and retail trade, restaurants and hotels, transport, storage and communication, utilities, personal services and government services form the largest component of employment representing about 83.0 percent of the total.[53] The remaining 17 percent comes from manufacturing and construction.
The large service sector is evident in the number of local and foreign banks and insurance companies operating in the city. Kuala Lumpur is poised to become the global Islamic Financing hub[54] with an increasing number of financial institutions providing Islamic Financing and the strong presence of Gulf's financial institutions such as the world's largest Islamic bank, Al-Rajhi Bank[55] and Kuwait Finance House. Apart from that, the Dow Jones & Company is keen to work with Bursa Malaysia to set up Islamic Exchange Trade Funds (ETFs), which would help raise Malaysia's profile in the Gulf.[56] The city has a large number of foreign corporations and is also host to many multi national companies’ regional offices or support centres, particularly for finance and accounting, and information technology functions. Most of the countries’ largest companies have their headquarters based here and as of December 2007 and excluding Petronas, there are 14 companies that are listed in Forbes 2000 based in Kuala Lumpur.[57]
Other important economic activities in the city are education and health services. Kuala Lumpur also has advantages stemming from the high concentration of educational institutions located within its boundaries, providing a wide range of courses. Such public institutions include the International Islamic University Malaysia,University of Malaya, the Universiti Teknologi Malaysia, International Medical University and the Medical Faculty of the Universiti Kebangsaan Malaysia. There are also a large number of private colleges, including the Universiti Tun Abdul Razak and Tunku Abdul Rahman College, in and around Kuala Lumpur providing a wide range of courses which attract students from all over Malaysia as well as from other countries. There are numerous public and private medical specialist centres and hospitals in the city which offer general health services and a wide range of specialist surgery and treatment catering to locals and tourists.
There has been growing emphasis to expand the economic scope of the city into other service activities such as research and development which supports the rest of the economy of Malaysia. Kuala Lumpur has been home for years to important research centers such as the Rubber Research Institute of Malaysia, the Forest Research Institute Malaysia and the Institute of Medical Research[58] and more research centers are expected to be established in the coming years.
[edit]Tourism
The tourism sector also plays an important part in the city’s economy, providing income, employment and expanding business opportunities. As an extension of this, many large worldwide hotel chains have presence in the city. Kuala Lumpur is the fifth most visited city in the world, with 8.94 million tourist arrivals in 2008.[59]Kuala Lumpur has also developed into an international shopping destination with a wide variety of shopping centres and megamalls which carry well-known global and local brands. Conference tourism—which mainly encompass conventions—has also expanded in recent years and is becoming a very important component of the industry.
The major tourist destinations in Kuala Lumpur include the Dataran Merdeka (the Independence Square), the House of Parliament, the Istana Budaya, the Istana Negara (National Palace), the Kuala Lumpur Tower, the Muzium Negara (National Museum), the Putra World Trade Centre, the Tugu Negara (National Monument) and mosques such as the Masjid Jamek, the Masjid Negara (National Mosque) and the Federal Territory Mosque.[60]
Other tourist attractions include the Aquaria KLCC, the Batu Caves, the Makam Pahlawan (National Mausoleum), the National Science Centre, Petaling Street, theRoyal Selangor pewter visitor centre, the Zoo Negara (National Zoo), and events such as Malay cultural centres, the Chinese cultural festivals at the Thean Hou Temple and the Thaipusam procession at the Sri Mahamariamman Temple. The Golden Triangle, the commercial hub of the city, contains the Petronas Twin Towersand has a distinctive nightlife. Trendy nightclubs, bars and lounges, such as the Beach Club, Espanda, the Hakka Republic Wine Bar & Restaurant, Hard Rock Cafe, the Luna Bar, Nuovo, Rum Jungle, the Thai Club, Zouk, and many others are located within and around Jalan P. Ramlee, Jalan Sultan Ismail and Jalan Ampang.
Hotels, from five-star to budget types, have cropped up everywhere to accommodate the influx of tourists each year. There are many hotels near Kuala Lumpur's entertainment and business districts.
[edit]Retail
Kuala Lumpur alone has 66 shopping malls and it is the retail and fashion hub for Malaysia.[61] Shopping in Malaysia contributed RM7.7 billion (USD 2.26 billion) or 20.8 percent of the RM31.9 billion tourism receipts in 2006.[62] and Kuala Lumpur plays a big role in attracting consumers.
Suria KLCC is one of Malaysia's premier shopping destinations due to its location beneath the Petronas Twin Towers.
Apart from Suria KLCC, Bukit Bintang, which resembles Tokyo's Ginza, New York's Fifth Avenue and Singapore's Orchard Road has the highest concentration of shopping outlets in Kuala Lumpur. Bukit Bintang, which is part of the Kuala Lumpur's Golden Triangle, spans over 3 roads, namely Jalan Bukit Bintang, Jalan Imbiand Jalan Sultan Ismail. It houses various cafes, alfresco (open air) dining outlets and shopping complexes such as Berjaya Plaza, Berjaya Times Square, Bukit Bintang Plaza, Imbi Plaza, Kuala Lumpur Plaza, Lot 10, Low Yat Plaza, Starhill Gallery and Sungei Wang Plaza. It is also the location of the largest single department store in Malaysia, SOGO Kuala Lumpur[63] (also known as KL SOGO) which is located at a landmark site on Jalan Tuanku Abdul Rahman, one of the best known shopping streets for locals in Kuala Lumpur.
The Bangsar district also has a few shopping complexes, including Bangsar Village, Bangsar Shopping Centre, Mid Valley Megamall and The Gardens. TheDamansara subdivision north-west of Kuala Lumpur, though not in the city-proper, is the home of the only IKEA outlet in the country, and a cluster of locally-operated malls like Cathay Multi Screen Cinemas, The Curve, Ikano Power Centre and One Utama.
Apart from shopping complexes, Kuala Lumpur has designated numerous zones in the city to market locally manufactured products such as textiles, fabrics andhandicrafts. The Chinatown of Kuala Lumpur, commonly known as Petaling Street, is one of them. Chinatown features many pre-independence buildings with Straits Chinese and European traditions influence.[64][65] Kuala Lumpur's Central Market (Pasar Seni), which was once the city's wet market, offers an assortment of arts and craft merchandise, varying from antiques and paintings to souvenirs and clothing.
In 2000, the Malaysian Ministry of Tourism introduced the mega sale event for shopping in Malaysia. The mega sale event is held thrice in a year—in March, May and December—where all shopping malls are encouraged to participate to boost Kuala Lumpur as a leading shopping destination.[66]
