The industrialization programs undertaken were import-substituting industrialization policy in the 1960s,
export-oriented industrialization policy in the 1970s and the industrial Master Plans in the 1980s and 1990s.
2 For instance, Goh and Wong (2010) found that foreign market size was one of the key determinants of
OFDI from Malaysia using multivariate cointegration and error-correction modeling approach. For similar
evidence based on case study findings, see Ragayah (1999), Sim (2005), Tham (2005) and Kitchen and
Ahmad (2007).