In the period after independence, Malaysia passed a difficult path of modernization and industrialization. The acceleration of industrial growth helped this country to improve an overall pace of economic development, raise the standards of living as well as to intensify the active orientation of the Malaysian economy to foreign markets which allowed this state to modify the agrarian structure of its economy into the industrial one, become one of the newly industrialized countries and transform its economic system further towards the Knowledge-based Economy.

The development of the country has been strategically planned and didn't happened overnight, as Malaysia has been gradually transforming its economy by undertaking different strategies appropriate for the development of the country in a certain period of time. After obtaining the independence in 1957 Malaysian economic system was labor-driven and was highly dependent on primary commodities. To diversify the structure of the economy, decrease the number of manpower employed in agricultural sector and in extraction of natural resources, to reduce the level of poverty as well as to save foreign currency, Malaysia proclaimed the import-substitution strategy. In the period from 1957 to 1968 there were created national industrial enterprises, producing goods mainly of the light industry which were capable to reduce import of such commodities from abroad. This framework laid the basis for the further industrial transformation and gave an opportunity to declare in 1969 the export-orientation strategy, which can be divided into several periods of growth. During the 1970s the greater attention was given to the assembly-type manufacturing, then in the 1980s the focus was on the medium technology manufacturing and service sector. Since 1990s Malaysia switched to the more technologically advanced manufacturing such as electronics and electrical production.

The undertaken framework affected the acceleration of the speed of economic growth and let Malaysia to improve significantly the economic situation in the country. Namely, the average rates of growth in Malaysia from 1988 to 1996 were one of the highest in South-East Asia, being around 9.26 per cent per year. The sharp increase in the export of goods abroad also influenced the improvement of the infrastructure as developed transportation links and communications were essential for the exportation of production to foreign countries. In addition, Malaysia succeeded to change the distribution of labor in the economic sectors, increasing to 60 per cent the rate of manpower engaged in the manufacturing sector, while the sector itself accounted for 43 per cent of GDP in 1996. Poon Wai Ching, The Malaysian economy. Second edition, Selangor, 2008, p. 59.

Although some aspects of the import-substitution and export-orientation strategies were accomplished, in certain points Malaysia didn't achieve necessary results. To be more precise, the Chinese participation in business still was more active than Bumiputra's as well as the overall rate of growth of the Malay business in the corporate sector rose very slowly. Then, despite the increase in the employment in the manufacturing, in the mid-1990s most of the population was engaged in the low-cost assembling production, while the number of manpower with tertiary education remained relatively low in comparison with developed countries. That is mean, that even with the significant improvement of the economic situation, Malaysia was not able to enter into competition against countries with rapid technological advances. At the same time, at the end of 1990s according to the World bank, Malaysia achieved the level of the middle-income country and can no longer offer low cost labor force and compete with the neighboring countries which have cheaper manpower and more natural resources.

To improve further the economic development of the country and make the economy more innovative, from 1996 Malaysia has been undertaking the strategy aiming to transform its economic system into the productivity-driven and knowledge-based, where technologies and educated manpower should become the key incentives for the economic growth.

When revealing the factors, influencing the development of Malaysian innovative economy, the country used initial cultural and geographical factors with different external and internal drivers, thus creating favorable conditions for the promotion of science and technology. Among the material assets there should be particularly named the rich natural resources, relatively inexpensive labor force on the first stages of development after independence and developed infrastructure which has been forming even since the colonial times. The important non-material resources of Malaysia are the ability of the country to keep sustainable socio-political system and preserve the planned line of development even during the periods of crisis and change of power, gradual creation of the special conditions for the development of human capabilities and implementation of new technologies. There should also be mentioned a liberal trade regime and effective incentives for attraction of foreign direct investment, directed in the technologically new projects which in turn are profitable for the development of the country and contribute to the transformation of Malaysia into the Knowledge-based Economy. The liberal attraction of overseas capital is one of the peculiarities of Malaysian development. On the one hand, FDI brings to the country not only capitals but also advanced technologies, progressive methods of management, helps to adjust international economic relations with overseas countries as well as to improve infrastructure. On the other hand, the influence of foreign capital makes the country more vulnerable for the external influence and changes in the global economic situation. It should also be noted, that when creating an innovative economy Malaysia still has to rely on and implement foreign technologies because the national research and development basis and the pool of the skilled manpower are in the process of construction.

The author claims that the active participation of Chinese business in Malaysia and close relationship with the overseas Chinese people also contribute to the economic growth and favor the implementation of innovation technologies. At the same time, the role of Chinese societies is contradictory and cannot be regarded only positively. The existence of Chinese secret societies and their veiled communications contribute to the formation of the "black market" of foreign exchange, smuggling operations and shadow economy in the Southeast Asia. In addition, Malaysia still cannot eliminate the gap in the income among Malay, Chinese and Indians, which might eradicate discrepancy. So, one more challenge for Malaysia on the way of becoming a developed nation, is to reduce social disparity among three major ethnic groups as Chinese still continue to dominate in terms of both the level of per capita income and level of education.

The examination of current economic development of Malaysia shows that although Malaysia still didn't achieve the level of the most technologically advanced countries, The country is gradually transforming its economic structure relying in particular for such factors as the skilled labor force and technologically advanced production, creating the special innovative centers and clusters, the major one them is the Malaysian Multimedia Super Corridor.

The analysis revealed that the implementation of the advanced methods helps to deploy resources in a more structured and optimal manner and raises the productivity of the economic system which is mirrored in the higher social and economic indicators. Namely, Malaysia has dramatically increased the GDP per capita from 4,006 U.S. dollars in 2000 to 6,180 in 2006 and to 10,432 dollars in 2012, The World Bank, World Development Indicators, http://data.worldbank.org/indicator/NY.GDP.PCAP.CD (Accessed on 15.04.2014) which is apart Singapore the highest result in the Southeast Asia.

Undergoing the process of modernization, Malaysia has succeeded to transform completely the structure of its economy from agrarian to the industrial one, ceasing to be only an exporter of tin, rubber, palm oil and simply manufacture goods. Moreover, during the last decade with the implementation of the technological advances in the production processes, Malaysia started to compete with the countries exporting high-technology products. The export of such commodities from Malaysia is more around half from all manufactured goods, being 44 per cent, while the export of ICT goods from the whole amount of export accounts for 27,9 per cent. This figure is comparable with the level of Singapore where ICT export amounts to 28 per cent, The World Bank, World Development Indicators, http://data.worldbank.org/indicator/TX.VAL.ICTG.ZS.UN (Accessed on 15.04.2014) and it is significantly higher than in other Southeast Asian countries.

Although Malaysia is developing in the right direction and is quite successful in transforming its economy, there can be named some drawbacks. The major one is uneven distribution of the IT infrastructure, ciber-centres and research and development laboratories all over the country because most of them are situated in the peninsula of Malaysia, while the territory situated in the island Kalimantan (Borneo) receives less investments and support in the field of innovations from the central government. Another feature related to the geographical location of Malaysia is that the Southern part of the Peninsular is historically more advanced as it is located at the crossroad of maritime trade, and has been more influenced by trade partners. In this regard it should be noted the existence of the digital divide between the city and the village which is also sharper in the East and North Malaysia. These territories are less populated and have notably been used for the extraction of natural resources. This circumstance decrease the level of competitiveness of the country. In this connection, it can also be mentioned the difference in the quality of education in the centre and in the regions. This factor restricts the possibilities of the some part of population in the IT sphere. That is why while Malaysia has increased significantly the number of persons with tertiary education in cities, in the rural areas the figures are significantly lower. Moreover, in the Kalimantan island there still exist the indigenous Malay tribes which keep the way of life of their ancestors, purposely without changing anything. This circumstance influences the overall position of the country in terms of the implementation of innovations. Consequently, in order to correspond with the level of the fully developed country by the year 2020, Malaysia still needs to raise the number of qualified professionals with tertiary education all over the country, Malaysian Economic Planning Unit, Economic Report 2013/2014, p.19, Kuala-Lumpur, http://www.treasury.gov.my/pdf/economy/er/1314/chapter1.pdf. because the whole society should take part in the transformation of the economy.

As it was mentioned above foreign investment has been playing a important role in building the industrial base of Malaysia, however, when competing with other nations in terms of the national inventions and patents, Malaysia is still lacking the creative capabilities in its own nation and has not very strong science and technology base because the chances for Malaysian companies to survive without collaboration and integration are low. This is explained by the fact that the overall scale of Malaysian GDP cannot be comparable with the same indicator in large countries, as it is relatively small because of the size of the country. That is why Malaysia is able to realize research and large and high-priced innovative projects only in cooperation as it is too costly for the country. The examples are the launch of space satellites and the launch of the first cosmonaut in cooperation with Russia in 2007 as well as the creation of Malaysian national automobile industry in cooperation with Japan. In this context, it is very important for Malaysia to straighten further national brands and raise the level of their recognition in the global market. Moreover, for the development and implementation of modern technologies Malaysia needs to improve the connection between science and business in order to enhance the technological opportunities and entrepreneurial activity.

All in all, from the year of independence Malaysia have achieved high results on the way of modernizing and transforming the economy from an agrarian to an industrial economy. During the research there has been demonstrated that Malaysia is logically transforming its economic system into Knowledge-based one, implementing innovative technologies in the production process, improving the research and development base as well as creating special programmes to enhance the level of education, that will drive Malaysians along the path of a fully industrialized country. Although the analysis shows that Malaysia is still behind the economically fully developed countries, the implementation of innovations and improvement in the sphere of education are evident as well as the speed of the whole transformation process is very high. It is still early to judge whether Malaysia will achieve the status of the fully-developed nation by the year 2020 or later due to the unstable global situation, which influences significantly the development of the country. But it is obvious that today technologies and skilled labor force are the key drivers for Malaysian performance, that is mean that the country uses the Knowledge-based economy model for the further development. If the policy is developed further, new initiatives are implemented, the rates of economic growth remain the same, while the mentioned drawbacks are eliminated, Malaysia will succeed to fulfill the aims of the National Vision. That means that the author has proved the hypothesis.

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