Each core portfolio should consist of companies in a few industries which the holder believes reflects the strength of the country in terms of 1) its economic advantage over competitors and 2) its development stage (i.e. fragmented industries operating in a growing market where barriers to entry are relatively high). In terms of 1, I believe that Malaysia can offer plantantion and contruction. In terms of 2, it is definitely telecommunications, utilities, finance and property (although some may argue many more than that). That is why most analysts like Public Bank, KLCC, Tanjong, Tenaga etc. See this report.
