India and Malaysia Need to Work Closely to Strengthen Trade Relations
High Commissioner of Malaysia to India Hidayat Abdul Hamid said that India was an important trading partner for Malaysia and both the countries needed to work closely to deepen bilateral trade relations. He was addressing an interactive session on 'Doing Business with Malaysia', organised by FICCI and High Commission of Malaysia in New Delhi on 27 August 2018.
'Our bilateral trade performance has strengthened to US$14.3 billion in 2017, marking an increase of over 21.8 per cent from US$11.8 billion in 2016. From January to June this year, the two-way trade has reached US$7.7 billion. India's Prime Minister, Narendra Modi, and the former Prime Minister of Malaysia, Mohd Najib Tun Abdul Razak, had set the annual target of trade at US$15 billion by 2020. 'Hence, I believe with the current momentum and performance, this target looks promising. We just need to put more effort in realising that,' he said.
Talking about investment opportunities available in Malaysia, Hidayat Abdul Hamid said, 'Malaysia has many advantages of which India can benefit from. Malaysia's strength in areas like infrastructure, healthcare, construction industry, palm oil and petroleum products had been part of India's economic development agenda for many years. A number of prominent investors from India are already strengthening their foothold in Malaysia and we welcome more investment from India.'
'We would like to encourage more importers to source from Malaysia, since we have bilateral trade agreement, namely, Malaysia India Comprehensive Economic Cooperation Agreement (MICECA) and regional trade agreement, namely, ASEAN India FTA (AIFTA),' he added.
Hidayat Abdul Hamid, High Commissioner of Malaysia to India.