In­dia and Malaysia Need to Work Closely to Strengthen Trade Re­la­tions

FICCI Business Digest - - Briefings -

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.

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