NEW DELHI, 27 August 2018: High Commissioner of Malaysia to India Dato' Hidayat Abdul Hamid said here today said that India was an important trading partner for Malaysia and both the countries needed to work closely in order 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.
"Our bilateral trade performance has strengthened to US$ 14.3 billion in 2017, marking an increase of over 21.8% 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, Mr. Narendra Modi and the former Prime Minister of Malaysia, Dato' Sri 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 efforts in realizing that", he said.
Talking about investment opportunities available in Malaysia, Dato' 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 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)."
Mr. Abhinav Sinha, COO, Oyo Rooms in his welcome address said that India offers unparalleled opportunities in infrastructure, tourism, IT, healthcare & education to Malaysia and there is a convergence of interests in digital & e-commerce.
Mr. Roswaidin Mohd Zain, Consul (Investment), Consulate General of Malaysia (Investment Section), Mumbai; Mr. Mohd Feisal Ezuan Abdul Aziz, Trade Commissioner, Consulate General of Malaysia (Trade Section), Mumbai; Dr. Nagendran Balasundram, Regional Manager (South Asia), Malaysian Palm Oil Board (MPOB) India; Mr. Sulaiman Suip, Director, Tourism Malaysia, New Delhi; Mr. Khairul Anwar, Director, Malaysian Timber Council and Mr. Anand Dureja, Head- International, Oyo Rooms made presentations on the investment opportunities available in Malaysia.
FICCI MEDIA DIVISION
India and Malaysia need to work closely to deepen bilateral trade relations: Malaysian High Commission
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