India’s economy with her growing middle class of 250 million is expected to grow at no less than 8% annually over the next decade. This spells opportunities for Malaysian businesses especially in ICT, healthcare, infrastructure, food products and services. We continue to maintain good bilateral relations and have a proven track record of operating in India. We encourage more businesses to take advantage of this!
During my recent official trip, 18 MoUs were signed between Malaysian and Indian companies. The potential value of investments is estimated at RM1.6 billion. This signals the first steps toward collaboration in key areas which include biotech engineering, petrochemical engineering and aerospace engineering.
However, signing on the dotted line is only the start and initiatives must be seen through. Here is where MITI becomes the watchdog and will monitor the progress of these MoUs.
Toward this end, MITI has started a Malaysia –India CEO’s Forum with the purpose of bringing together influential CEOs of both countries to foster bilateral trade and investment.
Prime Ministers of both Malaysia and India in their mutual bid to hasten liberalisation between the economies have negotiations on the Malaysia-India Comprehensive Economic Cooperation Agreement (CECA). MITI’s priority is to bring to a close these negotiations by August 2010 in time for Prime Minister Manmohan Singh’s return visit.
I for my part have scheduled talks with my counterpart, the Indian Minister of Commerce as a follow-up to the negotiations.
YB Minister’s Statement