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India & Malaysia need to work more closely to deepen trade ties: Malaysian Envoy

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New Delhi | Monday, Aug 27 2018 IST
High Commissioner of Malaysia to India Dato Hidayat Abdul Hamid on Monday said that India is 'an important trading partner' for his country and both the countries ought to work closely in order to deepen bilateral trade relations.

"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. The current momentum and performance shows the target of US$ 15 billion by 2020 looks promising. We just need to put more efforts in realizing that," Mr Hamid said addressing an interactive session on 'Doing Business with Malaysia' organised by FICCI and the High Commission of Malaysia here. He referred to the productive interactions between Indian Prime Minister Narendra Modi and the former Prime Minister of Malaysia, Mohd Najib Tun Abdul Razak.

Talking about investment opportunities available in Malaysia, the envoy 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".

He said 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 Hamid said.

Roswaidin Mohd Zain, Consultant (Investment), Consulate General of Malaysia (Investment Section in Mumbai) and Mohd Feisal Ezuan Abdul Aziz, Trade Commissioner, Consulate General of Malaysia also spoke.

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