Indian industry group hails strengthened Malaysia-India ties following Anwar’s visit
03 Sep 2024
The recent official visit of Prime Minister Datuk Seri Anwar Ibrahim to India has been hailed as a significant milestone in enhancing the economic and strategic partnership between the two nations.
Consortium of Indian Industries in Malaysia (CIIM) chairman Datuk Umang Sharma expressed his enthusiasm for the outcomes of the three-day official visit from August 19-21, particularly the elevation of bilateral relations to a “Comprehensive Strategic Partnership”.
He said this new level of cooperation promises increased collaboration in emerging sectors such as semiconductors, fintech, renewable energy and start-ups.
“We are optimistic about the potential for increased trade and investment, benefiting industries and fostering growth in both nations. Malaysian businesses will have several new opportunities in India due to the strengthened partnership between the two countries,” he said in a statement made available to Bernama.
Highlighting key areas of collaboration, Sharma pointed to the digital economy, noting the expected growth in opportunities within Information Technology 2.0, including artificial intelligence (AI), the Internet of Things and cloud computing.
He said Fintech collaborations are also anticipated to expand under the new partnership.
“Already, Eros Group of India has pledged to invest US$1 billion (US$1=RM4.35) to develop an AI park and movie studio in Malaysia. This is a very good start, and we expect several Bollywood movies to be shot in this new studio,” he added.
Sharma also emphasised the importance of small and medium-sized enterprises (SMEs) in the Malaysia-India economic relationship.
While acknowledging the revival of the Malaysia-India CEO’s Forum, he advocated for a separate CEO’s forum dedicated to SMEs, highlighting the need for deeper SME engagement from both countries to foster long-term, tangible trade and investment growth.
Sharma said Malaysia’s expertise in semiconductors and electronics is seen as aligning well with India’s growing market, offering opportunities for technological collaboration between companies from both nations.
He added that Anwar’s visit also led to the establishment of the Malaysia-India Digital Council and the India-Malaysia Start-up Bridge, initiatives expected to facilitate smoother business operations and open new markets for Malaysian enterprises in India.
Sharma noted the potential in the tourism sector, with annual Indian visitors to Malaysia expected to reach one million in the near future, adding that the likely extension of visa-free entry for Indian tourists into Malaysia presents immense opportunities for the country to upgrade its tourist sites and facilities.
“To fully capitalise on this opportunity, we need to increase flight frequency and introduce new routes from different Indian cities, allowing tourists from all over India to easily visit Malaysia,” he said.
Source: Bernama
