Malaysia secures RM8bil potential exports, RM4.5bil potential investments from PM’s India visit
22 Aug 2024
Investment, Trade and Industry Ministry says it has secured RM8 billion of potential exports and RM4.5 billion of potential investment during Prime Minister Datuk Seri Anwar Ibrahim’s official visit to India from Aug 19-21.
Its minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz was part of the Prime Ministerial delegation.
According to the ministry, the potential exports are in sectors such as palm oil and palm oil-based products, chemicals and chemical products, oil and gas and aircraft spare parts.
A commitment of RM4.5 billion in investment was secured from Indian companies in sectors such as information technology, logistics, chemical and pharmaceutical sectors.
“These potential investments are expected to create more than 3,000 high-value job opportunities in the next two to there years,” it said today.
The ministry also hosted a roundtable meeting between Anwar and 31 prominent captains of industry from among major Indian industry players in various sectors such as information technology, pharmaceutical, transportation, semiconductor and fintech services.
This high-level gathering in New Delhi served as a catalyst for fostering strategic partnerships, promoting investment and trade opportunities, while deepening bilateral cooperation between the two nations.
In his opening remarks, Anwar reiterated Malaysia’s commitment to strengthening ties with India across various fronts, particularly in trade and investment.
He said Malaysia’s strategic position as a gateway to the Asean market where robust infrastructure, and vibrant business ecosystem are key factors that make it an attractive destination for investors seeking new opportunities for growth and diversification.
Anwar also held one-on-one meetings with Tata Consultancy Services (TCS), HCL Technologies Ltd (HCLTech) and Emami Agrotech Ltd.
Both TCS and HCLTech discussed their plans to expand their workforce and create training programs for Malaysians, including fresh graduates, women, and public officers, focusing on IT and artificial intelligence (AI) skills.
Emami Agrotech, one of the largest manufacturers of biodiesel in Eastern India and a key exporter of biodiesel to Europe and other Southeast Asian countries, had expressed their intention to import more palm oil from Malaysia.
Meanwhile, Tengku Zafrul said the positive outcome on the workforce expansion plans by TCS and HCL Technologies in Malaysia is also a welcome move.
The ministry, through the Malaysian Investment Development Authority (MIDA), will do its best to facilitate their expansion, he added.
“We will also continue to intensify efforts to attract quality digital investments – such as data and cloud-based technologies – to create more opportunities for our small and medium enterprises (SMEs) and higher-paying jobs for our people,” he noted.
Tengku Zafrul also witnessed the exchange of seven memorandam of understandings (MoUs) between Malaysian companies and their Indian partners, to be realised within a span of one to five years.
The MoUs cover various areas of interest, including green technology, innovation, waste management, start-ups, railway infrastructure as well as promotion of trade and investment.
India was Malaysia’s largest trading partner, export destination and import source among the South Asia countries in 2023.
Total trade between the countries was recorded at RM75.39 billion (US$16.53 billion) in 2023.
Source: NST
