India & Malaysia have tremendous opportunities to grow as integral components of a resilient supply chain in the post-Covid times

New Delhi: India and Malaysia shares close economic and commercial ties. Last year India was Malaysia’s 10th largest import source and 7th largest export destination with a bilateral trade of US$ 16 billion in the year 2019, mentioned through video message H.E. Mr. Mridul Kumar, High Commissioner, High Commission of India, Malaysia in the inaugural Session of ‘India – Malaysia Business Promotion, Challenges, and Opportunities – Post-COVID 19’organized by PHD Chamber of Commerce and Industry.

H.E. Mr. Mridul Kumar also mentioned that both the countries shared a diversified trade basket which includes food and agro products, petroleum, electronics, electrical equipment, minerals & mineral fuels and metals with growing trade and investment to achieve bilateral trade.

He congratulated both countries for having a Free Trading Partner Agreement under IFTE and a bilateral comprehensive economic cooperation agreement. India and Malaysia have tremendous opportunities to reduce their dependence on a single country for import and seek to establish India and Malaysia as integral components of a resilient supply chain in the post-Covid times.

H.E. Mr. Mridul Kumar also highlighted the recent initiatives of Govt. of India, introducing production linked incentives for 10 sectors including electronics, technology products, automobile and auto sectors, specialty steel, telecom, etc which will help transform India into a manufacturing hub and reliable supply chain alternative for our partner countries across the globe.

Mr. Mohd Feisal Ezuan, Trade Commissioner, Malaysia External Trade Development Corporation (MATRADE), Malaysia shared about the strong India and Malaysia dynamic relations involving business and diplomatic engagements, evolving in the rapidly changing international environment. He mentioned that Malaysia has been recognized as an attractive investment destination with huge business and job opportunities.

Datuk R. Ramanathan, President, Federation of Indian Chamber of Commerce and Industry Malaysia stressed the importance of applying digitalization to enhance one’s business growth globally. He discussed Malaysia’s efforts to promote Tourism, assuring hospitality to investors from India, and introduced MalaysiaMySecondHome that provides easy business registrations and hassle-free visa facilities in Malaysia.

Mr. Jaggarao Simancha, Founder and CEO, ASC Agenda Suria Communication Sdn. Bhd. Malaysia deliberated about the change in the business dealing due to the pandemic and the need for virtual connection for connecting people. Mr. Simancha talked about the positive relations between the PHD Chamber and Agenda Suria Communication and appreciated its landmark exhibitions and global Indian festivals.

Mr. Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry in his presidential remarks deliberated about the close political, economic and socio-cultural relationship shared between India and Malaysia over the past so many years. India and Malaysia witness growing engagements in all aspects of the bilateral relationship, including political, economy and trade, defense & security, tourism and education, health, human resources, public administration, etc.

India and Malaysia bilateral economic and trade partnership offers immense opportunities for collaboration for business communities of both regions and I feel it the opportune time for the communities to work in closer cooperation. The pandemic though has posed immense challenges for the global economies at large but, it has also given birth to offshoots of trade and investment to the business environment especially in view of the supply chain disruptions, said Mr. Aggarwal.

Mr. Ajay Poddar, Chair, International Affairs Committee for East and South East Asia, PHD Chamber of Commerce and Industry while delivering his formal vote of thanks mentioned that the robust economic and trade relations between both the countries have been one the strongest pillars of India-Malaysia relations.