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368213
Thu, 05/21/2015 - 13:02
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Minister Wants Greater Awareness Of Malaysia-India Trade, Investment Potential

KUALA LUMPUR, May 21 (Bernama) -- Malaysia and India need to increase the level of awareness of the vast trade and investment potential that exists between both countries, said Malaysian Minister of International Trade and Industry (MITI) Mustapa Mohamed. "Trade activities, between Malaysia and India and also between ASEAN and India, are still very narrow compared with other ASEAN dialogue partners despite the huge market size. "The low bilateral trade is due to the lack of interaction among the business sectors," he said at the ASEAN-India Business Forum here Thursday. Mustapa said both countries need to leverage on the networking among the business sectors and via engagement through business councils, including the Malaysia-India Business Council and ASEAN-India Business Council. "Malaysia also needs to continue attracting investors through trade and investment missions to identified states in India with targeted priority sectors," he added. Last year, Malaysia exported US$2.70 billion (RM9.76 billion) worth of products to India with electrical and electronics goods making up 64 per cent of figure. Imports from India totalled US$1.12 billion (RM4.07 billion) with 42.3 per cent from refined petroleum and chemicals and chemical products. Mustapa said Malaysia is placing greater emphasis on exporting services to further strengthen the sector's contribution to the country's economy. "Among the services with potential for a wider export exposure are engineering and architecture," he added. The one-day forum organised by the ASEAN India Business Council and MITI, attracted about 500 industry and corporate leaders from Malaysia and India. --BERNAMA

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