Malaysia Wants More Indian Investments In K-Economy, Says Mustapa
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From P. Vijian
NEW DELHI, March 3 (Bernama) — After successfully concluding high profile trade pacts, Malaysia wants more Indian investments to flow into the country, mainly in the knowledge-based sector.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed said although Indian entrepreneurs were increasingly showing interest in the Malaysian economy, the level of investments from India was not satisfactory.
“It is not moving as fast as I would like to. We want to see more Indian investments in knowledge-based industries and more small-and-medium entrepreneurs coming to Malaysia.
“These are exciting times for us. I call on the private sector to take full advantage of this economic system that we have created,” Mustapa told Bernama here Thursday.
He was in New Delhi to attend the first India-Asean Business Fair, which kicked off on Wednesday, attended by trade ministers from 10 Asean nations.
A total of 51 Malaysian companies, ranging from oil and gas to automobile industries, displayed their products signalling their seriousness in India, termed as one of the fastest growing economies in the world.
India and Asean members signed the Free Trade Agreement (in goods and trade) last year, while Malaysia and India inked the Comprehensive Economic Cooperation Agreement in February, both expected to create a vibrant economic environment in the region.
Currently, about 70 Indian companies operate in Malaysia with cumulative investments amounting to about US$2 billion (RM6 billion) between 1980 and 2009.
Major Malaysian companies have invested close to US$5 billion (RM15 billion) between 2000 and 2009 making it the 24th largest investor in India.
“We want more engineering companies with niche expertise and India has a strong engineering background.
“More Indian businessmen are now showing interest in Malaysia, they are happy with our friendly economic policies, easy banking system and people-to-people relationships,” he added.
Mustapa, along with Datuk Rebecca Fatima Sta Maria, Secretary-General of the ministry are in Delhi to attend the five-day fair which began Wednesday.
– BERNAMA
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Filed Under: Business
