Riding on the wave of India’s high growth
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KUCHING: Targeted for 8.5 per cent in 2011, India’s high growth was the major pull factor that drew Malaysian companies to participate in the first ever India-Asean Trade Fair held in New Delhi from March 2 to 6, 2011.
Considered as a landmark event that was participated by all countries of Asean and India, Malaysia took this opportunity to showcase its vast capabilities.
Focusing on seven key sectors that had been identified as high potential and high yield sectors, Malaysia External Trade Development Corporation (Matrade) organised the participation of 51 companies in this event.
The delegation included a healthy blend of large corporations and small and medium entrepreneurs (SMEs).
The participation of large corporations such as UEM, IJM, Proton, Perodua and Sime Engineering were a testimony of Malaysia’s seriousness in seeking opportunities in India.
“The objective of our participation is to raise the awareness of Indian companies on Malaysia as a manufacturing hub and a world class service provider. The awareness of our capabilities is lacking in India and much has to be done to bridge the gap between the two countries.
“There are also many opportunities for joint ventures and sourcing. Many people in India know Malaysia as a commodity supplier but this has changed over time.
“Today, our manufactured exports to India have surpassed our commodity exports” said Dr Wong Lai Sum, deputy chief executive officer (CEO) of Matrade.
“Malaysian companies are now in India not only constructing infrastructure and buildings but also designing and maintenance services.
“But, our capabilities stretch beyond these and we need to show it to everyone.” Many one-on-one business meetings were also held during this event.
During the buyers-sellers meet, deals worth RM54 million were negotiated. Several companies interviewed confirmed the vibrance and the opportunities in the market.
A representative of Yuubi International Sdn Bhd, a manufacturer of mechanical gear shift lock, had this to say about the event.
“For automotive parts and components, India is a good market, both for OEM and after-sales. We have opened an office in Mumbai recently and we are
currently looking for more distributors.
“India continues to be our preferred market for our range of products such as customised precision ferrous and non-ferrous bolts, screws and fasteners for the OEM (original equipment manufacturer) of the automotive industry.
This, added the representative, was mainly due to the fact that India was experiencing growing middle class population that translates into increase in demand for passenger vehicles as highlighted by the representative of Power Steel & Electro Plating Works Sdn Bhd.
Wong noted that the exhibition was only one of the platforms organised by Matrade to connect Malaysian companies with Indian Companies.
“We intend to organise more events in India to bring the business communities closer together.
“This will include specialised marketing missions focusing on
specific sectors such as oil and gas, construction and related sectors and automotive.
“This market is a huge market, with a very wide consumer base. Tapping the market will require time and continuous efforts by not only the government sector but more importantly, the private sector,” Wong added.
Source: http://www.theborneopost.com/?p=99711
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Filed Under: Business
