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India says will provide conducive environment for Malaysian investment

Putrajaya (Malaysia), Nov.23 : Reaffirming their commitment to further strengthen bilateral trade and investment cooperation, and to deepen and widen their economic engagement, as an important fulcrum of the strategic partnership, India and Malaysia on Monday underlined the importance of holding regular meetings between the trade and industry ministers of both countries.

A joint statement inked to this effect, recognised the need to energise the activities of the high-level India-Malaysia CEOs’ Forum, and called upon the latter to develop specific recommendations to enhance business links in priority areas.

The joint statement further urged the CEOs’ Forum to meet bi-annually and in a timely manner to ensure meaningful follow-up and implementation of recommendations.

It was also agreed that the new developmental and business initiatives undertaken by India, such as Make in India, Digital India, Smart Cities and Skill Development offered significant investment opportunities for Malaysian businesses, and therefore, there was a need for promoting greater joint collaboration, especially in infrastructure and construction sectors, as well as to facilitate joint projects and collaboration between the private sectors of the two countries.

Prime Minister Modi who led the Indian delegation at the talks specifically conveyed the steps being taken by the Government of India to provide a conducive environment for investors, and invited Malaysian investors to participate in economic activities for the mutual benefits of both countries.

Both sides also welcomed further contributions of Malaysian and Indian-owned financial institutions in both jurisdictions, which they said reflected the growing economic and financial linkages between the two countries;

A specific mention was made about the commendable contribution of IRCON over the past two decades on railway cooperation in Malaysia.

Both sides welcomed IRCON’s significant interest to participate in railway projects of the future, said Secretary (East) in the Indian Ministry of External Affairs, Anil Wadhwa.

The joint statement also said that there was a need for further encouraging both public and private sector companies of both countries to proactively look at large investment opportunities at each other’s country.

The joint statement said that both prime ministers welcomed the significant interest shown by Malaysian companies to partake in the business opportunities provided by India and their aspiration to invest in infrastructure projects.

The Malaysian side at the talks welcomed the contribution of Indian investment in Malaysia, in particular India IT firms, especially those located in Cyberjaya, and agreed to continue to promote greater engagement of Indian IT companies in Malaysia. (ANI)