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| India to become focal point in new economic model |
| Written by Fong Min Hun | |||
| Tuesday, 02 June 2009 10:36 | |||
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He added that with some US$10.5 billion (RM36.5 billion) in bilateral trade between Malaysia and India, the latter was an important trade partner, whose potential had not yet been fully explored. Based on available numbers, Malaysia had imported about US$3.5 billion worth of goods from India and exported US$7 billion during the downturn. “Tan Sri Nor Mohamed Yakcop (Minister in the Prime Minister’s Department) said Malaysia will be looking at three focus countries in the Middle East, India and China due to their huge market potential,” he told reporters at the Malaysia-India Business Conference hosted by the Malaysia-India Chamber of Commerce. “This shift is necessary because we are over dependent on Western markets for our manufacturing export. The recent economic turmoil which started from the West has made us vulnerable in terms of production.” Sectors that Malaysia was looking at for collaboration with India include biotechnology, tourism and information technology (IT), he added. The economic and education counsellor for the High Commission of India, BN Reddy, said his country was looking at large-scale investments. At the current stage, demand for such investments was still in the field of infrastructure. Several large Malaysian companies have already made forays into the Indian subcontinent to develop roads, power generators and homes, among other things, but there was still much to do. “For example, we are building the dedicated freight corridors, which will facilitate the movement of freight by rail, connecting Delhi to Mumbai,” said Reddy. “Initial estimated cost is at US$7 billion, and we are currently establishing the basic framework.” Reddy said they were still looking for Malaysian companies to come in to work on the project. He added that they were also interested in collaborating with Malaysian companies in areas outside of infrastructure. This article appeared in The Edge Financial Daily, June 2, 2009.
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