The Union Minister of
Commerce, Industry and Textiles, Shri Anand Sharma informed here today
that India’s bilateral trade with Malaysia stood at nearly USD 13
billion last year registering a growth of 34% over the previous year.
Addressing the members of India-Malaysia CEO Forum, Shri Sharma said,
“while we had set a trade target of US$ 15 billion by 2015, I am
confident that we will be able to achieve this target definitely by 2013
if not this year. I will be proposing to my counterpart Minister Mustapa
Mohamed that we revise this target upwards.”
Recalling his visits to Malaysia in July 2010 and February 2011, Shri
Sharma said that he had sought investment from Khazanah Nasional Berhad
(Government of Malaysia`s strategic investment fund) into Indian
infrastructure sector through a collaborative venture with IDFC. Shri
Sharma informed that a SPV has been created between Khazanah and a
subsidiary of IDFC with an equity base of Rs. 830 crores for financing
the national highway construction projects.
The Minister said that during his visits, he identified priority sectors
of engagement including Roads & highways, Railways, Airports, IT &ITES,
Biotechnology, Tourism, Health Services and JV projects in third
countries. Subsequently, the two countries have entered into a
Comprehensive Economic Cooperation Agreement which was signed in
February 2011. The signing of this Agreement has provided considerable
momentum to trade and investment on both sides.
Members and the Minister also expressed happiness on the robust
investment front. Malaysian investment in India stands at US$ 7.8
billion while Indian investments in Malaysia are in the range of USD 3
billion. Indian investments in Malaysia are growing steadily. At
present, there are more than 100 Indian companies including 61 Indian
joint ventures operating in Malaysia. In the past three years alone,
about USD 2 billion have been invested by our companies making it the
7th largest investor in Malaysia.
The India Malaysia CEO forum is co-chaired by Shri Malvinder Mohan Singh
from India and Mr Tan Sri Krishnan Tan Boon Seng from Malaysia.