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Thursday, Nov 14, 2002

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Indo-Malaysian chamber to boost trade ties

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CHENNAI, Nov. 13

A GROUP of Malaysian Indian professionals has set up the Indo-Malaysian Chamber of Commerce, which will be headquartered in Chennai. The Chamber will be formally launched in January.

Mr Muguntha, Founder-President of the Indo-Malaysian Chamber of Commerce, said that despite the increase in trade between India and Malaysia and the large number of Malaysians of Indian origin, there was no chamber to facilitate business people for the past 100 years.

At the same time, there has been a China Malaysian Chamber of Commerce in existence for a century to facilitate trade between China and Malaysia, he said.

Every two months, a Malaysian trade delegation visited India and the two countries were signatories to four agreements — the air services agreement, avoidance of double taxation agreement, economic and technical cooperation agreement and investment guarantee agreement.

These agreements were put in place to further trade and commerce, Mr Muguntha said.

Malaysia is seeking opportunities to participate in various projects such as highway, power plant construction, water supply and development in the field of tourism. Various Malaysian companies were involved in infrastructure projects, including road and highway construction.

Mr Muguntha said that India had been Malaysia's largest trade partner in the South Asian region.

In 1999, the total trade between the two countries was $2.57 billion and currently, it was now close to $3 billion.

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