Deputy PM sees scope for development of trade

Our Bureau

New Delhi, June 7

Malaysia plans to issue multiple entry visas to Indians. "Over the last few years, the number of Indian visitors coming to Malaysia is up by 31 per cent. With our recent decision to issue multiple entry visas to Indian visitors, it is hoped that the number would increase further," said the visiting Deputy Prime Minister of Malaysia, Mohd. Najib Tun Abd. Razak.

While speaking at a meeting organised by FICCI and CII and Malaysian trade bodies MIDA and MATRADE, he said that with regard to international trade, the corporates of both countries must capitalise on the strategic advantage of sharing expertise and resources. He pointed out that India has strong ties with South African Customs Union countries and with South Asia, while Malaysia has ties with West Asia. "The business communities of both India and Malaysia should explore these networks and supply chain relationships to expand trade and investment opportunities beyond our individual boundaries," he said.

Services sector

The visiting Minister also said that in both Malaysia and India, the services sector is targeted for growth and development. "There is an array of services in which both countries could collaborate and trade and the areas of interest were information and communication technology, tourism, financial services, transport, construction, BPO, after sales service, education and training, health and diagnostic services and consultancy," he said.

Mr Razak said that there is much potential for the development of trade and investment between the two countries.

Malaysia's trade with India last year stood at $5 billion or only 1.9 per cent of Malaysia's trade and its investment in India from 1998 to 2005 totalled $141 million, he pointed out.

(This article was published in the Business Line print edition dated June 8, 2006)
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