India, Malaysia vow to exploit full potential of India-ASEAN Agreements
Ahead of his meeting with Malaysian CEOs, Prime Minister Narendra Modi on Monday said the two countries need to capitalise on India-ASEAN Agreements to enhance their bilateral trade and investments. Bilateral trade between India and Malaysia in 2014 stood at $13.84 billion ($4.07 billion for Indian exports and $9.77 billion for Malaysian exports). “We intend to exploit the full potential of our bilateral agreements and the India-ASEAN Agreements. Our trade and investment relations can be scaled up significantly,” Modi said at a joint press conference with his Malaysian counterpart Najib Razak on the last day of his three-day visit to Kuala Lumpur. Malaysia is currently the 19th largest investor in India, with FDI inflows primarily in the areas of tele-communications, roads and highways, oil & gas, power plants, tourism and human Resources. Prime minister also sought for an early conclusion of the Regional Comprehensive Economic Partnership (RCEP) Agreement, expected to be resolved in 2016. Modi expressed his desire for more Malaysian participation in India’s developmental projects, especially in infrastructure expansion and upgradation projects, ‘Make in India’ and ‘Smart Cities’. “Malaysian competence in infrastructure is well known. Malaysia has completed several important projects, including in the road sector, in India,” Prime Minister said. Several Indian companies are operational in the Malaysian economy. Government-owned IRCON is currently working on a rail infrastructure project. Modi said he wanted to see more Indian companies operating in the Malaysian economy. Modi is scheduled to meet Malaysian CEOs later in the day, where he is expected to pitch his self-led Make in India initiative with an aim to attract more Malaysian investments in the Indian economy. Earlier, Modi had announced a $1 billion line of credit to the ASEAN to promote connectivity projects in the region.
November 23, 2015 | 3:05pm IST.