KUALA LUMPUR: Malaysia, with its strong electronics and semiconductor sector, is well-placed to become a partner for India in skill development, capacity building and technological collaboration, said India’s High Commissioner to Malaysia B.N. Reddy (pix).
Reddy said India views Malaysia as a hub and an entrepot for Indian companies to expand into other Southeast Asian countries.
He further said that India remains committed to deepening its economic engagement with Malaysia and the ASEAN region as a whole.
“We should seek to expedite the establishment of a bilateral Startup Bridge, which will complement efforts to realise the Malaysia Startup Ecosystem Roadmap (SUPER) 2021-2030 aimed at generating 5,000 startups by 2025. We view Malaysia as a hub and (an) entrepot for Indian companies to expand into other Southeast Asian countries,” he said in his opening address at the India Investment and Trade Promotion Roadshow 2024, here, Wednesday.
Reddy pointed out that the Roadshow is taking place in the backdrop of two significant developments – one is the emergence of a New India, and the other is the repositioning of India in the global economic and political landscape, with significant emphasis and focus on the larger ASEAN region and with Malaysia as an important partner.
Reddy explained that the most transformative reforms initiated since 2014 is finding convergence in India – resulting in India to emerge as the 5th largest economy in the world, projected to become the 3rd largest in three years from now, the 4th largest stock market, and 3rd largest home in the world for Startups and Artificial Intelligence (AI) ecosystem.
“From being the ‘office of the world’, India is now set to become the ‘factory of the world.
“(The) second backdrop emerges from India’s repositioning in the global geopolitical and geo-economic landscape, particularly in the immediate post-Covid-19 phase, and the ongoing two major conflicts – Russia-Ukraine conflict and Israel-Gaza war. Coupled with the serious climate crisis, the global supply chains are finding new pathways,” he said.
As noted by Reddy, the event is salient as India aims to strengthen its investment partnership with Malaysia over the next decade; and additionally, this year marks the decade of India’s Act East policy.
The High Commissioner said that a key component of India-Malaysia Enhanced Strategic Partnership is to widen the economic engagement for mutual benefit, with two-way investments playing a vital role in this context.
“Keeping in view the priorities of the Governments of India and Malaysia, we are seeking to forge stronger collaborations in key focus areas of Renewable Energy, Semiconductors & Electronics, Manufacturing and Startups including Fintecs,” he said.
He pointed out that as India and Malaysia strive to achieve zero carbon targets, more innovative ventures for green and renewable energy must be explored.
Reddy said the Roadshow is led by Rajesh Kumar Singh, Vice Minister, Department for Promotion of Investment and Internal Trade (DPIIT), with relevant Ministries showcasing the opportunities presented by the New India.
“For the first time, we have an Investment and Trade delegation led by a Vice Minister and representatives of key economic Ministries in India.
“Through this roadshow, we aim to bring together key stakeholders from both countries to explore new business opportunities, forge partnerships, and enhance mutual understanding,” said Reddy. -Bernama
