The Star (29/07/2020) KUALA LUMPUR: India’s move to resume importing Malaysian palm oil besides seeking Malaysia’s expertise for the commodity in the form of technology transfer illustrate the upswing of trade ties between both countries, says the Consortium of Indian Industries in Malaysia (CIIM).
India’s relations with Malaysia had been improving since the Perikatan Nasional government was formed in early March, said its chairman Datuk Umang Sharma.
“(Recently) the Indian state of Telangana approached Malaysia to source palm oil-related technology, a positive sign of upswing in the bilateral relations of both countries.
“Malaysia, in return, has reciprocated by increasing the purchase of rice and sugar from India,” he said.
It was reported earlier that India considered punitive trade measures against Malaysia over then prime minister Tun Dr Mahathir Mohamad’s remarks on the Kashmir conflict during the United Nations General Assembly last year.
Umang said New Delhi-Kuala Lumpur relations and trade ties improved greatly recently, particularly after the change of government in Malaysia.
He said India was now a hot place to invest as it was looking at “making itself self-reliable” and offering several incentives, with many multinational corporations starting to move their manufacturing bases from China to India.
He also said India attracted over US$20bil (RM85bil) of foreign investment during the lockdown period imposed due to Covid-19.
Umang said India was seeing the largest infrastructure creation drive ever and Malaysia could be a partner in building houses, roads, highways and ports.
He said investment opportunities also existed in India’s food processing and agriculture sector, with the food processing sector expected to be worth US$500bil (RM2.1 trillion) by 2025. — Bernama
Read more at https://www.thestar.com.my/news/nation/2020/07/29/malaysia-india-trade-ties-on-the-upswing-says-group