KUALA LUMPUR - Malaysia and India have
great potential to expand bilateral trade and investment beyond the expected
targets, said Prime Minister Datuk Seri Najib Tun Razak.
He said the two countries were already on
track to achieving some RM35 billion (S$14.3 billion) worth of trade this year,
which is an increase of 64 per cent from RM22.5 billion worth of trade last
year.
Najib, who is also Finance Minister, said his
optimism was particularly buoyed by the Malaysia-India Comprehensive Economic
Cooperation Agreement (Ceca), signed in February and put in force from July
this year.
"We are confident that with the rollout
of Ceca and continued government focus, the targeted RM47.7 billion trade
target will be met by 2015 and quite possibly before," he said in his
keynote address at a Ceca commemoration gala dinner held at a hotel here last
night.
Also present were Indian Minister of State for
Textiles Panabaka Lakshmi, Malaysia-India Business Council president Tan Sri
Krishnan Tan, Malaysia-India CEO Forum co-chairman Malvinder Singh and
Confederation of Indian Industries Malaysia president Umang Sharma.
Najib noted that while the trade figures were
promising, Malaysian and Indian companies had yet to take full advantage of the
trade and investment opportunities available in each other's countries.
"As with the overall bilateral trade
volume set by both governments, the key stakeholders in specific sectors should
also collectively set ambitious targets.
"This approach is especially relevant
within the many areas in which the introduction of Ceca has delivered new
incentives and removed historic limitations and barriers," he said.
The prime minister stressed that chambers of
commerce and industry in India played a key role in "sharing" their
views with Malaysia on what needed to be done to attract Indian investment.
Likewise, the Ceca complemented The
Asean-India Free Trade Agreement (Aifta), positioning Malaysia as an ideal
entry point destination for Indian entrepreneurs into South-East Asia, he
added.
The Star/Asia News Network
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