malaysiang
KUALA LUMPUR, The recent official visit of Prime Minister Datuk Seri Anwar Ibrahim to India has been hailed as a significant milestone in enhancing the economic and strategic partnership between the two nations.
Chairman of the Consortium of Indian Industries in Malaysia (CIIM), Datuk Umang Sharma, expressed his enthusiasm for the outcomes of the three-day official visit of the premier from Aug 19-21, particularly the elevation of bilateral relations to a ‘Comprehensive Strategic Partnership’.
He said this new level of cooperation promises increased collaboration in emerging sectors such as semiconductors, fintech, renewable energy, and start-ups.
‘We are optimistic about the potential for increased trade and investment, benefiting industries and fostering growth in both nations. Malaysian businesses will have several new opportunities in India due to the strengthened partnership between the two countries,’ he said in a statement made available to Bernama.
Highlighting key areas of collaboration, Sharma
pointed to the digital economy, noting the expected growth in opportunities within IT (Information Technology) 2.0, including artificial intelligence, the Internet of Things (IoT), and cloud computing.
He said Fintech collaborations are also anticipated to expand under the new partnership.
‘Already, Eros Group of India has pledged to invest US$1 billion (US$1=RM4.35) to develop an artificial intelligence park and movie studio in Malaysia. This is a very good start, and we expect several Bollywood movies to be shot in this new studio,’ he added.
Sharma also emphasised the importance of small and medium-sized enterprises (SMEs) in the Malaysia-India economic relationship.
While acknowledging the revival of the Malaysia-India CEO’s Forum, he advocated for a separate CEO’s forum dedicated to SMEs, highlighting the need for deeper SME engagement from both countries to foster long-term, tangible trade and investment growth.
Sharma said Malaysia’s expertise in semiconductors and electronics is seen as aligning
well with India’s growing market, offering opportunities for technological collaboration between companies from both nations.
He added that Anwar’s visit also led to the establishment of the Malaysia-India Digital Council and the India-Malaysia Start-up Bridge, initiatives expected to facilitate smoother business operations and open new markets for Malaysian enterprises in India.
Sharma noted the potential in the tourism sector, with annual Indian visitors to Malaysia expected to reach one million in the near future, adding that the likely extension of visa-free entry for Indian tourists into Malaysia presents immense opportunities for the country to upgrade its tourist sites and facilities.
‘To fully capitalise on this opportunity, we need to increase flight frequency and introduce new routes from different Indian cities, allowing tourists from all over India to easily visit Malaysia,’ he said.
He also highlighted the India-Malaysia Start-up Alliance, a collaboration between Invest India and Malaysia’s C
radle Fund, which aims to tap into India’s start-up ecosystem, adding that this collaboration targets US$20 million in deals, offering immense opportunities for Malaysian start-ups.
In addition, Sharma underscored the potential in the food processing sector, with Malaysian businesses positioned to leverage their strong capabilities to tap into India’s large market, projected to reach US$535 billion by 2025-26.
Source: BERNAMA News Agency
