Malaysian PM sees great potential in economic relations with India
Malaysian PM sees great potential in economic relations with India
Agence France-Presse, New Delhi
Malaysia sees tremendous potential for growth in economic ties
with India and is looking west for new alliances here as New
Delhi looks east, Prime Minister Abdullah Ahmad Badawi said on
Monday.
"I am told that India is increasingly looking east to develop
stronger trade and financial ties," Abdullah told a meeting of
Indian industrialists in New Delhi.
"We are increasingly looking West -- towards India and West
Asia. I am here to build new bridges, construct new economic
alliances and generate fresh economic cooperation," he said.
"Malaysia is keen to significantly upgrade its economic
relationship with India. Malaysia is keen to invest more to help
strengthen India's infrastructure."
The Malaysian leader said bilateral trade had grown to be
worth 3.2 billion in 2003 from US$467 million in 1994, and this
could be improved.
Malaysia's economy is set to grow 7.0 percent in 2004, in line
with India which is forecast to grow 6.0-6.5 percent.
Indian investment in Malaysia -- mainly in petrochemicals,
textiles, food manufacturing and rubber -- totalled half a
billion dollars, Abdullah said, adding Malaysian companies had
similarly invested in India.
"There is tremendous growth potential for cross-border
investments," Abdullah said.
He also urged businessmen from both sides to forge "smart
partnerships" to explore opportunities together in third markets
-- the Middle East, Central Asia, East Asia and Africa.
Malaysia, which is assume to chairmanship of the Association
of Southeast Asian Nations next year, was India's largest trading
partner from the grouping, Abdullah said.
ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia,
Myanmar, the Philippines, Singapore, Thailand and Vietnam.
"This will eventually constitute a single market of more than
two billion people... that is why it would make economic sense
for Indian companies to make Malaysia a manufacturing and
exporting base," Abdullah said.
Later, businessmen from both sides signed 12 memoranda of
understanding, pledging cooperation in areas ranging from IT and
television software to infrastructure.
Abdullah, who arrived here on Sunday an official visit, held
talks with Indian Foreign Minister Natwar Singh and Finance
Minister Palaniappan Chidambaram earlier on Monday.
He was to meet Prime Minister Manmohan Singh later on Monday,
with global terrorism and UN reforms on the agenda, foreign
ministry official said.