India's trade minister leads team to Malaysia
INDIAN Commerce and Industry Minister Anand Sharma will be leading a high-powered business delegation to Malaysia tomorrow.
The two-day visit ahead of Prime Minister Manmohan Singh's visit to Kuala Lumpur at the year-end could accelerate the pace of the Comprehensive Economic Cooperation Agreement (CECA).
The CECA will include bilateral economic cooperation in trade, services, investments, financial services, telecommunications, temporary movement of persons, information and communications technology, and biotechnology.
With a mandate from the leaders of both countries, the CECA has been placed on the fast track and Sharma's visit is expected to give added push so that talks can be wrapped up before Manmohan's scheduled arrival.
Sharma will meet with his Malaysian counterpart, International Trade and Industry Minister Datuk Seri Mustapa Mohamed, in addition to Transport Minister Datuk Seri Kong Cho Ha and Foreign Affairs Minister Datuk Seri Anifah Aman.
The highlight of his visit will be the Malaysia-India Business Seminar on Thursday at which Prime Minister Datuk Seri Najib Razak will give the keynote address.
The 11-member group of chief executive officers accompanying Sharma will be headed by Fortis Healthcare Ltd as well as Parkway Holdings Ltd group chairman Malvinder Singh and Larsen & Toubro Ltd chairman A.M. Naik.
Consortium of Indian Industries in Malaysia chairman Umang Sharma said Sharma's visit would help spur bilateral investment.
He said acquisitions made here by Indian players like Reliance Industries Ltd (Hualon Corp), Ballarpur Industries Ltd (Sabah Forest Industries) and Larsen & Toubro (Tamco Corporate Holdings) will set the tone for more Indian corporate entities to venture into Malaysia.
India ranks as Malaysia's 12th largest trading partner. Trade in the first quarter was up 8.27 per cent.
Bilateral trade touched US$10.5 billion (RM33.8 billion) in 2008 before the momentum dipped amid the global economic crisis.
Sharma said that more Indian companies were looking to Malaysia as a hub for their operations in the Asean region.
Currently, there are more than 100 Indian companies, including 61 joint ventures, operating in Malaysia.
By Rupa Damodaran
Business Times
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