Malaysia's Diversified Economy Presents Business Opportunities For Indian Companies
MUMBAI, India, June 22, 2023 /PRNewswire/ — India has the potential to grow at 6.5-7 per cent and will become a USD 5 trillion economy by 2025-26 and USD 7 trillion by 2030 depending on global economy situation. The promising economic growth has attracted huge foreign direct investments and influx of foreign companies visiting India to explore business opportunities.
The trade relation between Malaysia and India always in good relations and has been a strong partner in India’s growth story over the last few years said Mr Norman Dzulkarnain Nasri, Trade Consul, Consulate General of Malaysia in Mumbai.
Speaking to the media, the Trade Consul of MATRADE said that the country has always been a very important market and Malaysia’s biggest trading partner in South Asia. In 2022, India was Malaysia’s 11th largest global trading partner and among ASEAN countries, Malaysia was India 3rd largest trading partner after Singapore and Indonesia.
With two free trade agreements already implemented, ie. MICECA and AIFTA, Malaysia – India trade relations has grown rapidly from US$ 15.57 billion in 2018 to US$ 19.61 billion in 2022. Both countries are benefiting from the free trade agreement.
In term of exports, in 2022, Malaysia’s export to India grew by 21 per cent to US$ 12.44 billion. This makes India as Malaysia’s 8th largest export destination. Major products exported to India were palm oil & palm oil based agriculture products, electrical & electronic products, chemicals & chemical products, crude petroleum and manufactures of metal. Malaysia’s imports from India also increased by 28.2% to US$7.17 billion and makes India as Malaysia’s 12th largest source of imports. Major products imported from India were petroleum products, agricultural products, chemicals & chemical products, manufactures of metal and iron & steel products.
Mr Norman Dzulkarnain Nasri, the Trade Consul said, Acknowledging the importance of the market and the need to expand trade with India, the Malaysia External Trade Development Corporation (MATRADE), the National Trade Promotion Agency through its office in Mumbai will facilitate Malaysian companies and Indian companies for business and trade opportunities. He added that Malaysia has established itself as one of the most trade-friendly countries in the world, exporting a competitive range of products to more than 200 global markets.
The Malaysia External Trade Development Corporation (MATRADE) here in Mumbai invites Indian companies to source more from Malaysia. Indian companies to consider Malaysia as their sourcing destination to source for reliable products & services. Both Malaysian exporters and Indian companies who are serious to look for new markets for their products should seriously look at India as a potential market and leverage on the two FTAs.
Although Malaysia is better known as a holiday destination among Indians, interest among Indian businessmen and importers on Malaysian products, has grown significantly too. MATRADE always works closely with Chamber of Commerce and Trade Association to do business with reputable companies. This can be seen with the increasing number of Indian importers participating in MATRADE’s programmes in Malaysia. Besides looking for quality products to be imported, Indian companies are interested to acquire new technologies and are also looking for partners to manufacture products.
Indian importers are invited to participate in the International Sourcing Programme (INSP) that organise by MATRADE particularly MIHAS. MATRADE will be organised the 19th Malaysia International Halal Showcase (MIHAS) 2023 in Kuala Lumpur from 12 to 15 September 2023. In conjunction with MIHAS 2023, MATRADE will be organizing the International Sourcing Programme (INSP) MIHAS both virtual and physical.
The Trade Section (MATRADE), Consulate General of Malaysia encourages Indian and Malaysian companies to leverage at their office in Mumbai. MATRADE also has another office in Chennai covers Southern and Eastern India.
Companies that are keen to explore the market can contact the office by contacting the Trade Consul at mumbai@matrade.gov.my.
About MIHAS 2023
The 19th edition of the Malaysia International Halal Showcase (MIHAS) is well positioned to become the major gateway for global businesses seeking to access the fast-growing global halal trade and industry post-pandemic.
MIHAS 2023 which is hosted by the Ministry of Investment, Trade and Industry (MITI) Malaysia and organised by Malaysia’s trade promotion agency, the Malaysia External Trade Development Corporation (MATRADE) will be held over four days, from 12th to 15th September 2023 at the Malaysia International Trade and Exhibition Centre (MITEC) in Kuala Lumpur.
In conjunction with MIHAS 2023 trade fair, MATRADE is also organising the International Sourcing Programme (INSP). The INSP is a one-on-one business meeting programme between foreign buyers and Malaysian exporters, currently on going virtually and will also be held physically during MIHAS 2023 in Kuala Lumpur. Apart from the showcase and INSP, MATRADE will also be organising MIHAS Knowledge Hub, which is a programme that focuses on knowledge sharing on issues related to the global halal industry. The Knowledge Hub will consist of a series of conferences, forums, and seminars involving leading keynote speakers, industry experts, and thought leaders.
MIHAS is expected to be the largest post-pandemic as it is expected to attract over 35,000 international visitors, and 1,500 booths, targeting 40 country pavilions. Last year’s edition of MIHAS saw participation of exhibitors from 33 countries represented through 1,200 booths.
MATRADE Mumbai is also currently actively organising virtual business meeting under the International Sourcing Program for MIHAS 2023. Interested Indian buyers who are looking to source for halal and other related products and services from Malaysia can contact MATRADE Mumbai at mumbai@matrade.gov.my.
Issued by Malaysia External Trade Development Corporation (MATRADE) on Thursday, June 22, 2023
Ruche Communications
Unmesh Vichare
Mobile: +91 98216 44321
unmesh@ruche.in
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