AIBC Must Be More Proactive To Boost ASEAN-India Trade - Malaysian Minister

KUALA LUMPUR, May 25 (Bernama) – The ASEAN India Business Council (AIBC) must assume a more proactive role in promoting greater interactions between business communities in ASEAN and India to meet the ASEAN-India trade target of about US$100 billion. This target, said Malaysia's International Trade and Industry Minister, Mustapa Mohamed, was to be achieved over the next three years and there were numerous opportunities offered by ASEAN to Indian investors. “In Malaysia alone, there are many flagship projects including Bandar Malaysia, and I would like to invite Indian investors to be a part of this development,” he said in his speech at the ASEAN-India Biztech Expo and Conference 2017, here Wednesday. He said India’s foreign direct investments to ASEAN amounted to US$4 billion (US$1=RM4.29) between 2013 and 2015. India was ASEAN’s sixth largest trading partner with total trade averaging at about US$67 billion in the past four years, said Mustapa. The public and private sectors from both countries were urged to explore ways to further enhance trade between ASEAN and India. “Many are looking at China as the next economic powerhouse, but in Malaysia and ASEAN at large, we continue to observe the rise of India. “Bold economic reforms, sustainable urbanisation, and continuous infrastructure development could pave the way forward for India’s brighter economic future, and ASEAN looks forward to be part of its transformative journey,” said Mustapa, adding that innovation was the key against a backdrop of fast changing landscape. He said the Biztech Expo was timely as investment in technology could bring a host of advantages as the benefits of electronics in the workplace were available to small businesses. The two-day Biztech Expo beginning Wednesday, jointly organised by AIBC and the ASEAN Business Advisory Council, features international speakers, business delegations from ASEAN and India and also companies from Malaysia, ASEAN, India and ASEAN Dialogue Partners. -- BERNAMA