M`SIA VERY MUCH OPEN FOR BUSINESS, SAYS MALAYSIAN DPM

KUALA LUMPUR, Sept 6 (Bernama) -- Malaysia is very much open for business
and will do what is necessary for Indian business to increasingly view Malaysia
as a strategic commercial destination that can play a role in business onward
growth and expansion, says Deputy Prime Minister Muhyiddin Yassin.

He said Peninsular Malaysia was broadly referred by Indians as the "diamond
archipelago" in recognition of the country's overwhelming progress and success.

"Malaysia is keeping this proud tradition of upholding its place in the
region as one of the most sophisticated countries.

"Of course, Malaysians are known for their courtesy, politeness, smiles and
unbeatable hospitality -- a trademark acknowledged as "Truly Asia," he said when
opening the Global Indian Festival 2010 at the Mid-Valley Exhibition Centre.

Muhyiddin said Malaysia and India are mutually important economic partners.

He said bilateral trade between Malaysia and India was on increasing trend
from 1998 to 2008.

Two-way trade has increased more than four-folds while from 2004 to 2008,
trade grew at an average 23.7 per cent, he said.

Currently, India was Malaysia's 12th largest global trading partner, and
since 1998 has been Malaysia's largest export destination in the South Asia
region, hw said.

"India and Malaysia have long-standing commercial links as Indian industries
have been associated for four decades with the transformation of Malaysia from
an exporter of primary products into and industrialised and broad-based economy.

"Indian companies present involvement in Malaysia is in palm oil refining,
power, railways, information technology, bio-technology, manufacturing
industrial goods, higher education, civil construction and training," he said.

He said Malaysia's trade with India last year totalled US$7.1 billion with
exports amounting to US$4.8 billion and imports worth US$2.2 billion.

Between January and July, total trade with India amounted to US$4.93
billion,
up 26.6 per cent compared with the same period last year.

Indian investment in Malaysia from January to June saw six projects
approved,
with total investments of US$4.18 million.

Todate, 95 manufacturing projects with Indian participation have been
implemented, with total investments worth US$1.114 billion, he said.

Muhyiddin said a new Malaysia-India partnership would bring both
countries to greater heights.

"Malaysia in that sense looked forward to the expeditious completion of the
Asean-India FTA Services and investments Agreements; as well as the
Malaysia-India Comprehensive Economic Cooperation Agreement," he said.
Besides infrastructure development, Muhyiddin said Malaysia had forged new
business partnerships in many new areas, including construction of the new
terminal at the New Delhi International Aiport.

Furthermore, many Malaysian government-linked companies and other listed
companies have invested in the transport, infrastructure and telecommunication
sectors in India, he said.

"Let us explore more opportunities and deepen our economic bond between us
to the extent that it propagates greater commercial confidence in each other,"
he added.

The Global Indian Festival created exciting and innovative commerce with
cultural and artistic projects while bringing together community values,
cultural history and the sense of place invoked by an inspirational "one stop
shopping and cultural centre" environment.

-- BERNAMA