INDIAN INVESTMENT PROMOTION DELEGATION IN NEW YORK HAILS "GOOD TIES" WITH M'SIAN INDIAN COMMUNITY

From Manik Mehta

NEW YORK, Sept 14 (Bernama) -- A visiting investment promotion delegation
from India's Ministry for Overseas Indian Affairs has hailed the "good ties" it
has established with Malaysia's Indian community.

A similar delegation visited Malaysia in April and held discussions with
representatives of the Malaysian Indian community at a seminar on various
aspects of relations with India, including examining the prospect of investing
in a number of sectors.

Dr Didar Singh, secretary (highest-ranking official) in the Ministry for
Overseas Indian Affairs, recalled meeting representatives of the Malaysian
Indian Congress (MIC).

"There is great potential for a partnership with Malaysia in the areas of
physical and digital infrastructures where there is a lot of expertise
available.

"I can think of promising areas such as cellular technology and
infrastructures in which Malaysians have their strength.

We have a strong linkage with Malaysia and we would like Indians in Malaysia
to also invest in India," Didar Singh told Bernama on the sidelines of a
presentation he and his team made at the Indian consulate in New York on Monday.

He said there was historically "great interest" in India with regard to
business ties with Malaysia.

The upcoming visit of Indian Prime Minister Manmohan Singh to Malaysia next
month followed by the third visit by Malaysia's International Trade and Industry
Minister Datuk Mustapa Mohamed to India in November underscored the interest on
both sides, he said.

He also pointed out that the annual event called Pravasi Bharatiya Divas
(PBD) -- the Day of the Indian Diaspora - that is held in India, also attracted
Malaysian Indian delegates.

"Our next PBD will be held from Jan 7 to 9, 2011 in New Delhi," he said.
The event is expected to be opened by Manmohan Singh.

Didar Singh pointed out that there was a difference between investments
made by the Indian diaspora in India and foreign direct investments (FDIs).

"Unlike the FDI, investments by the Indian diaspora are relatively much
smaller. Capital investment by the Indian diaspora is, in fact, a fraction of
the total remittances made by Indians living abroad," the minister said.

He said India was after China, the world's second most attractive investment
destination, and its inbound investments had even exceeded the FDI flowing into
the United States.

India attracted a whopping US$54 billion by way of remittances from Indians
and People of Indian Origin (PIOs) from abroad in 2009; this was the largest
volume of remittances received by any country in the world from its citizens or
former citizens, he claimed.

The Gulf region, which was in the past the main source of remittances, has
been replaced by North America which provides some 30 per cent of inbound
remittances into India.

Didar Singh and his team highlighted some "highly attractive areas" in which
the Indian diaspora in North America could make investments -- infrastructure,
healthcare and finance.

These areas, he said, would also be interesting for Malaysian investors.

There is a lesson for Malaysia in the Indian delegation's New York visit.

It should serve as an "eye-opener" for Malaysia's investment promotion
agency MIDA (Malaysia Investment Development Authority) which could also start
pitching for investment from the cash-rich Indian diaspora -- it is amongst the
richest and top-earning groups in America -- for projects in Malaysia.

In particular, there is interest among small-and medium-sized companies of
Indian origin in the United States to invest abroad in lucrative projects.

These companies will also be a source of the latest technology,
particularly in areas such as knowledge-based industries.

MIDA, in collaboration with Multimedia Development Corporation (MDeC) could
tap the investment potential inherent in the Indian diaspora in the United
States.

India's Ministry for Overseas Indian Affairs is dedicated to maintaining and
promoting close ties with the Indian diaspora overseas and pitches for
investment in various sectors in India.
-- BERNAMA