ID :
159999
Thu, 02/10/2011 - 12:20
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Shortlink :
https://oananews.org//node/159999
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India-Malaysia trade volume expected to double in 5 years with landmark FTA
KOTA KINABALU (Sabah, Malaysia), Feb 10 (Bernama) - The trade volume between India and Malaysia is expected to double in five years with the signing next week of a three-in-one Free Trade Agreement (FTA) between them.
Indian High Commissioner to Malaysia Vijay Gokhale when disclosing this during his first visit to the east Malaysian state of Sabah Thursday, said this was inevitable because tariffs would then be lower.
During his visit to the state, Vijayhe called on Chief Minister Musa Aman and met with Indian business leaders and community representatives.
Trade volume between the two countries was worth around RM32 billion (US$10.32 million) last year, he said.
The Malaysia-India FTA would be based on goods, services and investment, and in this regard, Sabah could study the provisions in the agreement and see how it could benefit from it.
"India is looking to invest in East Malaysia in agriculture, agro-based, tourism and education," he said, citing palm oil which India is importing in increasing quantities to match its growing population.
He said tourism was another area that the state, with its beaches, wildlife, forest and culture, could capitalise on, "especially now that travel has become cheaper and there are now more flights to India".
Some 700,000 Indian tourists visited Peninsular Malaysia last year, added Vijay.
On another note, Vijay said he might consider the setting up of a small office in Sabah to cater to the interests of the Indian community.
He had dismissed a suggestion by Sabah Indian Chamber of Commerce and Industry president Victor Suppiah to open a consulate or appoint an attaché here, as he noted that the state did not have enough presence to justify a consulate as yet.
Nevertheless, he urged the Indian business community in Sabah to work with the state government and make use of the FTA platform.
On bilateral ties, he said that overall, it was balanced and getting stronger including in the defence field.
He added that as a goodwill gesture, India’s naval ships would be coming to Sabah in May for the first time. The ships have been making port of calls in the peninsula regularly.
Indian High Commissioner to Malaysia Vijay Gokhale when disclosing this during his first visit to the east Malaysian state of Sabah Thursday, said this was inevitable because tariffs would then be lower.
During his visit to the state, Vijayhe called on Chief Minister Musa Aman and met with Indian business leaders and community representatives.
Trade volume between the two countries was worth around RM32 billion (US$10.32 million) last year, he said.
The Malaysia-India FTA would be based on goods, services and investment, and in this regard, Sabah could study the provisions in the agreement and see how it could benefit from it.
"India is looking to invest in East Malaysia in agriculture, agro-based, tourism and education," he said, citing palm oil which India is importing in increasing quantities to match its growing population.
He said tourism was another area that the state, with its beaches, wildlife, forest and culture, could capitalise on, "especially now that travel has become cheaper and there are now more flights to India".
Some 700,000 Indian tourists visited Peninsular Malaysia last year, added Vijay.
On another note, Vijay said he might consider the setting up of a small office in Sabah to cater to the interests of the Indian community.
He had dismissed a suggestion by Sabah Indian Chamber of Commerce and Industry president Victor Suppiah to open a consulate or appoint an attaché here, as he noted that the state did not have enough presence to justify a consulate as yet.
Nevertheless, he urged the Indian business community in Sabah to work with the state government and make use of the FTA platform.
On bilateral ties, he said that overall, it was balanced and getting stronger including in the defence field.
He added that as a goodwill gesture, India’s naval ships would be coming to Sabah in May for the first time. The ships have been making port of calls in the peninsula regularly.
