Play Greater Role to Exploit Regions' Untapped Potentials, Private Sectors Told

By Mohd Haikal Mohd Isa BANGKOK, Aug 3 (Bernama) -- The private sectors in ASEAN and India need to play a greater role to exploit the regions’ huge untapped potentials, said International Trade and Industry Minister, Mustapa Mohamad. “India has done very well, growing at 7.5 per cent annually in recent years while average growth in ASEAN reached five per cent. So there are huge potentials and I fully support efforts to explore and complement the fast-growing economy of ASEAN and India,” he said. He said this at a roundatable discussion held in conjuction with ASEAN-India Expo and Forum 2017 here Thursday. Thai Prime Minister Gen Prayut Chan-o-cha opened the expo and forum. Mustapa said ASEAN and India had experienced good economic growh, thus representing huge opportunities for their private sectors. “There is a need for more interaction between the business communities in ASEAN and India, as well as people-to-people connection by increasing air flights between the two regions,” he said. Mustapa said the small and medium industries sectors and high-technologies companies in both regions to facilitate deeper interaction between each other. The minister said trade and investment between ASEAN and India needed to reach the same height as what had been experienced by ASEAN and China. He said ASEAN-India trade and investments were underperformed compared to ASEAN-China’s. “Last year, ASEAN-China trade totalled US$335 billion (US$1 = RM4.27) compared to US$56 billion for ASEAN-India. China’s investment in ASEAN last year reached US$10 billion last year compared to US$1 billion from India,” he said. The vast difference on trade and investment between ASEAN and India and China represented a huge potential for companies to explore, he said. “We have to do something about that. We (ASEAN and India) have been underperforming (the trade and investment). We need to increase the economic relation,” he said. (photoBERNAMA) -- BERNAMA