KUALA LUMPUR: With the roll out of Malaysia-India Comprehensive Economic Cooperation Agreement (Ceca), Prime Minister Datuk Seri Najib Razak is confident the US$15 billion (RM47.7 billion) trade target between both nations will be met by 2015.
“What is heartening is that for first nine months of this year, trade hit US$9.4 billion, representing an increase of 34.8 per cent over the same period last year,” he said at Ceca’s gala dinner yesterday.
Present were Indian Minister of State for Textiles Panabaka Lakshmi, Malaysia-India Business Council president Tan Sri Krishnan Tan and Confederation of Indian Industries Malaysia president Umang Sharma.
Najib said despite the presence of Malaysian and Indian companies in each other’s countries and the many fields they were involved in, there was “much room for expansion” in trade.
India and Malaysia signed the agreement in February and it came into force on July 1.
Ceca will include trade, services, investments and other areas covering biotechnology.
India is Malaysia’s 12th largest trading partner and the ninth largest export destination, while Malaysia is among India’s top 20 trade partners, export destinations and source of imports. Last year, trade amounted to US$9.4 billion.
Najin said: “Malaysia is ready to continue to facilitate the entry of Indian entrepreneurs into Southeast Asia.”
Source : New Straits Times