ASEAN envoys highlights potential of expanding businesses
Strong relationship with ASEAN will accelerate India’s rise to become one of the top economies of the world, believes the Malaysian High Commissioner Hidayat Abdul Hamid.
“India is one of Asia’s most important trading partners,” he told the “PHDCCI International Week” held 15-19 March 2021 in Hybrid Mode.
“We should enhance all areas of collaboration and further strengthen bilateral trade. India is Malaysia’s major source of foreign investment,” added the envoy in his address on 16 Mar 2021.
The vibrant trade and investment relations shared between India and Malaysia are a result of active interactions by leaders and officials, the High Commissioner pointed out, sharing that there has been an increase in the Indian exports to Malaysia which indicates its trade and business interest with each other.
But 2020 was a very challenging year for Malaysia with a decrease of 21.3% in its exports to India, he informed the forum, adding that the bilateral trade had contracted by 5.6%.
He looked forward to increasing ties with India, especially in areas of high technology manufacturing, pharmaceuticals, digital economics, artificial intelligence and renewable energy.
The PHD Chamber of Commerce and Industry’s conference on India-South East Asia Day, “Strengthening India – South East Asia: Project Partnership the Way Forward” was also addressed by other ASEAN envoys on 16 Mar 2021.
Vietnamese companies are looking to source steel, telecommunication and IT services from India with the support of Indian companies, Ambassador Pham Sanh Chau said of his country’s interest in doing business with India.
“We want to promote investment in India via Vietnamese companies,” he said, calling on the Indian businesses to make headway and deepen the business relationship between the two countries.
The Vietnamese envoy pointed out that the movement of skilled employees and population between the nations which can lead to human capacity building.
The Philippines’ ambassador Ramon S. Bagatsing Jr. invited the Indian businesses to invest in different sectors of pharmaceuticals, IT & telecommunications in his country.
He assured of Manila’s support for Indian businesses and industries in the pharmaceuticals, healthcare, and information and communication technology as well as the government’s infrastructure program.
Indian companies can have their research and development departments and manufacturing parts in the Philippines, he added.
Thailand has been a pivotal partner on various associations and one of the largest trade partners of India, highlighted Suchitra Durai, Ambassador, and Permanent Representative to UNESCAP, Embassy of India in Thailand.
The Indian-Thai bilateral trade has increased optimistically since last years and investments have been growing on both sides in the sectors like IT, health and pharmaceuticals, chemicals, energy, food processing, infrastructure, engineering goods, and hospitality. These can be further expanded into business and trade investments and partnerships, Durai pointed out.
She presented a detailed profile on the business and trade relationship between India and Thailand with special focus on the IT, fintech, health and pharmaceuticals, chemical, processed food, renewable energy and entertainment industries.
She posited this profile in the complimentary relationship between India’s Act East and Thailand’s Act West policies, given the historical, cultural and linguistic ties that on a large part have formed and cemented through longstanding trade relations between the two countries.
Ajay Poddar, Chair, International Affairs Committee for East Asia, South East Asia & Oceania, PHDCCI, discussed the close relationship shared between India and ASEAN nations growing in a multi-fold manner.
The major items of exports from India have been meat, edible vegetables, fruits, cereals, mineral fuels, chemicals, pharmaceuticals, iron, steel, copper, machinery, and many more offering business enhancement opportunities to both nations, he said. #investment #exports #manufacturing #infrastructure #projects /fiinews.com
