Malaysia can support India’s semiconductor manufacturing program

“Malaysia is the third largest trade partner of India in the ASEAN region and we want to enhance trade and investment ties with this fastest growing developing country. The visit of three Malaysian ministers to India to explore partnership in tourism, human resource development and trade is a significant move to strengthen bilateral ties. The Consular offices of Malaysia in Mumbai are keen to partner with WTC Mumbai in organizing trade programs, trade fairs and facilitating trade delegation between both the countries. Our Consulate is also keen to partner with the research initiatives of WTC Mumbai to explore untapped bilateral trade and investment potential,” said Mr. Ahmad Zuwairi Yusoff, Consul General, Consulate General of Malaysia in Mumbai at an interactive session in WTC Mumbai.

Mr. Yusoff pointed out that the objective of this meeting was to explore partnership with WTC Mumbai to strengthen bilateral trade, investment and people-to-people ties. He informed, ”India aims to be USD 30 trillion economy by 2047 and Malaysia can play an important role in the economic development of India. In order to promote people to people ties, Malaysia extends premium visa and multiple entry visa to Indian citizens. Multiple entry visa, which was earlier given only for business visits, has been extended for other visits such as wedding and cultural events.”

Speaking on this occasion, Mr. Norman Dzulkarnain Nasri, Consul (Trade), Consulate General of Malaysia said, “Digital technologies and vocational training are emerging areas of collaboration. Malaysia can support India’s semiconductor manufacturing program as it has proven expertise in semiconductor manufacturing. There is a huge electronic manufacturing cluster in Penang in Malaysia. Also, we have huge deposit of silica, which is used in semiconductor. India has strong technical education institutions such as IITs and Malaysia needs Indian professionals for conducting vocational training in electronics and digital technology sectors.”

Earlier in her welcome remarks, Ms. Rupa Naik, Executive Director, WTC Mumbai pointed out, “WTC Mumbai is a multi-dimensional trade support institution and we shall be pleased to collaborate with the trade promotion initiatives of Malaysian Consular offices. The current trade value between India and Malaysia is USD 19 billion, which can be raised to USD 25 billion if we utilize the two trade agreements signed between the two countries. Indian exporters can utilize the India-Malaysia Comprehensive Economic Cooperation Agreement (CECA) and also our FTA with ASEAN to gain concessional market access in Malaysia. Specifically, Malaysia has offered tariff concession on 140 items under the CECA with India. Some of these items are basmati rice, mangoes, eggs, trucks, motorcycles and cotton garments, where India has export opportunities in Malaysia.”

During the meeting, both the sides discussed joint initiatives to facilitate trade, investment and people-to-people ties.

Mr. Shazri Hidayat ABD Shukor, Consul, (Investment), Consulate General of Malaysia also addressed the meeting.