Kuala Lumpur, 05/09/2024 : THE geopolitical and economic landscapes of Asia are undergoing a transformative shift, driven by the rapid evolution of regional partnerships. At the forefront of this change is the burgeoning relationship between Malaysia and India, two nations bound by shared histories, economic aspirations and a mutual commitment to regional stability.
The recent Malaysian trade delegation to India, led by Prime Minister Datuk Seri Anwar Ibrahim, marks a significant milestone in our bilateral relations, laying the foundation for a new era of collaboration.
Anwar’s visit to India was not merely ceremonial but also a strategic initiative designed to elevate Malaysia-India relations to unprecedented heights. This visit resulted in securing RM8bil in potential exports and RM4.5bil in potential investments, signalling a robust and promising future for economic collaboration between the two nations. These figures are more than just numbers; they also represent the potential for job creation, technological advancement and enhanced living standards for the people of both countries.
The elevation of our bilateral relationship to a comprehensive strategic partnership (CSP) further underscores the commitment of both nations to work together across multiple domains.
This partnership is not just about trade and investment but also encompasses a wide array of sectors, including technology, defence, education and people-to-people exchanges. As the newly-appointed alternate chairman of the Asean-India Business Council (AIBC), I am both honoured and inspired to contribute to the realisation of this visionary agenda.
๐ผ๐๐๐๐๐ ๐๐๐ ๐๐๐ ๐ด๐๐๐๐๐๐๐-๐ฐ๐๐ ๐๐ ๐ญ๐๐๐ ๐ป๐๐๐ ๐ ๐จ๐๐๐๐๐๐๐๐ (๐ญ๐ป๐จ)
One of the most significant outcomes of Anwar’s visit was the agreement to upgrade the Malaysia-India Free Trade Agreement (FTA). The decision to enhance the FTA comes at a crucial time, as both nations seek to navigate the complexities of the global economy and secure their positions as key players in regional trade.
The upgraded FTA is expected to provide Malaysian and Indian businesses with enhanced market access, reduced tariffs and streamlined regulatory processes. This will enable companies from both countries to operate more efficiently, expand their reach and increase competitiveness.
For Malaysia, this means greater access to Indiaโs vast market of over 1.4 billion people, while India stands to benefit from increased investment and collaboration with Malaysiaโs dynamic and diverse economy.
Beyond the immediate economic benefits, the upgraded FTA is also a strategic move that aligns with the broader goals of the Asean-India Free Trade Area. By strengthening bilateral trade ties, Malaysia and India are also contributing to the stability and prosperity of the wider Asean region, fostering a more integrated and resilient economic bloc.
๐ท๐๐๐๐๐๐๐๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐
In a bold and forward-thinking move, Anwar advocated for the use of national currencies in bilateral trade between Malaysia and India, reducing reliance on traditional and often volatile global currencies. This initiative is more than just a financial adjustment; it is also a strategic shift towards greater economic sovereignty and resilience.
By trading in national currencies, Malaysia and India can mitigate the risks associated with currency fluctuations and enhance the predictability of trade costs. This approach also aligns with broader regional trends, as other Asean countries explore similar mechanisms to reduce their dependence on the US dollar and other major currencies. The adoption of this strategy could serve as a model for other countries in the region, promoting greater financial stability and fostering deeper economic ties.
๐ฌ๐๐๐๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐๐๐ ๐๐๐ ๐๐๐ ๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐๐๐
As the global economy becomes increasingly digitised, the role of technology in driving economic growth cannot be overstated. Recognising this, Anwarโs visit placed significant emphasis on enhancing technological collaboration between Malaysia and India.
With its burgeoning tech industry and innovative startups, India offers Malaysia a valuable partner in areas such as digital transformation, fintech and green technology.
Collaborative initiatives in these sectors will not only drive economic growth but also contribute to sustainable development goals, helping both countries address pressing environmental challenges. For instance, the exchange of expertise in renewable energy and green technology can play a critical role in reducing carbon emissions and promoting energy efficiency in both nations.
Moreover, the collaboration in technology extends beyond just business. Educational and research institutions in both countries stand to benefit from joint initiatives, fostering innovation and creating new opportunities for young professionals and researchers. This cross-border exchange of knowledge and expertise is vital for building a future-ready workforce capable of driving the next wave of economic growth.
๐ท๐๐๐๐๐-๐๐-๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐ ๐๐ ๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐
While trade agreements and investments form the backbone of bilateral relations, the true strength of Malaysia-India ties lies in the deep cultural and historical connections between our peoples. Anwar’s visit also highlighted the importance of people-to-people connectivity, which is essential for sustaining and deepening the relationship between our two nations.
Educational exchanges, cultural programmes and tourism are key areas where Malaysia and India can further strengthen their ties. By promoting greater interaction between our citizens, we can foster mutual understanding, respect and friendship, laying the groundwork for a more enduring and resilient partnership.
The recent agreement on the recruitment and employment of workers between the two countries is a testament to this commitment. It not only addresses immediate labour needs but also sets the stage for more structured and sustainable migration flows, benefiting both the Malaysian and Indian economies.
๐ป๐๐ ๐๐๐๐ ๐๐ ๐๐๐ ๐จ๐๐๐๐-๐ฐ๐๐ ๐๐ ๐ฉ๐๐๐๐๐๐๐ ๐ช๐๐๐๐๐๐ (๐จ๐ฐ๐ฉ๐ช)
As we embark on this new chapter in Malaysia-India relations, the role of the Asean-India Business Council (AIBC) will be more critical than ever. Under the leadership of the Investment, Trade and Industry Ministry, the Council is poised to facilitate deeper engagement between the private sectors of both nations.
AIBCโs mission is to ensure that the high-level agreements reached during Anwar’s visit are translated into actionable and tangible economic outcomes. By fostering dialogue, promoting business opportunities and addressing challenges, the Council will act as a catalyst for stronger economic ties between Malaysia and India.
AIBC shall also work closely with our counterparts in India to explore new avenues for collaboration, particularly in emerging industries such as artificial intelligence, biotechnology and renewable energy. These sectors hold immense potential for growth and can serve as the driving forces behind our bilateral relationship in the coming decades.
๐ณ๐๐๐๐๐๐ ๐๐๐๐๐ : ๐จ ๐๐๐๐๐๐ ๐๐๐๐๐๐ ๐๐๐ ๐ด๐๐๐๐๐๐๐-๐ฐ๐๐ ๐๐ ๐๐๐๐๐๐๐๐๐
Anwar’s recent visit to India is a powerful affirmation of the strong and enduring ties between our two nations. The potential exports and investments secured during this visit are just the beginning of what promises to be a period of unprecedented growth and collaboration.
As we move forward, it is essential that we continue to build on this momentum, leveraging our shared strengths and addressing any challenges that may arise. The success of these initiatives will depend on the active participation of all stakeholders, from government bodies and private enterprises to civil society and academia.
Malaysia and India stand at the cusp of a new era in their bilateral relationship. With a shared vision and commitment to mutual prosperity, I am confident that we will achieve new heights of success, creating a legacy that will benefit not only our two nations but also the entire Asean region.
๐ต๐ฐ๐ฝ๐จ๐บ ๐น๐จ๐ฎ๐จ๐ฝ๐จ๐ต
๐จ๐๐๐๐๐๐๐๐ ๐ช๐๐๐๐๐๐๐
๐จ๐๐๐๐-๐ฐ๐๐
๐๐ ๐ฉ๐๐๐๐๐๐๐ ๐ช๐๐๐๐๐๐ (๐จ๐ฐ๐ฉ๐ช)
(๐จ๐๐ 1, 2024-๐ซ๐๐ 31, 2027)
(๐ป๐๐ ๐๐๐๐๐๐ ๐๐ ๐๐๐๐ ๐๐๐๐๐๐๐๐๐ ๐๐๐ ๐ท๐๐๐๐๐ ๐๐๐ ๐๐ ๐ฒ๐๐๐๐ ๐ณ๐๐๐๐๐ & ๐ฐ๐๐ ๐๐๐ ๐ช๐๐๐๐๐๐ ๐๐ ๐ช๐๐๐๐๐๐๐ & ๐ฐ๐๐ ๐๐๐๐๐ ๐๐ ๐๐๐๐ ๐๐ ๐ฝ๐๐๐-๐ช๐๐๐๐๐๐๐ ๐๐ ๐ญ๐๐ ๐๐๐๐๐๐๐ ๐๐ ๐ด๐๐๐๐๐๐๐ ๐ฉ๐๐๐๐๐๐๐ ๐จ๐๐๐๐๐๐๐๐๐๐๐.)