New Delhi, Jan 8 – Malaysia offers abundant opportunities in various industries for Indian companies to invest, Minister of Natural Resources and Environment, Datuk Seri G. Palanivel said.
The palm oil industry, with Malaysia as one of the largest exporter of the commodity, is among those that Indians can invest in, he said.
“Malaysia is also fast emerging as an education hub. Hence, we welcome the Indian Institute of Technology (IIT) to open a branch campus in the country,” he said at the inaugural session of the 12th Pravasi Bharatiya Divas here, today.
As of August last year, Indian investments in Malaysia amounted to US$2.05 billion, in areas such as textiles, palm oil refining and pharmaceuticals.
Malaysia is the 19th largest investor in India in areas such as telecommunications and infrastructure.
Malaysian firms to date have completed roads and infrastructure projects worth US$3.27 billion in India.
The Pravasi Bharatiya Divas marks the contribution of the overseas Indian community to the development of India. In conjunction with the event, a forum on issues concerning the Indian Diaspora is also organised.
Palanivel also promoted the five super economic corridors in Malaysia, namely the Northern Economic Region, Iskandar Economic Corridor, East Coast Economic Region, Sabah Development Corridor and Sarawak Corridor of Renewable Energy.
“I urge not only Indian companies but also companies from other countries, to take advantage of the various exemptions and incentives provided by the Malaysian government to invest in these areas,” he said.
He assured investors that Malaysia is committed to expanding ties with India as well as the Diaspora in business and education, as well as other areas deemed mutually beneficial.
Two-way trade between Malaysia and India has increased manyfold over the years.
In 1998 it was about US$2.3 billion. It increased to US$13.32 billion in 2012 and is expected to touch US$14.40 billion in 2013.
– Bernama
