ASEAN KEY DESTINATIONS
Two-way trade expected to double this year
Bilateral trade between Malaysia and India is expected to see double-digit growth this year from the $8.1 billion in 2007, Malaysian national news agency Bernama reported.
The counsellor(economic and education) at the High Commission of India in Kuala Lumpur, BN Reddy said that for the first six months of the year, trade between the two countries stood at $5.2 billion.
"Malaysian imports during the period stood at $1.6 billion while the remaining US$3.6 billion was from exports," he said at a media briefing on the Indian engineering exhibition, scheduled to be held here from September 25-28.
Organised by the Engineering Export Promotional Council India (EEPC), the exhibition will see more than 150 Indian companies gathered at the Putra World Trade Centre (PWTC), with an eye on collaborating with local partners to make Malaysia the hub for penetrating the region.
"The 150 Indian companies, representing both public sector and small and medium entreprises (SMEs), will showcase their engineering capabilities, products and services," Reddy said.
He noted that the SMEs engineering sector contributed to 60 percent of India's total engineering exports, making it the largest pie in India's merchandise exports.
He said last year, imports of engineering goods from Malaysia stood at $921 million while exports were at $798 million, which represented about two percent of India's own engineering exports.
"With the strong bilateral trade and economic relationship between Malaysia and India, we are confident that opportunities abound for both countries to further strengthen collaboration and technical
cooperation in better serving the Asean region," he added.
On the exhibition, Reddy said it would showcase products and technology such as automobile components, basic metals and products, electrical machinery as well as apparatus and fabricated
Reddy said in conjunction with the exhbition, EEPC will organise conferences on investment opportunities in Malaysia and India, the scope for technology upgrades and engineering process outsourcing