Norman calls on Indian companies to consider Malaysia as product and services sourcing destination
Malaysia’s export to India grew by 21% on the year to US$12.44 billion in 2022, making the country 8th largest export destination for Malaysian products.
Major products exported to India were palm oil & palm oil-based agriculture products, electrical & electronic products, chemicals & chemical products, crude petroleum and manufactures of metal, according to Norman Dzulkarnain Nasri, the Malaysian Trade Consul in Mumbai.
Malaysia’s imports from India also increased by 28.2% to US$7.17 billion, making India as Malaysia’s 12th largest source of imports. Major products imported from India were petroleum products, agricultural products, chemicals & chemical products, manufactures of metal and iron & steel products.
Acknowledging the importance of the market and the need to expand trade with India, he said that the Malaysia External Trade Development Corporation (MATRADE), the National Trade Promotion Agency through its office in Mumbai, will facilitate Malaysian companies and Indian companies for business and trade opportunities.
He pointed out that Malaysia has established itself as one of the most trade-friendly countries in the world, exporting a competitive range of products to more than 200 global markets.
Norman invited Indian companies to source more products through the MATRADE in Mumbai.
He called on the Indian companies to consider Malaysia as their sourcing destination for reliable products & services.
“Both Malaysian exporters and Indian companies, looking for new markets for their products, should seriously look at India as a potential market and leverage on the two free trade agreements already implemented — MICECA and AIFTA.
Malaysia–India trade relations has grown rapidly from US$15.57 billion in 2018 to US$ 19.61 billion in 2022. Both countries are benefiting from the free trade agreement, Norman highlighted.
Besides looking for quality products to be imported, Indian companies are interested to acquire new technologies and are also looking for partners to manufacture products, he noted.
As such, Norman invited Indian importers to participate in the International Sourcing Programme (INSP) by MATRADE particularly the 19th Malaysia International Halal Showcase (MIHAS) 2023 to be held in Kuala Lumpur from 12 to 15 September 2023.
Furthermore, MATRADE also has another office in Chennai, covering markets in the Southern and Eastern India, he pointed out.
Norman told Mumbai-based media that India has always been a very important market, and it is Malaysia’s biggest trading partner in South Asia.
In 2022, India was Malaysia’s 11th largest global trading partner and among ASEAN countries, Malaysia was India 3rd largest trading partner after Singapore and Indonesia, according to a MATRADE release of 22 June 2023.
Meanwhile, MIHAS is expected to be the largest post-pandemic as it is expected to attract over 35,000 international visitors, and will have 1,500 booths, inclding 40 country pavilions. Last year’s edition of MIHAS saw participation of exhibitors from 33 countries represented through 1,200 booths. Fiinews.com
