KUALA LUMPUR, Sept 10 (NNN-Bernama) — Malaysian businessmen have been urged to capitalise on the investment opportunities laid out in India’s ‘Make in India’ initiative namely in food processing, renewable energy, automotive components and semiconductor sector, says founder chairman of Consortium of Indian Industries in Malaysia (CIIM) Umang Sharma.
He said Malaysia being one of the largest producer of solar panels could take advantage from the renewable energy sector in India, following Indian Prime Minister Narendra Modi’s announcement of making India net-zero by 2070, and achieving the ambitious target of 280 GW of solar capacity by 2030.
“In electronics and semiconductor sector, India is offering huge incentives on setting up manufacturing base in India in the electronics sector.
“Besides that, India is going big in the digital and financial services introducing Digital rupee, Digital University, Digital health systems and e-Passports with embedded chip, with Malaysia having great expertise in some of these areas,” he said in his speech at the special commemorative event ‘India-Malaysia@65’ organised by CIIM and Malaysia India Business Council (MIBC) to celebrate 65 years of the establishmentof diplomatic relations between India and Malaysia here, last night.
Make in India is a Government of India scheme launched by Modi in 2014 intended to boost the domestic manufacturing sector and also augment investment into the country.
Sharma said India produced 44 unicorns in 2021 with a total valuation of US$93 billion, with great eco-system for start-ups existing there, adding there is a huge opportunity for Malaysian businessmen looking for tie-ups in the republic.
“The Malaysia India Comprehensive and Economic Cooperation Agreement in 2011, triggered trade volumes in certain sectors, but there is still huge business potential lying untapped,” he said, adding Indian companies have invested over US$3 billion in Malaysia, creating over 100,000 jobs for Malaysians, both directly and indirectly, in various sectors.
Sharma also proposed a separate Malaysia-India SME CEO Forum to be set up to fast track engagement with the SMEs of both countries.
“While we already have a (Malaysia-India CEO Forum), it would be a good idea, if a separate Malaysia-India SME CEOs Forum is set-up. It can do wonders in trade for both the countries,” he added.
— NNN-BERNAMA