Union Minister of Commerce and Industry Piyush Goyal has called on Malaysian businesses to explore investment opportunities in India’s thriving oil, gas, and electronics sectors. Speaking at the 'Meeting of India-Malaysia CEOs Forum' in New Delhi, Goyal underscored the growing potential for bilateral cooperation and the importance of strengthening trade ties between the two nations.
Addressing an audience of business leaders from both countries, Goyal outlined key areas for deeper collaboration, including education, healthcare, infrastructure, tourism, the digital economy, e-commerce, and clean energy. “India and Malaysia must explore deeper collaboration in several sectors to strengthen our partnership. Growing together is our mantra”, Goyal stated, emphasizing mutual growth through shared opportunities.
Highlighting India’s advancements in the oil and gas sectors, Goyal invited Malaysian companies to tap into India’s expanding energy market. He noted that India is opening up new opportunities in oil and gas drilling, with various tenders and auctions available to international participants. “Malaysia should look at capturing some of those auctions and tenders and opportunities in India”, he suggested.
Goyal also pointed out that collaboration should be based on areas where each country holds a comparative advantage. By focusing on sectors of strength, both nations can enhance trade relations and drive mutual development. He suggested that initiatives like Mutual Recognition Agreements (MRAs) could pave the way for more seamless cooperation in education and other critical industries.
The Union Minister identified the electronics industry as another promising area for collaboration. India, he noted, stands to benefit from Malaysia’s expertise in this field, especially in the context of micro, small, and medium enterprises (MSMEs). “We can look at a greater degree of collaboration on the electronics industry side, and our MSMEs should work together in sectors like renewable energy, fintech, e-commerce, infrastructure, healthcare, and skill development”, Goyal said.
In his remarks, Goyal emphasized the immense economic potential that India offers, highlighting the country’s vast consumer base as a lucrative market for global businesses, including those from Malaysia. “I’m sure this huge demand that India offers businesses across the world is an opportunity that no Malaysian businessman would like to lose”, he added.
The India-Malaysia CEOs Forum provided a vital platform for exploring mutual opportunities and charting the future of trade relations between the two countries. With a focus on fostering growth and development, the discussions at the forum signaled a renewed commitment to strengthening bilateral ties. As India continues to emerge as a key player in the global economy, the potential for deeper economic collaboration with Malaysia is likely to bring significant benefits to both nations.