On his third visit to India, the Malaysian Prime Minister Mr. Najib Razak complimented the country on its progressive economic growth. Congratulating PM Narendra Modi regarding his bold economic reforms, Mr. Razak predicted that both the countries can learn a lot from each other. Today, the leaders of both the countries are expected to sign 15 major B2B (Business to Business) pacts at New Delhi to strengthen the existing commercial linkages. If the officials are to be believed, the MoUs cost approximately $5 billion in total.
Mr. Razak’s incredible trip to India started with the minister landing in ‘Pink City’ this Sunday. Rajasthan, which is the biggest state in India, carries just 1% of the total water resources. Falling short in this department, Rajasthan government invited the Malaysian companies to help them boost various infrastructure and water management projects. Rajasthan CM Vasundhara Raje believes that Rajasthan-Malaysia partnership will prove as an exemplary milestone in development and business collaboration.
Currently, Malaysia is the third largest trading partner of India, after Indonesia and Singapore. Last year, total $1.28 billion were invested in a bilateral trade between India and Malaysia. The leaders have greater plans for the coming year. They’re planning to increase trade investments to $15 billion.
The leading infrastructure development companies in Malaysia have already completed 53 highway projects worth $2.84 billion in India. Seven other projects (worth $0.34 billion) are under construction now. India is equally invested in India. Currently, 60 Indian IT companies are operating from Malaysia. Moreover, there are 120 Indian companies that are handling 7 public sector and 61 joint ventures in Malaysia.
As of now, Malaysia and Rajasthan are focused on scaling up economic ventures in key sectors of development like food security, smart infrastructure, tourism and connectivity. India has whole-heartedly welcomed this step, as it comes at a time when the US has snapped its ties with other countries, under TPP (Trans-Pacific Partnership) agreement to reduce its dependency on other nations.
In this situation, for regional good and social security, India has decided to strengthen its partnership with Malaysia and other foreign nations.
