Piyush Goyal invites Malaysian businesses to invest in India's oil, gas, and electronics sectors

NEW DELHI: Union Minister of Commerce and Industry, Piyush Goyal, emphasized the importance of strengthening trade cooperation between India and Malaysia during the 'Meeting of India-Malaysia CEOs Forum' held in New Delhi.

Union Minister Goyal on Monday addressed the gathering, highlighting several areas where the two nations could collaborate more deeply, thereby expanding their trade and business relationships. The forum provided a platform for business leaders from both countries to explore mutual opportunities and discuss strategies to foster growth.

Goyal highlighted the potential for greater synergy between businesses in India and Malaysia, especially in sectors such as education, healthcare, infrastructure, tourism, the digital economy, e-commerce, and clean and sustainable energy.

He stressed the importance of joint efforts in these fields to further strengthen the partnership between the two countries.

"India and Malaysia must explore deeper collaboration in several sectors to strengthen our partnership. Growing together is our mantra. We hope the business persons on both sides will have an engaging discussion and we can grow together both in trade, tourism, Technology, investments in all these areas, let us look at growing together," Goyal stated.

In his address, Goyal also highlighted India's advancements in the oil and gas sectors, inviting Malaysian businesses to explore the vast opportunities in these fields. He pointed out that India is increasingly opening up its oil and gas drilling sectors, creating numerous prospects for international players.

"India is also opening up much more to oil and gas drilling, Malaysia should look at capturing some of those auctions and tenders and opportunities in India," the minister added. 

Goyal further noted that collaboration should be focused on areas where one nation has a comparative advantage over the other. This approach, he suggested, could significantly enhance the trade relations between India and Malaysia, leading to mutual growth and development.

"Our educational institutions can do a lot of good work, MRAs (Mutual Recognition Agreements) will be the way forward for greater engagement and support to each other's industries," said Goyal.

The Union Minister also pointed out the electronic industry as another sector where India could benefit from Malaysia's expertise. He called for enhanced collaboration in this area, particularly between micro, small, and medium enterprises (MSMEs) from both countries.

"We can look at a greater degree of collaboration on the electronics industry side also and our micro, small and medium industries must certainly collaborate in areas like renewable energy, fintech, e-commerce, infrastructure, healthcare and skill development," Goyal said.

Goyal highlighted the immense economic potential that the Indian market offers, which he suggested could be highly beneficial for Malaysian businesses. He emphasized that India's vast consumer base presents lucrative opportunities for businesses worldwide, 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 stated.

The meeting of the India-Malaysia CEOs Forum served as a pivotal moment for both countries to reinforce their trade ties.