Malaysian companies invited to invest in oil, gas and electronics sector in India, minister said this

The issue figured strongly at the India-Malaysia CEO Forum meeting in New Delhi that was chaired by Union Commerce and Industry Minister Piyush Goyal, where he called for collaborative efforts between the two countries to "build a brighter future" focussed on expanding business ties.

During the meeting on Monday, Union Minister Goyal proposed various fields where both countries can work to enhance their trade and business relations. The forum served as a platform for business leaders in both countries to understand each other's businesses and explore ways of expanding their bilateral trade, said an official.

The minister also spoke of the possibility of more synergies between Indian and Malaysian businesses across areas such as education, health tourism, infrastructure development including mass-transit systems in congested urban areas; digital economy services agriculture supply chains management e-commerce sectors in agri-business trade etc., clean energy promoting liquefied natural gas-related downstream industries agro-industrial waste to wealth creation wet market trades trans-shipment logistics etc. He emphasized the importance of joint efforts by both countries in these areas to further strengthen the partnership between the two countries.

Goyal said, "India and Malaysia should seek deeper cooperation in many areas to strengthen their partnership. Growing together is our mantra. We hope that businessmen from both sides will have an interesting discussion and we will move towards increasing investments in trade, tourism, technology, all these areas. Let us consider growing together."

In his address, Goyal also spoke about India's progress in the oil and gas sectors and invited Malaysian businesses to explore the vast opportunities in these sectors. He said India is rapidly opening up its oil and gas drilling areas, creating many possibilities for international players.

Goyal said that cooperation between the two countries should focus on areas where one country has a comparative advantage over the other. He suggested that this approach can significantly enhance India-Malaysia trade relations, leading to mutual growth.

While our academic spaces can work very well, MRAs (Mutual Recognition Agreements) would be the way forward for greater engagement and support to each other's industries, Goyal said.

The Union Minister described the electronics industry as another area where India can benefit from Malaysia's expertise. He called for increased cooperation between the micro, small, and medium enterprises (MSMEs) of the two countries in this sector.