KUALA LUMPUR, Sept 15 – India is confident that the newly elevated Comprehensive Strategic Partnership (CSP) with Malaysia will drive bilateral trade to greater heights, targeting US$25 billion by 2026, said India’s Minister of State for External Affairs, Kirti Vardhan Singh.
The minister, who is on his maiden visit to Malaysia from Sept 12-15, expressed optimism about the strong collaboration between the two countries.
“With over US$20 billion in annual trade, India and Malaysia are working towards enhancing this figure to US$25 billion by 2026,” he said in his speech during a luncheon hosted by the Malaysia-Indian Business Council (MIBC) and the Consortium of Indian Industries in Malaysia (CIIM) on Saturday.
“With the synergy I see between CIIM and MIBC, I am confident we will not only reach but exceed this target before time,” he added.
Also in attendance were MIBC president Tan Sri Kuna Sittampalam, Chairman of CIIM, Datuk Umang Sharma, and Indian High Commissioner to Malaysia, B.N.Reddy.
Malaysia, is currently India’s third-largest trading partner in the ASEAN region, and ranks among India’s top ten trading partners.
Kirti Vardhan Singh, who is also India’s Minister of State for Environment, Forest and Climate Change, highlighted the significance of key sectors such as engineering goods, pharmaceuticals, chemicals, and mobile phones in the bilateral trade basket.
“India is also the largest market for Malaysia’s palm oil and one of the biggest suppliers of food products to Malaysia. We will continue to work towards greater food security for both countries,” he stated.
Kirti Vardhan Singh also noted the recent agreement permitting trade settlements in local currencies – the Indian rupee and Malaysian ringgit – which he believes will further promote bilateral trade.
