New opportunities for Malaysia, India in digital economy as relations strengthen - MIDA | Malaysian Investment Development Authority
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New opportunities for Malaysia, India in digital economy as relations strengthen

New opportunities for Malaysia, India in digital economy as relations strengthen

08 Aug 2023

A strengthening India-Malaysia bilateral relationship will pave the way for new opportunities in both countries, especially in the digital economy, said the High Commissioner of India to Malaysia B.N.Reddy.

He said there are digital economy opportunities for India and Malaysia in Information Technology (IT) 2.0.

“The idea of IT 2.0 is different from IT 1.0 which requires a different treatment and how we can take this opportunity to develop that dimension such as artificial intelligence, the Internet of Things, and cloud computing.

“The key highlights for this area are talent development, investments from both sides and looking at the ability to (meet) the needs of companies (and) the requirements (of the digital economy),” he said.

He was speaking in a lecture series titled “India-Malaysia Relations – Moving Forward Amidst India’s Strategic Positioning in Global and Regional Affairs”, organised by The Economic Club of Kuala Lumpur (ECKL) and Star Media Group.

Reddy expressed hope that there will be startup collaborations, for example between the Malaysian Research Accelerator for Technology and Innovation (MRANTI) and Indian companies via a mentor-mentee model.

He said there is also the possibility of establishing a Malaysia-India Digital Council to support the digital economy agenda, adding that there are also opportunities for fintech collaboration.

“There are fintech innovations that propelled India’s growth and it was driven by the Unified Payments Interface, an instant payment system where over 350 banks in India are networked.

“So we hope that we can bring that to Malaysia and thereby able to do cross-border remittances with much greater ease,” he continued.

In addition, Reddy said India is also looking for opportunities in a strategic health alliance for both countries such as vaccine development, generic medicine, and medical tourism.

“(There are also collaboration opportunities) in manufacturing, agriculture, food security, semiconductor, renewable energy, and energy security,” he added.

ECKL chairman Datuk Seri Mohd Iqbal Rawther said Malaysia must take the opportunity to learn from India in advancing its digital economy.

“The newly introduced Madani Economy is looking at new frontiers, not the traditional patterns of economic development (such as) manufacturing and industrialisation, so such technological advancement from India is an opportunity (for) Malaysia.

“(However), traditional sectors such as palm oil exports also need a lot of improvement for advancing the bilateral relationship of both countries,” he noted.

Source: Bernama