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Stronger ties with Malaysia for India’s continued growth journey: High Commissioner

Stronger ties with Malaysia for India’s continued growth journey: High Commissioner

21 Feb 2024

India has emphasised the need for it and Malaysia to strengthen cooperation and form investment alliances in vital sectors for the coming decade.

They include renewable energy, semiconductors, electronics manufacturing and startups.

India’s high commissioner to Malaysia, B.N. Reddy highlighted Malaysia’s role as an enhanced strategic partner for his country.

Malaysia, he added. is a significant collaborator in the development of the global south, playing a crucial part in India’s continued growth journey.

“Malaysian companies are already realising the vast potential for investment collaboration in the green energy field with India.

“Since 2019, through Gentari, Petronas’ engagement in India’s RE sector has steadily grown with Gentari’s acquisition of 30 per cent stake in India’s Greenko owned AM Green Ammonia Holdings BV to produce five million tonnes of green ammonia per annum by 2030,” he said.

Gentari will partner with India’s ReNew Energy Global in a 50:50 joint venture aimed at developing 5.0 GW of renewable energy capacity, highlighting the potential for collaboration between India and Malaysia in the electronics manufacturing sector and semiconductors.

“India has made remarkable progress in the electronics sector over the past nine years, with production surpassing US$100 billion in 2023 (up from US$30 billion in 2014), over 200 mobile manufacturing units (up from two in 2014), and more than 850 million broadband users (up from 60 million in 2014),” Reddy said.

India aims to reach $300 billion in electronics manufacturing by 2025 or 2026, he added.

Reddy said India’s establishment of dedicated industrial parks for electronics and semiconductor manufacturing has attracted significant interest from global players in the semiconductor industry.

He also highlighted Malaysia’s robust electrical and electronic products (E&E) sector.

Malaysia’s substantial 15 per cent share of the global back-end semiconductor value chain suggests that it could become a formidable partner for India in technological collaboration, capacity building and skill development.

“Emphasising on the electronics & semiconductors sector in Malaysia’s New Industrial Master Plan (NIMP) fits well with India’s initiatives in this sector.

“A recent example of possible collaboration is the setting up of an India office at Bengaluru by Malaysia’s Infinecs- Penang-based company that offers electronics design services,” Reddy said.

Regarding the startup sector, Reddy encourages Malaysia to substantially enhance collaboration with India, especially considering that India currently has about 120,000 registered startups.

“With Malaysia Startup Ecosystem Roadmap 2021-2030 aimed at generating 5,000 startups by 2025, India and Malaysia can be natural partners for collaboration in the start-up sector,” he added.

A two-day India Investment and Trade Promotion Roadshow 2024 is currently underway from Feb 20-21, featuring a 20-member high-level delegation from India.

The delegation will be led by its commerce and industry vice minister Rajesh Kumar Singh, including senior officials and industry leaders.

The event, organised by Invest India, India’s National Investment Promotion and Facilitation Agency, in collaboration with the High Commission of India in Malaysia, Malaysia-India Business Council, Federation of Malaysian Manufacturers and Malaysian Semiconductor Industry Associations.

The event will also involve the active participation of Malaysia’s Ministry of Investment, Trade and Industry, Malaysian Investment Development Authority and Malaysian External Trade Development Corporation.

Source: NST