KUALA LUMPUR (March 12): Business between India and Malaysia is set to grow strongly, given that trade between the two countries reached US$20 billion (RM90 billion) last year.

“With Malaysia-India bilateral trade at US$20 billion last year, the Indian and Malaysian economies are on a take-off trajectory moving forward,” said Consortium of Indian Industries in Malaysia (CIIM) chairman Datuk Umang Sharma.

India’s economy grew at 8.6% in 2021 and is expected to grow at 7% this year, he said at a dinner to celebrate 65 years of diplomatic relations between India and Malaysia on Friday (March 10).

The gala dinner, held jointly with the Indian High Commission in Malaysia, also marked the 15th year of CIIM’s establishment.

India’s High Commissioner to Malaysia BN Reddy said India’s partnership with Malaysia is based not only on common interests but also on shared values.

“Democracy, rule of law, the preference for a rules-based international order, similar positions and worldview are the aspects which bind us together,” he said. 

Sharma said there are more than 250 Indian companies operating in Malaysia which have invested over US$3 billion in the country and employed some 100,000 Malaysians.

The founding chairman of CIIM said the association was set up in 2005 to be the face of Corporate India in Malaysia, with the objective of establishing linkages between Indian companies and various stakeholders in Malaysia.

Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah and Raja Permaisuri Agong Tunku Hajah Azizah Aminah Mainumah Iskandariah were the guests of honour at the dinner, held at the Tropicana Golf and Country Resort. 

Earlier, in the afternoon, the King took part in the inaugural golf invitational tournament involving 120 golfers.