Deputy Prime Minister Tan Sri Muhyiddin Yassin being briefed by VFS Global Malaysia Visa Centre employee Natasha Ambrose after he launched the centre in Aurum House Dadysheth Lane Babulnath in Mumbai yesterday. With him are (from right) Special Ambassador to India and South Asia Datuk Seri S. Samy Vellu, Sabah Chief Minister Datuk Seri Musa Aman, Human Resources Minister Datuk S. Subramaniam, Works Minister Datuk Shaziman Abu Mansor and VFS Global Business Development head Anirudh Pratap Singh (second from left)
More major Indian companies are now eyeing Malaysia as a potential investment market following the close cooperation being pursued between the governments of both countries.
MUMBAI: There has been an increasing number of major Indian companies eyeing Malaysia as a potential investment market following the close cooperation being pursued between the governments of both countries.
Deputy Prime Minister Tan Sri Muhyiddin Yassin said visits by Prime Minister Datuk Seri Najib Razak and his Indian counterpart Dr Manmohan Singh late last year had provided both with a more intimate knowledge of the investment opportunities available in the countries.
"Those whom I met today had expressed interest to either make new investments or expand the existing ones in Malaysia," he said after a roundtable discussion with Indian corporate leaders here yesterday.
Muhyiddin is leading a high-level delegation to India, where his stopover includes here, Delhi and Chennai.
The deputy prime minister said the corporate leaders were impressed with Malaysia's pro-business policies, such as the quick response to investors' needs, speedy visa and passport documentation, and the incentives for major investments.
"They were also impressed with the assistance provided by Mida (Malaysian Industrial Development Authority)."
At the end of the roundtable discussion, representatives of Indian conglomerates had expressed interest in investments totalling RM4 billion in the pharmaceutical, biotechnology, healthcare, education, information and communication technology (ICT), renewable energy, and oil and gas sectors.
Muhyiddin said he also had separate discussions with two major Indian corporate leaders -- Mukesh Ambani, chairman and managing director of Reliance Industries Limited, and Ratan Tata, chairman of Tata Group.
He said Ambani, had among, others expressed his intention to expand the RM366 million polyester processing plant in Nilai, Negri Sembilan while Tata is exploring the possibility of forging a cooperation with national car makers, Proton and Perodua.
Last year, India was Malaysia's 12th largest global trading partner, accounting for 3.28 per cent of the country's total trade.
Total trade between both countries had increased from US$7.06 billion (RM21.4 billion) in 2009 to US$8.98 billion last year, an increase of 21.4 per cent.
India also last year emerged as the 18th largest source of foreign investment in Malaysia's manufacturing sector involving investments of US$16.2 million.
Earlier, Muhyiddin visited the Malaysian Visa Facilitation Services (VFS) Centre, where Indian travellers and travel agencies can submit their visa applications, instead of visiting the Malaysian High Commission.
Muhyiddin,who is also the chairman of the Cabinet Committee for Tourism, assured Indian travellers that Malaysia was taking all measures to make it easier for them to visit the country.
Last year, close to 700,000 Indians visited Malaysia.
