AIBT (ASEAN India BizTech Expo and Conference) to help boost total trade between Malaysia-India

Posted on : 17-05-2017 | By : sabah today | In : National Business

KUALA LUMPUR: The two-day ASEAN India BizTech Expo and Conference (AIBT) from May 24, is expected to boost the total trade between Malaysia and India, says the Ministry of International Trade and Industry.

Secretary-general Datuk Seri Jayasiri Jayasena said with the number of industries to be covered at the inaugural event, the ministry’s remain upbeat over the trade performance between both countries.

The AIBT will feature industries such as information and communications technology, automotive and aeronautical, electrical and electronics, financial services, healthcare and pharmaceuticals.

“It is also timely as Malaysia embarked on the digital economy this year with the launch of the Digital Free Trade Zone.

“The hype today is all about the digital economy and e-commerce.Therefore, we see opportunities for both ASEAN and Indian technology companies to display and promote their products and services,” he told a press conference here today.

He said the event is also open to non-Asean countries and hopeD to see more companies join and benefit from the several dialogues to be conducted.

“This is also a good platform for small and medium enterprises, as well as startups, to source their products and services and perhaps collaborate with other companies for future development,” he added.

The AIBT Expo & Conference was initiated to mark the 25th anniversary of ASEAN-India relations and the hope of promoting and accelerating economic integration between Asean and India, while establishing Malaysia as the main hub.

Some 120 exhibitors are expected to participate in the event and the organiser, the Asean India Business Council, is looking to attract at least 5,000 trade and public visitors.

Total trade between Asean and India declined to US$58.74 billion in 2015 from US$71.82 in 2012.

However, in the latest trade figures by Miti, there was a double-digit expansion in exports between Malaysia and India.

It grew by 15.2 per cent to RM3.31 billion compared to the same period a year ago.

Also present at yesterday’s event was the Indian High Commissioner to Malaysia, TS Tirumurti, who said there is going to be a huge surge not just in trade, but also investments between Malaysia and India.

“It is already happening, whereby Malaysian companies are bidding for projects in India. There are also Malaysian companies showing an interest in participating in the fourth generation technology park in India,” he said.

He said as far as business is concerned, this flagship event is going to be one for Asean and also an upgrade at the bilateral level between India and Malaysia.

SOURCE— BERNAMA

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