Sharma calls for greater Malaysian investment in infrastructure sector

Union Minister for Commerce and Industry Anand Sharma meeting the Prime Minister of Malaysia, Dato' Sri Mohd Najib bin Tun Abdul Razak, at Kuala Lumpur on July 07, 2010.

Union Commerce and Industry Minister Anand Sharma today called for  from Malaysia and the participation of Malaysian sovereign investment funds in India's infrastructure sector.greater investments.

Mr Sharma is currently in Kuala Lumpur at the head of a 15-member high-level delegation, including CEOs of companies, to Malaysia.

The Minister called on Malaysia Prime Minister Mohammed Najib Tun Razak today for wide-ranging discussions on issues of mutual interest.

According to an official press release here, Mr Najib expressed a strong wish for an early conclusion of the Comprehensive Economic Cooperation Agreement (CECA) between the two countries.

Mr Sharma apprised him about the progress of negotiations and expressed optimism that they could be concluded by the end of this year.

Mr Najib said his country was keen on developing its knowledge-based industry in partnership with India. He said he would like to see greater greater movement of Indian specialists and professionals towards this end.

He expressed satisfaction on the dynamism of India- Malaysia bilateral trade, expressing hope that the target of $ 15 billion would be met much earlier than 2015. He underlined the growing partnership between Indian and Malaysian corporates, specially commending the Terminal 3 of IGI Airport as a shining example of collaboration.

Mr. Najib evinced keen interest in collaboration in infrastructure and energy sectors and gave a special emphasis on renewable energy collaboration for rural electrification in Malaysia.

Earlier in the day, Mr Sharma held bilateral talks with his counterpart Mustapa Muhamed. During the meeting, both ministers reviewed the progress in ongoing CECA negotiations and agreed to conclude a balanced and ambitious agreement by the end of the year.

Taking stock of bilateral trade and investment relations, they expressed confidence about achieving the target set for bilateral trade. Investments from both sides are in the range of $ 5 billion and the ministers identified priority sectors for future engagement including infrastructure, particularly highways, railways and airports, IT and ITES, biotechnology, tourism and health services. They also agreed to encourage joint investment projects in third countries, citing the successful execution of the airport project in Istanbul. Mr Mustapa will visit India soon with a CEO delegation focusing on tier-2 cities.

During his visit, Mr Sharma also met Minister for Transport Kong Cho Ha and Minister in Prime Minister’s Department Noor Mohammed and CEOs of top Malaysian companies such as Malaysian Airport Holding, Axiata, IJM Corporation and UEM Corporation.

Mr Sharma and Mr Najib will address a business conference tomorrow, an event that is expected to be attended by more than 500 CEOs from the two countries.

NNN