Asean, India looking to bolster trade relations

KUALA LUMPUR: Asean and India have a huge market to offer to one another, especially in the digital sphere, which would be beneficial for companies from both sides said Ministry of International Trade and Industry (Miti) secretary-general Datuk Jayasiri Jayasena.
He said the inaugural Asean India Biztech Expo and Conference 2017, to be held on May 24 and 25 at the Kuala Lumpur Convention Centre is a step towards realising the hope for better trade between the region and India.
The expo and conference will feature market players from the information and communications technology, automotive and aeronautical, electrical and electronics, financial services, healthcare, pharmaceuticals and biotechnology as well as the professional and business services sectors from Asean and India.
Some 120 exhibitors are expected to participate and organisers are looking to attract 5,000 trade and public visitors.
Trade between Asean and India have steadily declined since 2012, from US$71.82 billion (RM319 billion), to US$58.74 billion in 2015.
“It would be good if this expo and conference becomes a regular event with the aim of helping our businesses to adopt or apply technology while at the same time fostering ties between our business communities to help opportunities become reality,” he said at the soft-launch of the event organised by the Asean India Business Council and endorsed by Miti, Malaysia External Trade Development Corporation, Malaysian Digital Economy Corporation, the Indian High Commission and the Federation of Indian Chambers of Commerce and Industry.
“By and large there is a huge market for both sides to tap and we hope that an (event) like this will create more opportunities for companies by adopting to some of the technologies that we need to go into,” Jayasiri said.
“I think the digital trade is one area where we really want to exploit further,” adding that there is a huge appetite for technology tools and system to be applied in businesses, be it in the area of smart manufacturing or in digital trade.
Given the size of the Indian market, which stands at more than a billion in terms of population, Jayasiri said, even small Malaysian companies – which are able to find a footing in digital trade – will be able to find buyers. In encouraging digital trade with India, he said, the platform would also prove to be a more cost effective measure for businesses.