With two free trade agreements already implemented, ie. MICECA and AIFTA, Malaysia – India trade relations has grown rapidly from US$ 15.57 billion in 2018 to US$ 19.61 billion in 2022. Both countries are benefiting from the free trade agreement.
In term of exports, in 2022, Malaysia’s export to India grew by 21 per cent to US$ 12.44 billion. This makes India as Malaysia’s 8th largest export destination. Major products exported to India were palm oil & palm oil based agriculture products, electrical & electronic products, chemicals & chemical products, crude petroleum and manufactures of metal. Malaysia’s imports from India also increased by 28.2% to US$7.17 billion and makes India as Malaysia’s 12th largest source of imports. Major products imported from India were petroleum products, agricultural products, chemicals & chemical products, manufactures of metal and iron & steel products.
Mr Norman Dzulkarnain Nasri, the Trade Consul of Malaysia said, Acknowledging the importance of the market and the need to expand trade with India, the Malaysia External Trade Development Corporation (MATRADE), the National Trade Promotion Agency through its office in Mumbai will facilitate Malaysian companies and Indian companies for business and trade opportunities. He added that Malaysia has established itself as one of the most trade-friendly countries in the world, exporting a competitive range of products to more than 200 global markets.
The Malaysia External Trade Development Corporation (MATRADE) here in Mumbai invites Indian companies to source more from Malaysia. Indian companies to consider Malaysia as their sourcing destination to source for reliable products & services. Both Malaysian exporters and Indian companies who are serious to look for new markets for their products should seriously look at India as a potential market and leverage on the two FTAs.
Although Malaysia is better known as a holiday destination among Indians, interest among Indian businessmen and importers on Malaysian products, has grown significantly too. MATRADE always works closely with Chamber of Commerce and Trade Association to do business with reputable companies. This can be seen with the increasing number of Indian importers participating in MATRADE’s programmes in Malaysia. Besides looking for quality products to be imported, Indian companies are interested to acquire new technologies and are also looking for partners to manufacture products. Indian importers are invited to participate in the International Sourcing Programme (INSP) that organise by MATRADE particularly MIHAS. MATRADE will be organised the 19th Malaysia International Halal Showcase (MIHAS) 2023 in Kuala Lumpur from 12 to 15 September 2023. In conjunction with MIHAS 2023, MATRADE will be organizing the International Sourcing Programme (INSP) MIHAS both virtual and physical.
