Trade between Malaysia, India set to boost further: Minister

Kuala Lumpur, May 30: Malaysia today said that current economic downturn has not affected bilateral trade between New Delhi and Kuala Lumpur and both the countries expect an increase in trade growth in comparison to last year.

Domestic Trade and Consumer Affairs Minister Ismail Sabri Yaakob said that in the first half of the year, trade between the two countries stood at 5.2 billion ringgit (1 ringgit = 13 rupees) compared with 8.1 billion ringgit seen the whole of last year.

"We can expect an increase in bilateral trade between Malaysia and India despite economic crisis. We can probably achieve a total of 10 billion ringgit to 11 billion ringgit in bilateral trade," he told reporters after launching the seventh 'Global Indian Festival 2009' at the sprawling Megamall complex here today.

Indian High Commissioner to Malaysia Ashok K Kantha who attended the opening said the new Indian cabinet looked forward to reinforcing ties with South East Asia and has placed an emphasis on economic recovery and greater India-Malaysia trade.

The festival has attracted several companies from India who will display their merchandise at the festival which draws a large crowd every year.

Ismail said "a recently concluded joint study has indicated that the two countries could catapult bilateral trade to 16 billion ringgit by 2012.