Business

Wednesday November 4, 2009

Miti: Investments should create technology transfer


CHENNAI: International Trade and Industry Ministry (Miti) wants to attract investments that involve technology transfer and help the Government create a high-income economy.

“It is not about the amount of investment coming into the country.

“The investment may be less but most important is that it can generate quality jobs and provide technology transfer,” Minister Datuk Mustapa Mohamed told reporters.

Miti would be looking at investments from other sectors besides information technology and manufacturing, he said.

“We also want to promote our professional services, tourism and property sectors.

“There are 350 million people in India who are considered as middle class and these people are interested in coming to Malaysia as tourists and to do business,” he added.

He noted that “there are presently some 500 Indians taking part in the Malaysia My Second Home programme.”

Meanwhile, Malaysia India Business Council adviser Tan Sri Ajit Singh said future trade and investment missions to India should include bankers and chief executive officers.

“Investment is a very specialised area, which needs a special team who can liase with their counterparts overseas,” he said.

Ajit said the trade and investment mission to India was very timely, as the purchasing power of India’s middle class had improved significantly.

Malaysia’s bilateral trade with India stood at about US$10.5bil last year compared with US$7.9bil in 2007.

For the first eight months of this year, the country’s bilateral trade with India was valued at US$4.5bil.

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