India to focus on green energy with Malaysian PM arrival

19 Aug 2024 CW Team

Sources indicate that both countries are working towards a significant agreement in the start-up sector. Indian companies like RazorPay and Pine Labs currently dominate the digital payment market in Malaysia, holding nearly 70% of the B2B segment, while Malaysian start-ups are increasingly tapping into India's advanced digital technology expertise.

In conversations with industry leaders and policymakers in Kuala Lumpur, two key areas of interest for Malaysia emerged: leveraging India's National Skill Development programme and seeking collaboration and support in the Electric Vehicle (EV) and Artificial Intelligence sectors. Malaysia is keen to accelerate the growth of its EV industry, which has seen slow demand despite government efforts to build an EV ecosystem, especially after Tesla's decision to abandon plans to manufacture EVs in the country. Anwar is expected to seek Indian investment to help develop this promising yet underdeveloped sector in Malaysia.

Additionally, discussions will likely address the import of Malaysian palm oil, which suffered due to former Prime Minister Mahathir Mohamad's stance on Kashmir. Anwar aims to resolve this issue with Prime Minister Modi. India imported palm oil worth 7.08 billion Malaysian Ringgit from Malaysia between January and August 2023. The two nations are also expected to review their Comprehensive Economic Cooperation Agreement to potentially include new trade items.

(ET)

Malaysian Prime Minister Anwar Ibrahim is set to arrive in India, with a focus on securing Indian investments to help revitalise Malaysia's economy, particularly in the digital and green energy sectors. Anwar's visit marks the first prime-ministerial trip from Malaysia to India since 2018, and he is scheduled to meet with Indian Prime Minister Narendra Modi on August 20. Sources indicate that both countries are working towards a significant agreement in the start-up sector. Indian companies like RazorPay and Pine Labs currently dominate the digital payment market in Malaysia, holding nearly 70% of the B2B segment, while Malaysian start-ups are increasingly tapping into India's advanced digital technology expertise. In conversations with industry leaders and policymakers in Kuala Lumpur, two key areas of interest for Malaysia emerged: leveraging India's National Skill Development programme and seeking collaboration and support in the Electric Vehicle (EV) and Artificial Intelligence sectors. Malaysia is keen to accelerate the growth of its EV industry, which has seen slow demand despite government efforts to build an EV ecosystem, especially after Tesla's decision to abandon plans to manufacture EVs in the country. Anwar is expected to seek Indian investment to help develop this promising yet underdeveloped sector in Malaysia. Additionally, discussions will likely address the import of Malaysian palm oil, which suffered due to former Prime Minister Mahathir Mohamad's stance on Kashmir. Anwar aims to resolve this issue with Prime Minister Modi. India imported palm oil worth 7.08 billion Malaysian Ringgit from Malaysia between January and August 2023. The two nations are also expected to review their Comprehensive Economic Cooperation Agreement to potentially include new trade items.(ET)

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