NEW DELHI (Bernama) – The Malaysia External Trade Development Corporation (MATRADE) is exploring new areas for export growth in the Indian market to capitalise on a Malaysia-India free trade pact.
The trade promotion agency organised an export acceleration mission (EAM) to New Delhi from Nov 13 to 15 to study market trends and meet importers.
“India is a large and vibrant market. It is a single market with multiple characters when it comes to consumer tastes, preferences and product choices. Our companies have to be clear which segments of the market they want to target,” Shaiful Sharif, a deputy director at MATRADE, told Bernama.
“We want to increase our engagement with business associations in different sectors across India through trade missions,” he said.
Eleven Malaysian companies dealing in food and beverages, furniture, building materials, cosmetics and petroleum products participated in the trade mission.
Shaiful said these sectors are witnessing good consumption growth in India due to the expanding middle class and a preference for quality products.
Members of the Malaysian delegation held networking sessions, market visits and business meetings with Indian importers.
They were also given a briefing at the Malaysian High Commission on India’s market potential.
Malaysian High Commissioner to India Datuk Hidayat Abdul Hamid said bilateral economic relations have received a boost from the Malaysia-India Comprehensive Economic Agreement (MICECA) and the ASEAN-India Free Trade Area (AIFTA) deal.
He said Malaysian manufacturers have not taken full advantage of the opportunities created by these agreements through reduced customs duties.
Bilateral trade in 2017 was worth RM61.4 billion compared with RM48.7 billion in 2016.
Malaysian exports to India last year increased by eight per cent to RM34.5 billion.
– BERNAMA
