The India-Malaysia bilateral trade dwindled to a little over $10 billion in the last fiscal and it is to reverse this fall that Prime Minister Najib Razak is here, a Malaysian Minister said on Monday.
Razak is leading the largest ever delegation with 11 ministers, Malaysia’s Minister of International Trade and Industry Mustapa Mohamed said.
Bilateral trade with Malaysia, which was worth $16.9 billion in 2014-15 and $12.8 billion in 2015-16, fell to $10.8 billion in 2016-17, Mohamed said.
“One third of the Malaysian cabinet is here, that is 11 ministers, led by the Prime Minister who is making the longest visit to India by a Malaysian PM,” Mohamed said.
The Minister was addressing the ‘India Malaysia Business Forum’ organised jointly by industry chambers Ficci, Assocham and CII along with the Malaysian Investment Development Authority.
“The Prime Ministers have expressed their aspiration to see this trade increase to $15 billion in the immediate future,” he added.
The Malaysian delegation also included a number of corporate leaders.
The India-Malaysia CEO’s Forum on Saturday called for a balanced Regional Comprehensive Economic Partnership (RCEP) and its conclusion at an early date.
The Malaysian leader is on a five-day visit to India.