Prime Minister Narendra Modi on Tuesday announced that India and Malaysia have decided to elevate their ties to a Comprehensive Strategic Partnership as the two nations signed eight accords and considered possibilities of defence cooperation between them.
At a joint press statement with his Malaysian counterpart Dato’ Seri Anwar Ibrahim here after wide-ranging talks between them, Mr Modi noted that the Enhanced Strategic Partnership between the two countries is completing a decade.
He said he discussed with Mr Ibrahim all areas of mutual cooperation extensively. ”We observed that our bilateral trade is making steady progress. Trade between India and Malaysia can now be settled in Indian Rupee (INR) and Malaysian Ringgits (MYR),” he said.
The PM said an investment worth $5 billion from Malaysia to India has been worked on last year.
”We believe that there is still a lot of potential in economic cooperation. The bilateral trade and investment should be expanded. We should enhance our mutual cooperation in areas of new technology, such as semiconductors, Fintech, defense industry, A.I. and quantum. We have emphasised upon stepping up the review of the Comprehensive Economic Cooperation Agreement between India and Malaysia. It has been decided to establish a Digital Council and to create a Start-up Alliance for cooperation in digital technology,” he said.
The PM said work will also be done on connecting India’s UPI and Malaysia’s Paynet. ”We have also discussed new possibilities of mutual cooperation in the defence sector. We are also unanimous in the fight against terrorism and extremism,” he added.
Mr Modi said the two countries have been connected with each other for centuries. Nearly three million Indian expatriates living in Malaysia are a living bridge between the two countries.
”From Indian music, food and festivals to the “Toran Gate” in Malaysia, our people have cherished this friendship,” he added.
Malaysia, he said, is an important partner of India in ASEAN and the Indo-Pacific region. India gives priority to ASEAN centrality.
”We agree that the review of the FTA between India and ASEAN should be completed in a timely manner. India will extend full support to Malaysia’s successful ASEAN Chairmanship in 2025. We are committed to freedom of navigation and overflight in accordance with international laws. And, advocate peaceful resolution of all disputes,” he added.
The eight accords signed between the two nations are related to various fields, incluidng recruitment, employment and repatriation of workers, Ayurveda and other traditional systems of medicine, culture and tourism.