MARKET DEVELOPMENT
India\'s Slow Economic Growth Will Not Affect Bilateral Trade, Says Envoy
India\'s Slow Economic Growth Will Not Affect Bilateral Trade, Says Envoy
17/08/2013 (Bernama) - The 5.0 per cent economic growth registered by India last year, the lowest in a decade, will not have an impact on bilateral trade, says India's High Commissioner to Malaysia, Vijay Gokhale.
In fact, Malaysia-India trade value has gone up and based on the statistics issued by both governments, Malaysia's exports to India and India's exports to Malaysia have increased within six months, he said.
"I think, irrespective of the slowing down of India's economy over the past few months, trade with Malaysia will grow significantly.
"Malaysia is an Asean country and India's relations with Asean countries are strong and becoming stronger," he said.
He said this to Bernama at India's 67th Independence Day anniversary reception on Thursday night. At the event, Malaysia was represented by Minister in the Prime Minister's Department Datuk Paul Low Seng Kuan.
"We have a free trade agreement with Malaysia. I don't think it will have an impact on Malaysia-India trade," he said when asked whether India's low economic growth will affect bilateral trade.
It was reported that after growing at over 8.0 per cent for two consecutive years, India's economic growth slowed to 6.2 per cent in 2011-12 and further dwindled to a decade's low rate of 5.0 per cent last year on account of poor performance of farm, manufacturing and mining sectors.
Gokhale said the relationship between Malaysia and India was very strong, noting the strategic partnership between the two countries, with trade growing very fast, reaching about US$15 billion (RM49.21 billion) last year.
"Trade between Malaysia and India is about US$15 billion in favour of Malaysia and we are catching up. Malaysia is a big exporter to India, not only palm oil, but also electrical and electronics goods, chemicals and textiles," he said.
On the Independence Day celebrations, Gokhale said a flag-hoisting ceremony was held at his residence on Thursday morning and was attended by a large number of Indian citizens who live and work in Malaysia.
In fact, Malaysia-India trade value has gone up and based on the statistics issued by both governments, Malaysia's exports to India and India's exports to Malaysia have increased within six months, he said.
"I think, irrespective of the slowing down of India's economy over the past few months, trade with Malaysia will grow significantly.
"Malaysia is an Asean country and India's relations with Asean countries are strong and becoming stronger," he said.
He said this to Bernama at India's 67th Independence Day anniversary reception on Thursday night. At the event, Malaysia was represented by Minister in the Prime Minister's Department Datuk Paul Low Seng Kuan.
"We have a free trade agreement with Malaysia. I don't think it will have an impact on Malaysia-India trade," he said when asked whether India's low economic growth will affect bilateral trade.
It was reported that after growing at over 8.0 per cent for two consecutive years, India's economic growth slowed to 6.2 per cent in 2011-12 and further dwindled to a decade's low rate of 5.0 per cent last year on account of poor performance of farm, manufacturing and mining sectors.
Gokhale said the relationship between Malaysia and India was very strong, noting the strategic partnership between the two countries, with trade growing very fast, reaching about US$15 billion (RM49.21 billion) last year.
"Trade between Malaysia and India is about US$15 billion in favour of Malaysia and we are catching up. Malaysia is a big exporter to India, not only palm oil, but also electrical and electronics goods, chemicals and textiles," he said.
On the Independence Day celebrations, Gokhale said a flag-hoisting ceremony was held at his residence on Thursday morning and was attended by a large number of Indian citizens who live and work in Malaysia.