Kolkata, Sep 30 (UNI) Malaysia is likely to emerge a key partner for India's ambitious target of achieving US$ 660 billion merchandise export by 2015, according to EEPC-India.
EEPC India (formerly called Enginnering Export Promotion Council) Chairman Rakesh Shah here today said Malaysia at present was the largest importer of Indian enginnering goods accounting for about 19 per cent amounting to US$ 747.6 million of the ASEAN's total import, valued at about US$3.93 billion.
Mr Shah said though the India-Malaysia bilateral trade grew by 23 per cent in 2007, trade in enginnering goods expanded by whopping 80 per cent. The bilateral trade between the two nations amounted to $4.14 billion for Janaury-June, 2008, up from $2.94 billion during the same period last year.
On the other hand, Malaysia's export to India was $3.69 billion and import from India stood at $1.67 billion during January-June this year. With regard to engineering trade, India's export increased from USD 361 million in 2006-07 to USD 747 million in 2007-08.
In turn, India's import from Malaysia increased by 52 per cent from USD 372 million in 20o6-07 to USD 569 million in 2007-08.
'' India's ambitious target of achieving US$ 660 billion merchandise export by 2015 implying an annual growth rate of at least 23 per cent indicates that Malaysia is likely to emerge as key partner for India, particularly in the enginnering sector, '' Mr Shah told a news conference.
India earned about $33 billion in last fiscal by exporting enginering products and is expected to make $40 billion in this financial year, added Mr Shah.
Mr Shah said the recently concluded 19th Mega Engineering Exhibition INDEE at Kuala Lumpur had opened a new vista in trade relation between the two nations. Initial sample feedback from participating members revealed that it was their serious exposure to the market of Malaysia.
Mr Shah said the three-day exhibition achieved nearly US$4.95 million worth of inquiries and US4 0.20 million worth of spot order booked.
EEPC India signed MoUs with eight partner organisers in Malaysia to usher in a new era of trade cooperation.
UNI PC SJC RN1731