New Delhi, Nov. 16 (ANI): With the domestic timber market bleeding due to recession, Malaysian exporters are turning to India, a lucrative market with encouraging import trends.
In 2008, Malaysia exported timber and timber products to India worth 1.3 billion ringgits, a robust 17.1 per cent jump compared to the previous year.
"India is Malaysia's third largest importer of timber and timber products after Japan and the United States. When our traditional markets are down, India has shown a positive growth," The Star Online quoted Tham Sing Khow, senior director of the Malaysian Timber Council, as saying.
"India is potential market for us, it has a large population, its economy is developing fast and (people's) income is also on the rise," he added.
India's ban on most domestic logging coupled with the rising prosperity of the middle-class Indians continue to fuel demand for timber and wood-based products, making it the second largest importer of tropical logs in the world after China.
India industries imported timber and wood-based products worth over 1.4 billion dollars in 2008.
Malaysia, the world's second largest supplier of tropical hardwood sawn timber after Brazil, is also inviting Indian businessmen to invest in the sector at home.
"Indian investors can come to Malaysia to set up companies or invest in existing plants (factories) and we can share our resources with them," Tham said.
The council was currently on a timber trade mission to three major Indian cities-Delhi, Mumbai and Chennai. (ANI)