Schedule a Call Back
India-Malaysia to strengthen cooperation in digitalisation, defense and AI
Industry News- Aug 21,24
Currently, there are around 185,000 Indian nationals in Malaysia, including both skilled and unskilled workers.
India and Malaysia have agreed to elevate their relationship to a comprehensive strategic partnership, following discussions between Prime Minister Narendra Modi and his Malaysian counterpart, Anwar Ibrahim. The talks focused on expanding cooperation in areas such as digitalisation, defense manufacturing, semiconductors, and artificial intelligence (AI).
During the meeting in New Delhi, the two countries signed eight agreements, including a key memorandum of understanding (MoU) on the recruitment and employment conditions for Indian workers in Malaysia. Additionally, they agreed to work towards connecting India’s Unified Payments Interface (UPI) with Malaysia’s Payments Network (PayNet) to facilitate digital transactions between the two nations.
Prime Minister Modi emphasised the untapped potential in economic cooperation between India and Malaysia, highlighting that Malaysian investments in India reached $5 billion last year. He also pointed out the ongoing bilateral trade in national currencies and called for increased collaboration in emerging technological areas such as semiconductors, fintech, defense, AI, and quantum computing.
Anwar Ibrahim, referring to Modi as “mere dost” (my friend) and “my brother,” praised the strong friendship between the two leaders, which has enabled open and candid discussions on a range of issues, including sensitive topics. He noted that the two multicultural and multi-religious nations share commonalities that extend beyond trade and investments, encompassing areas like digital technology, education, research, modern agriculture, and military collaboration.
The MoU on the recruitment, employment, and repatriation of workers is particularly significant, given past concerns about the treatment of Indian workers in Malaysia. Currently, there are around 185,000 Indian nationals in Malaysia, including both skilled and unskilled workers. Modi expressed that the agreement would promote the recruitment of Indian workers while ensuring the protection of their rights.
In addition to labor cooperation, the two sides signed agreements to enhance collaboration in digital technologies, tourism, youth affairs, sports, public administration, governance reforms, ayurveda, traditional medicine, and cultural exchanges. They also agreed to establish a Digital Council to foster cooperation in digital technology and to create a Startup Alliance.
Efforts will be made to expedite the review of the bilateral Comprehensive Economic Cooperation Agreement, with Modi urging for the timely review of the India-ASEAN free trade agreement. The leaders also discussed new opportunities for cooperation in the defense sector and reaffirmed their commitment to combating terrorism and extremism.
Modi described Malaysia as a vital partner within the ASEAN framework and the Indo-Pacific region, reiterating India’s commitment to the freedom of navigation and overflight in accordance with international laws. Anwar Ibrahim, in turn, expressed his gratitude, stating that Malaysia considers India a "great and true friend" and is committed to strengthening bilateral relations in all areas.
(HT)
Related Stories
Electrical & Electronics
India to introduce repairability index for electronics to combat e-waste
The Consumer Affairs Ministry is spearheading the creation of this index, which will evaluate products based on several key criteria.
Read moreElectrical & Electronics
Noida facility to drive 'Make in India' for global markets, says JB Park
These centres are at the cutting edge of AI and product innovation, contributing to numerous patents and driving technological advancements both in India and globally.
Read morePolicy Regulation
Dighi Industrial Smart City to shoot Maharashtra towards $1 trillion economy
Located 55 km east of Dighi port, the proposed city will span 6,056 acres and involve an investment of Rs 54.69 billion.
Read moreRelated Products
Troop Comforts revolutionises military gear with indigenous innovations
Aerospace & Defence
Troop Comforts Ltd (TCL), a state-owned defence corporation, has recently received a request for proposal (RFP) from the Northern Command of the Indian Army for its indigenously developed military gea Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
