KUALA LUMPUR, Nov 22 — Substantial opportunities await businessmen in Malaysia and India, given the proactive and forward-looking budgets of both countries this year, coupled with India's commitment to a "Green Growth" strategy, says founder chairman of the Consortium of Indian Industries in Malaysia (CIIM) Datuk Umang Sharma.
He urged entrepreneurs from Malaysia and India to explore business opportunities, particularly in five sectors: renewable energy (including solar, green hydrogen, green ammonia, EV, and lithium batteries), semiconductor, startups, fintech, and e-commerce, as well as skilled and vocational training.
Umang, in his address during the Deepavali dinner hosted by CIIM here last night, highlighted that India is the third largest startup ecosystem globally, adding that as of October, India boasts 111 unicorns with a total valuation of US$350 billion.
“There is also immense scale of digital transactions in India, reaching 89.5 million in 2021-22 and escalating to 114 billion in the year ending March 2023,” he said at the event which was also attended by Deputy Entrepreneur Development and Cooperatives Minister Senator Saraswathy Kandasami and Indian High Commissioner to Malaysia B.N. Reddy, along with presidents and senior officers from other Chambers of Commerce and Associations.
Umang, who has been instrumental in promoting Malaysia as an investment destination to Indian businessmen, also highlighted the growing bilateral trade between India and Malaysia, reaching US$20 billion last year, and noted that the Indian economy surpassed US$4 trillion last week.
He said Indian companies are making notable investments in Malaysia, particularly in the fintech space.
Razorpay, an Indian payment gateway provider, acquired Curlec, a Malaysian payment gateway company. Additionally, Hindustan Aeronautics Ltd, a public sector company manufacturing aerospace and defence-related equipment, recently opened an office in Kuala Lumpur to explore opportunities in Malaysia and Asean.
Umang said Petronas is making a significant investment of US$1.6 billion in a green ammonia project in India, aiming to produce one million tonne of green hydrogen and five million tonnes of green ammonia annually by 2030.
Furthermore, Petronas has offered a substantial investment of US$460 million in the green arm of the National Thermal Power Corporation (NTPC Green Energy-NGEL) in India.
— Bernama
