Malaysia for close ties with India on tapping infrastructure

CHENNAI: India and Malaysia should work closely on utilising the potential of infrastructure opportunities in their respective countries, a Malaysian envoy said today.

"Infrastructure is the lifeline in all business activities and it could translate economic cycles into many folds of spiral effect. India and Malaysia must work hand-in-hand through creative financial packages to realise the acutal potential of vast infrastructure opportunity.." Malaysia's Special Envoy to India and South Asia on infrastructure, Dato Seri S Samy Vellu said.

Stating that infrastructure was the lifeline of all business activities in developed nations, he said, "in the recent global financial crisis and economic downturn, infrastructure plays an important role to counter balance against slowing economic activity and lower consumption".

Participating in a seminar on South India Infrastructure Investment Summit 2011 organised by CII here, he said,"India's infrastructure requirement is real and acts as a double sided sword; as an economic driver and a mechanism to attain supremacy".

He said the time was now right for making Malaysia as a centre for sourcing long-term debts for meeting part of India's infrastructure financing needs. "This will also deepen the Malaysian markets, expand businesses and offer an alternative investment opportunity..", he said.

He said over the last five years, Malaysia increased its interest in India by signing a comprehensive economic cooperation agreement for goods and services, making both markets accessible for their businesses.