Assam Industries & Commerce dept signs MoU with MIBC

Assam Industries & Commerce dept signs MoU with MIBC Guwahati, Nov 11 (PTI) Assam Industries and CommerceDepartment has signed a Memorandum of Understanding (MoU) withMalaysia India Business Council (MIBC) to improve the two-waytrade and investment between India and Malaysia.

The MoU was signed on Sunday in the presence of AssamIndustries and Commerce Minister Chandra Mohan Patowary andMIBC president Tan Sri Ir Kuna Sittampalam in Guwahati, As per the MoU, both the parties agreed to explore andimprove the two-way trade and investment between the twocountries in sectors like education, tourism, primaryindustries, etc.

Assistance will be accorded to business or trademissions from India visiting Malaysia and vice-versa inseminars, conferences, exhibitions, economic and technicalfairs, information bureau, symposia, or similar events takingplace in each others country.

It was also decided to accelerate engagement, trade,cultural exchange to unlock the potential sectors betweenAssam and Malaysia.

Speaking at the ceremony, Patowary said, 'Business andconnectivity are two sides of the same coin. The trilateralhighway which is expected to open by 2021 will connect Assamto Malaysia through Myanmar and Thailand.' He the Kaladan multi-modal project will provide accessto Sittwe seaport of Myanmar and make it easy to trade withMalaysia and the Mongla and Chittagong ports of Bangladeshwill allow North East to access the South East Asian market.

Describing the MoU as the beginning of a new journeyof trade and economic cooperation, Patowary hoped that theagreement will help in embarking upon a new journey ofexploring opportunities and pitching in investment in thepotential sectors.

Assuring help and cooperation, the minister asked theMalaysian delegation to invest in sectors like infrastructure,health care, food processing, tea tourism-cum-golf tourism,bamboo and agar which are supported by investment-friendlypolicies like state industrial policy, sugar policy, ITpolicy, export and logistics policy.

Also urging MIBC to open a Malaysian consulate inGuwahati and start flight connectivity between Guwahati andKuala Lumpur, the minister said, 'though we are divided byboundaries, our roots are the same. Its the heart to heartconnection we share and with the philosophy of Atithi DevoBhava the guest is god, we will work together in eachothers states in the industrial sectors'.

MIBC president Sittampalam said that apart from thehistorical perspective, a comprehensive business agreementbetween India and Malaysia was signed in 2011 and since thentrade between the two countries has increased from USD 8billion to USD 17.24 billion during 2018-19.

Terming the MoU as a historical milestone, Sittampalamadded that the North East region can be the food basket forMalaysia as the country imports varieties of food items fromIndia. PTI ESBRG RG