KUALA LUMPUR: The India-Malaysia CEO’s Forum, which was set up here to boost two-way trade and investment, suggested joint development of SEZs and commercial townships besides creating an India Infrastructure Fund to meet the rising demands in that country.
In a report to Prime Minister Manmohan Singh and Malaysian Prime Minister Najib Tun Razak here, the Forum also recommended reduction and elimination of non-tariff barriers to trade and investment and relaxing barriers for cross-border flow of capital.
Promising to supplement the efforts of the respective governments to boost economic ties, the Forum suggested the two countries should identify and focus on other industries and sectors (including services) in addition to the already identified sectors where each country has a competitive advantage.
“To jointly develop townships, SEZs and commercial development to meet the rising demands in India,” the joint statement of the Forum said.
It said the two sides should explore the creation of a dedicated India Infrastructure Fund.
The other recommendations included call on Malaysian companies to broaden their engagements/investments in roads, ports and power sectors in India, facilitating the movement of business people through reciprocal visa arrangement, reduction and elimination of non-tariff barriers to trade and investment.
Resolution of issues relating to withholding taxes and the like, expediting of operations of banks of both Malaysia and India operating in each others’ territories, relaxation of barriers to cross border investment, establishing parity in doing business in both the countries, simplification in work permit procedures and recognition of foreign firms for submission of Architectural and engineering plans for domestic approvals were among other recommendations.
-PTI
