Malaysia's PM Anwar Ibrahim focuses on BRICS and trade in first India trip
Malaysian Premier Anwar Ibrahim will visit India this week for the first time since taking office in 2022, a trip that analyst say is a strategic move for Malaysia to realign its position on the global stage.
Prime Minister Anwar's visit, which will take place from Monday to Wednesday, is at the invitation of Indian Premier Narendra Modi, according to the Indian Ministry of External Affairs. The last time a Malaysian leader visited India was in 2018 when former Prime Minister Najib Razak made the trip.
As nations in the Global South navigate increasing global power tensions, Malaysia is looking at multipolar platforms as part of its strategy to balance power dynamics. During his visit, Anwar is likely to seek Modi's backing for Malaysia's bid to join BRICS, an influential group of emerging economies that includes India and China. This move aligns with Malaysia's goal to enhance its role in a diversified global order.
Sources indicate that the two countries are working toward a significant agreement in the start-up sector. Currently, Indian start-ups like RazorPay and Pine Labs hold nearly 70 percent of Malaysia's digital payment market in the B2B sector, while Malaysian start-ups are increasingly engaging with India's digital technology industry.
In discussions with industry leaders and policymakers in Kuala Lumpur, it was highlighted that Malaysia's key objectives in bilateral trade include leveraging India's expertise from its National Skill Development program and seeking collaboration and support in Electric Vehicles (EVs) and Artificial Intelligence.
India has also been a major importer of Malaysian palm oil, with imports valued at 7.08 billion Malaysian Ringgit between January and August 2023. The two nations are expected to review the Comprehensive Economic Cooperation Agreement to expand the range of items included in the agreement.
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