NEW DELHI-- India and Malaysia on Tuesday discussed ways to deepen bilateral ties in several areas of mutual interest.
In a press statement after meeting visiting Malaysian Prime Minister Anwar Ibrahim, Prime Minister Narendra Modi said that both the sides discussed all areas of mutual cooperation extensively.
"We observed that our bilateral trade is making steady progress. Trade between India and Malaysia can now be settled in Indian Rupee and Malaysian Ringgits," Modi said.


He also stated that Malaysian investment in India last year was worth USD 5 billion.
The Indian PM added that there is more potential for expanding economic cooperation between the two countries while announcing elevation of India Malaysia partnership to Comprehensive Strategic Partnership.

"The bilateral trade and investment should be expanded. We should enhance our mutual cooperation in areas of new technology, such as semiconductors, Fintech, defense industry, A.I. and quantum," Modi said.
Both the sides agreed to establish a Digital Council and a Start-up Alliance to boost cooperation in digital technology.

It has been decided to connect India's UPI and Malaysia's Paynet. The discussion also touched upon new possibilities of cooperation in the defense sector and agreed upon the fight against terrorism and extremism.
Modi also stated that Malaysia is an important partner of India in ASEAN and the Indo-Pacific region.


"India gives priority to ASEAN centrality. We agree that the review of the FTA between India and ASEAN should be completed in a timely manner. India will extend full support to Malaysia's successful ASEAN Chairmanship in 2025," he said.
The Indian PM also asserted commitment of India and Malaysia to peaceful resolution of all disputes while stressing the freedom of navigation and overflight in accordance with international laws.


Eight MoUs in several sectors including in the field of Ayurveda and traditional systems of medicine, digital technologies, culture, arts and heritage, tourism, youth and sports, public administration and governance reforms and mutual cooperation in financial sector have been signed on the sidelines of the talks. (end) atk.ibi

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