NEW DELHI: India and Malaysia signed several Memorandums of Understanding (MoUs) across various sectors during Malaysia’s Prime Minister, Dato’ Seri Anwar bin Ibrahim three-day state visit to India from August 19-21.
These MoUs include agreements on labor and employment, Ayurveda and traditional medicine, digital technologies, culture, tourism, and youth and sports cooperation. Additional MoUs were signed focusing on public administration, governance reforms, and financial services cooperation between India’s International Financial Centre Services Authority (IFSCA) and Malaysia’s Labuan Financial Services Authority.
ALSO READ: No (Lateral) Entry: 3 days after posting ads, Modi govt cancels UPSC jobs
The signing of these agreements followed delegation-level talks between Prime Minister Modi and his Malaysian counterpart. In his press statement, Prime Minister Modi announced that India and Malaysia have decided to elevate their Enhanced Strategic Partnership to a Comprehensive Strategic Partnership, highlighting the progress made in their bilateral relations over the past decade. He emphasized the potential for deeper economic cooperation, particularly in defense, fintech, semiconductors, artificial intelligence, and quantum technology.
One of the key outcomes of the talks was the decision to work on linking India’s Unified Payments Interface (UPI) with Malaysia’s PayNet, facilitating trade between the two nations in Indian Rupee (INR) and Malaysian Ringgit (MYR). Prime Minister Modi also noted a significant investment of $5 billion from Malaysia to India last year.
Modi reiterated India’s commitment to ASEAN centrality and expressed full support for Malaysia’s upcoming ASEAN Chairmanship in 2025. He also underscored the importance of completing the review of the Free Trade Agreement between India and ASEAN in a timely manner.
Prime Minister Anwar Ibrahim highlighted the rich history, culture, and civilization of India and expressed a desire to explore further areas of cooperation. The visit sets the stage for a new chapter in India-Malaysia relations, particularly as the two countries prepare to enter the second decade of their Enhanced Strategic Partnership next year.
This marks Anwar Ibrahim’s first visit to India as Malaysia’s Prime Minister and comes at a time when the two nations are looking to further strengthen their bilateral ties. His visit is expected to pave the way for a robust, multi-sectoral cooperation agenda between India and Malaysia in the coming years.