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Tuesday, July 6, 2010

Sharma to hold trade talks with Malaysia and Singapore

Commerce Minister Anand Sharma will hold talks with his counterparts in Malyasia and Singapore aimed at enhancing trade during a four-day visit to the two countries starting Tuesday.

Sharma will be leading a delegation of nearly 100 Indian business leaders, including Fortis group chairman Malvinder Singh, Larsen and Toubro chairman A.M. Naik and GMR Urban and Transport and Infrastructure Group chairman Srinivas Bommidala.

While in Malaysia, Sharma will meet the ministers of international trade and industry Datuk Mustapa Mohamed, and minister of transport Datuk Sri Kong Cho and minister of foreign affairs Dato’ Sri Anifah Aman. He will also call on the Prime Minister of Malaysia.

He will also address a meeting organised jointly by the Confederation of Indian Industry, the Malaysia-India Business Council (MIBC) and Malaysian Associated Indian Chambers of Commerce and Industry (MAICCI).

The main items India exports to Malaysia are copper, aluminium and zink, meat products, chemicals and petroleum products while major items of imports from Malaysia are crude petroleum, chemicals, palm oil and electronic products.

Trade between India and Malaysia has grown from $2.94 billion in 2003-04 to $10.60 billion in 2008-09.

On July 8, Sharma will meet with Lim Hng Kiang, Singapore’s minister for trade and industry and foreign minister George Yeo.

He will also address a session on India-Singapore trade and economic cooperation and give a public lecture on “Resurgence of Asia in 21st century”.

During 2008-09, India’s exports to Singapore amounted to US $8.45 billion and imports stood at US $7.65 billion.

The major items India exports to Singapore are transport equipment and gems and jewellery. The main items it imports from Singapore are electronic goods and organic chemicals.

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