India, Malaysia to elevate ties, focus on semi-conductor, fintech, defence industry: PM Modi

New Delhi, Aug 20 (Representative) India and Malaysia have decided to elevate their ties to Comprehensive Strategic Partnership, and increase cooperation in the fields of semiconductor, fintech, defence industry, AI and quantum, Prime Minister Narendra Modi said on Tuesday after holding talks with visiting Malaysian PM Anwar Ibrahim. Both sides also inked a number of agreements. In his media statement, after holding talks at Hyderabad House, PM Modi also said that the two sides held talks on all aspects of their multi-faceted partnership. He said that their Enhanced Strategic Partnership, which was announced in 2015, has completed 10 years. “In the last two years, with the support of Prime Minister Anwar Ibrahim, our ties have gained new pace and energy,” the PM said. He said the two sides have begun trade in Rupay and Ringgit. “We have decided to elevate the partnership into Comprehensive Strategic Partnership. We believe there is a lot of potential in trade and two-way investment, and we should increase cooperation in the area of semiconductor, fintech, defence industry, AI and quantum,” the PM said. He also said that the Indian payment system UPI and the Malaysian Electronic Payment System would be joined. PM Modi said that during the CEOs forum meeting new aspects of cooperation were realised and that in the sphere of defence both sides spoke of new aspects of cooperation.

Both sides also are in agreement in combating radicalism and terrorism. Speaking of the Indian diaspora, the PM said that India and Malaysia are joined by three million strong PIOs who are a living bridge, with Indian music, food and culture, and festivals celebrated in both countries. “Our people give strength to the partnership,” he added. The PM said that the PIO Day celebrated last year in Malaysia was very successful.He said that both sides are in talks for an agreement on workers’ protection and movement, and that visa procedures have been made easier. PM also said that India is for ASEAN centrality, and that both sides are for a peaceful and secure Indo-Pacific and the rights of overflight in the region. The Malaysian PM Anwar Ibrahim, in his remarks, termed PM Modi a true friend and brother. “His friendship is sincere, not just when I am PM but when I was nobody, he was very kind. He makes deliberations very easy.” He said the two sides held discussions as “true brothers on all issues sensitive to us, in the true meaning of friendship”. “India is a important and great nation, and Malaysia is much smaller but very proud of its civilisation, culture and multi-ethnicity,” he said. PM Anwar said that defence cooperation between the two nations are to be enhanced, especially in safeguarding border areas. He said energy transition, food security and digitalisation are some of the areas that both countries can collaborate.