The Ministry of International Trade and Industry (MITI) is encouraging more local small and medium enterprises (SMEs) and start-ups to increase their network by seizing opportunities in India’s digital trade platform.

Secretary-General Datuk Seri J Jayasiri said India was a big market to tap, with a population of about 1.8 billion, and there was a huge demand for technology tools and systems.

“As this year has been declared, ‘The Year of Internet Economy’, we have hired Alibaba Group Founder Jack Ma as our advisor on digital economy, but we must also look at other markets and participate in business technology events to get a bigger outreach. “This would save them (entrepreneurs) a lot of time instead of going to India physically,” Jayasiri told a press conference after the soft launch of the ASEAN India Biztech Expo & Conference here today.

Last year, Malaysia’s total trade with India stood at RM1.85 billion.

“Not only will the market of 1.8 billion people be expanded to a lucrative market of 3.5 billion, but also a wide supply chain that would provide opportunities for enterprises of all sizes. Businesses of ASEAN and India can enjoy first mover advantage, if only they are willing to take the bold step to invest now,” he said.

The maiden two-day event beginning May 24, organised by the ASEAN India Business Council (AIBC) in conjunction with the 25th anniversary of ASEAN-India relations, will be opened by MITI Minister Datuk Seri Mustapa Mohamed.

Themed, ‘Bridging Borders Through Business’, it would comprise three main components namely exhibition, conference and the ASEAN-India Achievement and Excellence Awards.

Meanwhile, AIBC Co-Chairman Datuk Ramesh Kodammal said the exhibition would cover high-technology industries including Internet of Things (IoTs), smart machines, customers digital assistance automative and aeronautical, biotech and pharmaceutical.

Source: Bernama