GJEPC holds second India Global Connect with Malaysia to strengthen trade ties
The Gem and Jewellery Export Promotion Council held a second India Global Connect with representatives from Malaysia to boost trade ties between the nations, this time with a focus on small businesses.
The meet saw industry and government representatives from India and Malaysia explore ways to strengthen gem and jewellery trade ties between the two countries, the GJEPC reported on its website. The meet was attended by dignitaries from both nations and took place on June 2, following on from the first meet on February 14 this year.
“The export trade from India touched $5-7 billion and imports to $10-12 billion which constitutes a healthy bilateral trade of $19 billion,” said Ministry of Commerce and Industry director R Arulanandan, the GJEPC reported. “Of this, our gem and jewellery trade accounts for more than $100 million and our aim is to take it forward to $150 million in the next year. The bilateral trade constitutes of 87% of gold jewellery alone, followed by silver and polished diamonds.”
Take aways from the meet included that small businesses in Malaysia need to develop import ties with India and that there is a particular growth opportunity for diamond studded jewellery. The meet also concluded that the gem and jewellery trade has grown swiftly in Malaysia over the past 10 years and that there is increasing demand for Indian jewellery amongst Malaysian consumers.
“The webinar has helped us take stock of the current scenario and explore avenues for further growth,” said High Commissioner of India to Malaysia B N Reddy. “The pandemic hasn’t lowered our spirits and the India-Malaysia trade has recorded a growth to $19.4 billion that is 34% more than the previous year. The country has shown a healthy recovery as the economy has grown by 3.1% since last year, largely by domestic consumption. The volume of trade has progressed well, and these numbers are very encouraging.”
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