NEW DELHI: Prime Minister Narendra Modi announced on Tuesday, August 20, that India and Malaysia will increase cooperation in fields like semiconductors, financial technology, and defence production as the two nations seek to mend fences.
After remarks made by then-prime minister Mahathir Mohamad of Malaysia, a predominantly Muslim country, criticising New Delhi for taking away the autonomy of Kashmir, the only area in India with a majority of Muslims, strained relations towards the end of 2019.
Without going into detail about what that would entail, Modi stated, “We have decided that we will elevate our cooperation to the level of ‘Comprehensive Strategic Partnership,'” noting that Malaysia had made US$5 billion in investments in India over the previous year.
In areas which require new and modern technology like semiconductor, fintech, defence industry, AI and quantum technology, we will increase cooperation.”
He said that bilateral trade in the ringgit and rupee currencies has also been carried out by the two nations. India has been working to increase the rupee’s acceptability because it heavily depends on the dollar due to sanctions imposed on nations like Russia.
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