5th ASEAN-India Business summit

March 10, 2023

The 5th Asean-India Business Summit was held at the Berjaya Times Square Hotel in Kuala Lumpur on March 6 this year. The summit, part of the Asean-India Year of Friendship (an observation commemorating the 30-year-long engagement between the 10-member bloc and India), is an essential forum for charting the future roadmap for the business and economic engagement between the two parties. It was organized with assistance from the Indian Government, through the External Affairs Ministry’s Economic Diplomacy Division and Malaysian Government’s International Trade and Industry Ministry.

India-Malaysia at the 5^th ASEAN-India Business Summit

A special session focusing on India-Malaysia bilateral trade and investment engagement was held during the summit. The session focused on improving trade ties and expanding business engagement in digital technology partnerships and fintech, among other sectors.

What were the key highlights of the 5^th ASEAN – India Business Summit?

The digital technology sectors were the key focus. IT companies are to be focused in the coming days. The countries decided that real-time payment linkages between India and the ASEAN countries will be increased in the future.

Background

India has been focusing on digital infrastructure, start-up ecosystems, tech advancement and open technologies in the ASEAN region so far.

The 5^th ASEAN – India Business Summit was held under the theme “Strengthening and Moving Forward ASEAN – India Economic Relations for the strategic business partnership”

Achievements of India highlighted at the 5^th ASEAN – India Business Summit

India has been making several investments in Digital Public Infrastructure in ASEAN countries. The Unified Payment Interface of India has transformed the lives of 260 million users. More than 8 million digital transactions are being made every day due to the country’s efforts in developing the digital world of ASEAN. India Stack played a key role in streamlining the digital infrastructure in the ASEAN world.

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