[attach id=260450 size="medium"]Indian High Commissioner Anil Kumar Trigunayat. Photo: Darrin Zammit Lupi[/attach]
A joint business council between Malta and India will be set up by the end of the year to develop a structure for trade and investment, Indian High Commissioner Anil Kumar Trigunayat said on his fourth visit to the island.
Mr Trigunayat has been stationed in Tripoli for about a year, and has made it a point to visit Malta at least once every three months.
“My basic objective is to deepen and enhance our engagement with Malta in the economic, cultural and political fields. We’d like to see more parliamentary exchanges between our countries, and greater trade and investment both ways,” he told The Sunday Times of Malta.
In April, India and Malta signed an agreement on the avoidance of double taxation and the prevention of fiscal evasion on income tax.
The agreement was signed by Indian External Affairs Minister Preneet Kaur and Foreign Affairs Minister George Vella during a meeting on bilateral cooperation.
The two ministers had drawn comparisons between the countries, which although differing greatly in size and location, have a history stretching back thousands of years and have inherited a legacy from the British.
“That visit was very significant and was due for some time. The avoidance of double taxation agreement is extremely important for enhancing trade and economic engagement,” he said.
Indian companies are looking at Malta’s strategic location as a hub to access the European and North African markets. At the same time, India is also a great location for local companies to reach the Asian and Middle Eastern market.
Mr Trigunayat said although Indian companies did not take part in the bidding for the projected 200MW gas-fired power plant at Delimara they are interested in working with whoever wins the contract. Information technology is another sector that the two countries could work on together.
The idea of a joint business council has been in the pipeline for a while, and while some business delegations have made it to Malta in the past, Mr Trigunayat is calling for a more structured commitment: a business-to-business engagement with the blessing of the two governments.
“By the end of this year, we will set up a committee to develop a structure for engagement so that trade and investment can be enhanced,” he said.
“I’m also looking forward to setting up Malta-India and India-Malta parliamentary friend groups, so that young parliamentarians can go on regular exchange visits to learn how the parliamentary systems function,” he added.
Mr Trigunayat is also calling for a fast-track visa mechanism for those visiting the island for business reasons, warning that Indian businesses are going global and companies are looking for greater opportunities abroad “wooed by a very large number of countries”.
Following the recent developments in North Africa, Indian companies might find Malta even more attractive.
This fast-track mechanism is already in place for those who want to travel to India for business or touristic reasons.
Asked what makes a company close its branch in Europe and maintain its division in India, Mr Trigunayat dismissed the idea it was down to cheap labour.
“It might be slightly cheaper to hire people in India, compared to western countries, but there is also the quality of the finished product to take into consideration.”
Technical expertise in India is available at a very competitive rate. But while hiring a person in Europe may definitely be more expensive, there are several other aspects a company looks at before relocating to another place, including access to a bigger market, taxation rates and special economic zones, he added.
India has one of the largest and fastest growing economies in the world.
The High Commission of India to Malta is organising an event called Days of India between October 2 and October 5, including an Indian dance cabaret, handicrafts display, an Indian food festival, an Indian film festival and a Mahatma Gandhi photo exhibition. More information on info@india.org.mt.