KUALA LUMPUR (April 7): Malaysian companies should take advantage of the rapid development and expansion in India to explore infrastructure and investment project opportunities there, urged CIDB Holdings Sdn Bhd chairman Datuk Seri Dr Judin Abd Karim.

CIDB Holdings is a wholly-owned unit of the Construction Industry Development Board.

Speaking to reporters at a briefing today, Judin said while the global economy is slowing down, India is bucking the trend and the country offers a lot of opportunities to Malaysian companies, especially as India needs to build its infrastructure.

"The construction sector in Malaysia is booming now, but companies should also explore opportunities overseas, as the construction sector is cyclical," he said.

In India's Budget 2016, the government has allocated 2.21 trillion rupees in total outlay for roads, railways and ports, according to news reports.

Judin said the Incredible India seminar — new policy directions: Impact on investment and business, jointly organised by CIDB Malaysia and CIDB Holdings, will be a good platform for Malaysian companies to explore investment opportunities in India.

The seminar will be held on April 14 at Kuala Lumpur Convention Centre.

Malaysian and Indian panelists will be speaking on different issues ranging from the general policy direction of India to the budget that was recently passed in the parliament and its implications on trade and investment in India.

The panelists will also discuss the various potential projects opportunities in infrastructure, Smart City and integrated utilities areas comprising of roads, highways, bridges, tunnels, airports, metros, monorails, renewable energy, power transmission and distribution, water infrastructure, waste water treatment, and more.

The session will also include discussions on the financial aspects of doing business in India. The panelists will consist of eminent speakers and specific subject matter experts from prominent Malaysian and Indian entities, to explore available financial instrument such as Islamic finance.

Judin urged Malaysian companies to attend the seminar and explore the opportunities available in India, and maybe they can form partnerships with Indian companies.

He said the appointment of Datuk Seri Zohari Akob, secretary general at Ministry of Works as the Nodal Officer (Project Investments) Malaysia-India, will help Malaysian companies in the future, should they encounter any problem there.

According to a statement today, CIDB has previously focused on countries like Indonesia, Myanmar, South Africa and Guinea. This time, India has been chosen because of the visit by Prime Minister of India, Narendra Modi, who was recently in Malaysia upon the invitation of prime minister Datuk Seri Najib Razak during Asean Summit in November last year.

It also reflects the growing importance of India as a growth centre in the region, it noted.

The event will be held in conjunction with the International Construction Week 2016.

According to the World Bank’s Doing Business Report 2016, India now ranks 130 out of 189 countries in ease of doing business, up four places from last year’s adjusted ranking of 134. India’s notorious red tape has frustrated both local and foreign investors for years.

Modi previously said he wanted India to be in the top 50 business-friendly economies.