Kuala Lumpur

Emphasising India’s growing credibility on the global economic stage, Prime Minister Narendra Modi on Saturday said that trust has emerged as India’s most valuable asset in international trade and partnerships.

Addressing members of the Indian diaspora in Kuala Lumpur during his two-day visit to Malaysia, the Prime Minister highlighted India’s expanding network of trade agreements with major economies, noting that New Delhi is now viewed worldwide as a reliable partner for growth.

“Earlier, India was seen only as a large market. Today, India is a hub for investment and trade. We are recognised as a trusted partner for growth. Be it the UK, UAE, Australia, New Zealand, Oman, the European Union or the United States—countries are entering into trade agreements with India. Trust has become India’s strongest currency,” PM Modi said, drawing loud cheers from the audience.

Referring to recent developments, the Prime Minister noted that India and the European Union finalised a trade agreement in January, during the state visit of European Council President Antonio Costa and European Commission President Ursula von der Leyen.

Earlier in the day, India and the United States also announced a framework for an Interim Agreement on reciprocal and mutually beneficial trade. According to the joint statement, the framework reiterates the commitment of both countries to the broader Bilateral Trade Agreement (BTA) negotiations launched by US President Donald Trump and Prime Minister Modi on February 13, 2025. The agreement aims to enhance market access and strengthen resilient supply chains.

As per the framework, the United States will impose a reciprocal tariff of 18 per cent on select Indian-origin goods, including textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home décor, artisanal items, and certain machinery.

During his address, PM Modi also outlined several people-centric initiatives aimed at deepening engagement with the Indian community in Malaysia.

He announced that eligibility for the Overseas Citizen of India (OCI) card has been extended to Malaysian citizens of Indian origin up to the sixth generation. He also unveiled plans to introduce Thiruvalluvar Scholarships to enable Malaysian students to pursue studies in India and confirmed that a new Indian Consulate will be opened in Malaysia.

“India will always welcome you with open arms. That is why we took a historic decision a few months ago to extend OCI eligibility up to the sixth generation. We have supported the Indian Scholarships Trust Fund, and now we are introducing Thiruvalluvar Scholarships for students who wish to study in India. We also look forward to welcoming you through the Know India Programme. I am happy to share that we will soon open a new Consulate of India in Malaysia, which will bring us even closer,” he said.

Reflecting on India’s rapid transformation over the past decade, the Prime Minister recalled his earlier interaction with the diaspora in 2015.

“When we met in 2015, I spoke about India’s potential. Today, I speak about India’s performance. In just ten years, India has undergone a remarkable transformation. We were once the 11th largest economy; today, we are knocking on the doors of the top three. India is also the fastest-growing major economy in the world,” he said.

Highlighting key milestones, PM Modi pointed to India becoming the world’s second-largest manufacturer of mobile phones, the sharp rise in defence exports, and India’s position as the third-largest startup ecosystem globally. He also underscored the success of India’s Digital Public Infrastructure, noting that nearly half of the world’s real-time digital transactions are conducted through the UPI platform.

He further highlighted India’s push towards sustainability, stating that the country’s solar energy capacity has expanded nearly forty-fold over the past decade.

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Prime Minister Modi is on a two-day visit to Malaysia aimed at strengthening the India–Malaysia Comprehensive Strategic Partnership, with a focus on expanding cooperation across economic, digital, cultural, and people-to-people sectors.