It has also invited Indian investments in banking and financial sector and urged the Indian Institutes of Technology (IITs) to open its branches there. India International Bank is slated to open its branch in Malaysia soon.

Malyasia would work closely with India on its Biodiversity Plan.

Speaking at the inauguration ceremony of the 12th Pravasi Bharatiya Divas (PBD), here on Wednesday as Chief Guest, the Malaysian Minister of Natural Resources and Environment and President of Malaysian Indian Congress, Datuk Seri G Palanivel said : 'These (5 economic corridors) provide immense investment opportunities. I urge not only Indian companies but also companies from other countries to take advantage of the various exemptions and incentives provided by the Malaysian government to invest in these areas.'

Palanival, who is also a person of Indian origin (PIO), said that Malaysia has about 2 million PIOs. A significant portion of PIOs in Malaysia are Tamilians.

According to organisers of the PBD-2014 - the annual conclave of Overseas Indians - about 900 delegates from about 60 countries are participating in this gala event, out of which 200 are from Malaysia.

The Indian Prime Minister Dr Manmohan Singh inaugurating the conference complimented Palanivel by saying 'Not only does he has an outstanding record of public service and personal accomplishments, he also represents a vibrant Indian community, which has made an immense contribution to Malaysia's progress and served as an effective bridge of understanding and friendship between India and Malaysia.'

There is now only one fully licensed Indian commercial bank in Malaysia, which is a joint venture of three banks namely Bank of Baroda (with 40% equity), Bank of Andhra (with 30% equity) and Indian Overseas Bank (with 30% equity). The total investment for this bank in Malaysian currency is RM330 million. Palanivel, in this context, informed that India International Bank is slated to open its branch in Malaysia soon.

The Malaysian Tamil Minister urged for business chamber to business chamber relations between the two countries. 'We want the Federation of Indian Chambers of Commerce and Industry (FICCI) to increase its contacts with their counterparts in Malaysia to expand and explore more business opportunities.'

Palanivel complimented Indian educational institutions like Manipal International University and Vinayaka Missions University for setting up campuses in Malaysia. He also said : 'we also like to invite the IIT to set up a branch campus in Malaysia. There is a lot of room for expansion in the area of education as Malaysia is aspiring to be an education hub in the region.'

Since many years, Malaysian students come to India to pursue their studies especially in medicine, dentistry and engineering.

Palanivel lauded India's National Biodiversity Act-2002 and sought to learn from Indian experiences for drafting its Biodiversity Plan and making it in tune with the global biodiversity strategy.Malaysia has already set up its National Biodiversity Centre.

India-Malaysia bilateral trade has increased from $2.3 billion in 1998 to $13.32 billion in in 2012. In 2013 it is expected to touch $14.40 billion.

Malaysia is at present the 19th largest investor in India with investments in telecom, power, oil refineries, electrical industry, highways and other infrastructure projects. There are a total of 72 completed projects with a total value of $3.27 billion in roads, highways and other infrastructure projects.

Indian investment in Malaysia has grown from $ one billion in 2007 to $2.05 billion in August 2013. At present there are about 70 Indian joint venture companies in Malaysia engaged in palm oil refining, Pharmaceuticals, textiles and yarn, glass containers, automobile associated activities, light engineering goods, metallurgical industry, chemicals, steel, furniture, timber and rubber products.

Since 1996, Indian training institutes have set up joint programmes in Malaysia. India's National Institute of Information Technology (NIIT) has become the first Indian institution to be awarded the Multimedia Super Corridor status in 1997. Since then more than 60 Indian companies have opened their offices in the Multimedia Super Corridor in Cyberjaya, Kaula Lumpur and in Penang.