Najib, Modi have historic video teleconference

"This is a time for the level of economy also, we are among the most open and integrated economies", he said.

For the first time, Prime Minister Datuk Seri Najib Razak and his Indian counterpart Narendra Modi shared their thoughts on economic prospects and paths toward a stronger inter-Asian ties in a live video conference.

"India is now witnessing an economic transformation. He added that Goods and Services Tax (GST) is expected to be implemented in 2017.

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Addressing the Conclave, Malaysian Prime Minister Najib Razak said that he found Prime Minister Modi to be a " good reformist", reported the media. He also said a number of steps have been taken to attract greater FDI in the country.

Investment from India has created thousands of jobs in Malaysia and countless leading Malaysian companies, including Khazanah Nasional Bhd, Petronas and Malaysia Airport Holdings Bhd, were active in India. It is not only one of the fastest growing large economies in the world.

He said there is enormous focus on removing the logistics constraints and roads, railways, ports are being upgraded across the country.

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"Asia is where there are hands to work, homes to consume and heads have the humility to learn", Modi said. Razak is likely to visit India next year to strengthen bilateral ties between the two countries, following Modi's visit to Malaysia last year.

The two-day inaugural conclave themed, "Moving Towards A Boundaryless Asia, is a platform for the biggest leaders of Asia, along with bureaucrats, to converge and facilitate conversations on Asia as a business hub and the role of rising business leaders".

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ASIAN MARKETS: Japan's benchmark Nikkei 225 rose 0.7 percent and the South Korean Kospi inched up 0.1 percent. Australia's S&P/ASX 200 advanced 1.2 per cent to 5,543.60 and India's Sensex rose 1.7 per cent to 26,688.88.

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