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NEW DELHI: India and Russia aim to grow their annual trade by almost 54% within 6 years as the 2 countries focus on expanding their economic relations. During his visit to Russia, Indian Prime Minister Narendra Modi had wide-ranging discussions with President Vladimir Putin on boosting cooperation in various fields. With Russia being India’s top crude oil supplier, the energy sector figured prominently in their talks. They agreed on more cooperation in nuclear energy, oil refining, petrochemicals and energy investments, according to a joint statement. The two sides aim to raise the volume of trade in agricultural products, food and fertilisers, with a target of US$100 billion in overall annual trade by 2030. Bilateral trade reached US$65 billion in the financial year ending March 2024, with Russian exports to India totalling US$60 billion. Russia and India agreed to continue discussions on removing trade barriers, including the possibility of a free trade agreement between India and the Eurasian Economic Union (EAEU). “We have had one round of discussion between the two countries and it is expected that this would be expedited in months ahead,” Indian Foreign Secretary Vinay Mohan Kwatra said at a press conference about the prospects for an FTA. The two countries also agreed to grow interaction in the fields of infrastructure development, transport engineering, automobile production, shipbuilding, space and other industrial sectors. They will also facilitate the entry of companies into each other’s markets by creating subsidiaries and industrial clusters. Another joint statement stated that the Russia-India partnership in the military sector is ‘reorienting presently to joint research and development, co-development and joint production’ of arms and equipment. “Both sides agreed to encourage joint manufacturing in India of spare parts, components, aggregates and other products for maintenance of Russian origin arms and defence equipment,” it said. In the nuclear sector, they noted the progress achieved in the construction of the remaining nuclear power units at Kudankulam in the southern state of Tamil Nadu. The Kudankulam Nuclear Power Plant developed in collaboration with Russian state nuclear firm Rosatom is India’s largest such facility. It will have 6 units of 1,000MW capacity each and units 1 and 2 are operational. Russia and India are discussing another site for building more nuclear power plants. — BERNAMA

KUALA LUMPUR: The Human Resource Development Corporation (HRD Corp) should take into account audit findings from the Public Accounts Committee (PAC) to beef up governance of its funds, said Malaysian Employers Federation (MEF) President Datuk Dr Syed Hussain Syed Husman. “We hope these audit findings will strengthen HRD Corp’s governance of the fund. We need better quality people in management, technology and better processes,” he explained. Syed Hussain was commenting on the PAC’s findings of weakness in HRD Corp management due to dubious real estate deals and high-risk investments. According to reports, the PAC also said there was no Bank Negara Malaysia representative in the investment panel, which is against the Human Resources Development Fund Act 2001. “As the funds are getting bigger, we need more competent investment-related people in the committee,” he said, adding that HRD Corp’s act allows them to set up an investment committee. Syed Hussain said that with better management and a better focus on training and development, HRD Corp will be one of its kind in the world. “As a member of the International Labour Organisation (ILO), we have not found any country that has set up such a fund. Malaysia is a leader in this area of talent development. “Hence, HRD Corp can only get better and become a role model for Human Resources development,” he added. Syed Hussain also noted that despite the ongoing investigation by the Malaysian Anti-Corruption Commission (MACC) following the PAC findings, credit should be given to HRD Corp for achieving a stable financial position, as acknowledged in the PAC Report 2/2024. HRD has recorded a cumulative profit of RM389.95 million as of 31 December 2022. Syed Hussain said that HRD Corp’s financial stability would help strengthen its human capital training programmes, which are needed by companies operating in Malaysia. — BERNAMA

KUALA LUMPUR: Alliance Bank Malaysia Bhd is optimistic that the banking industry is well-positioned to progress and navigate the potential headwinds with steady domestic fundamentals and an outlook that remains conducive to sustainable economic growth. In a joint statement by Chairman Ahmad Mohd Don and Group Chief Executive Officer Kellee Kam, Alliance Bank will continue delivering on commitments to putting the customers first with greater value propositions and innovative digital transformation, while remaining adaptable to the changes within the operating environment to fulfil growth ambitions under Acceler8 strategy. “Through the Acceler8 strategy, we diversified our portfolio, gaining access to new markets and consumer segments. “In the financial year 2024 (FY24), we successfully grew the overall bank loan market share from 2.41% in FY23 to 2.58% in FY24, driven by higher loan volumes in the small and medium enterprises (SME), consumer and corporate segments,” they said in the bank’s annual report 2024. They also said the bank focused on efforts to tap into new market segments and business verticals, regional expansion, championing sustainability, as well as driving synergies and value creation through digital innovations and partnerships. On becoming the regional champion, they noted that the bank focused on strengthening its market presence and reach across the country, particularly in key economic growth corridors such as Penang and Sarawak in FY2024. “By becoming the preferred ‘Bank for Life’ to consumers, businesses and local communities that we serve, we recorded strong growth of 48% year-on-year (YoY) in deposits and 18% YoY in loans across these states,” they said. They also said Alliance Bank will continue reinforcing its core business segments in these geographies, with Johor being added as one of the key focus areas in FY25. “Our regional expansion plans have been progressing successfully with the opening of new branches in Saradise, Kuching and soon at Jalan Kelawai, Penang.” they said. They said the bank will in FY25 continue to outfit and energise its branch network with the bank’s refreshed brand outlook to fortify the Alliance Bank’s positioning. — BERNAMA