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Malaysian firms vow to invest 23,000 cr in AP

Malaysian firms vow to invest 23,000 cr in AP
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he State government on Thursday signed seven MoUs with the Malaysian companies to enable establishment of industries worth Rs 23,000 crore. The MoUs were signed at the Association of South East Asian Nations (ASEAN) – India Business Council Leaders’ Summit in Kuala Lumpur, Malaysia. 

Vijayawada: The State government on Thursday signed seven MoUs with the Malaysian companies to enable establishment of industries worth Rs 23,000 crore. The MoUs were signed at the Association of South East Asian Nations (ASEAN) – India Business Council Leaders’ Summit in Kuala Lumpur, Malaysia.

A delegation from the State, led by Minister for Labour, Employment and Youth K Atchannaidu, held discussions with the representatives of various companies at the ASEAN-India Business Council Leaders’ Summit.

The delegation singed an MoU with the Malaysian Biodiesel Association (MBA).The association through its member companies and interested joint venture partners showed keen interest to invest up to Rs 6,713 crore in palm-related biodiesel projects in the State. This would create 5,000 direct jobs and much more in auxiliary industries.

Another MoU was signed in the area of renewable energy with Antah Strategic Services. The company showed interest to invest an initial investment of Rs 167.50 crore in the State. The third MoU was signed with Protasco Berhad and KOP Mantap Berhad, a police cooperative organisation.

Both the companies wished to invest jointly in developing a water treatment plant with an investment of Rs 3360 crore in the State. The fourth MoU was signed with the Highgard Sdn Bhd and China First Metallurgical Construction Co., Ltd, to develop a water and sewerage plant involving an investment of Rs 6,720 crore followed by another MoU signed with the same company to develop an intergraded retail and housing project to a tune of investment of Rs 2,688 crore to Rs 3,360 crore.

The sixth MoU was signed in the area of food and beverage with Sumwin Solutions Malaysia that showed interest to invest Rs 10 crore to Rs 50 crore in phased manner into food and beverages projects in the State. This is expected to generate approximately 1,000 new jobs directly and contribute to indirect employment in the State.

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