Naidu Seeks $8bn Malaysian Investment

Andhra Pradesh is negotiating infrastructure deals worth around 20 billion ringgit ($8 billion) with Malaysian companies and the government, officials said yesterday.

They said Andhra Pradesh chief minister Chandrababu Naidu, on a four-day tour of Malaysia, had signed memoranda of understanding with companies for road construction, port development, education, information technology and power projects.

The response from Malaysian industry has been unprecedented, Indias deputy high commissioner to Malaysia Deepak Vora said.

Projects being discussed amount to about 20 billion ringgit, especially in infrastructure, he said.

He said Naidu had met several senior ministers, including Prime Minister Mahathir Mohamad, since arriving in Malaysia on Sunday.

 

The officials said the chief ministers visit was part of a major industrialisation drive in the backward state under the countrys economic liberalisation programme.

Bina Puri Holdings Bhd said on Tuesday it had signed a joint-venture agreement with an Indian company, Madhucon Projects Ltd, to build flyovers in Hyderabad and a 75-km (45-mile) highway in the state. Bina Puris Indian projects are worth 120 million ringgit.

An aide to the chief minister said Malaysias Westport on the west coast of Peninsular Malaysia had expressed interest in expanding and modernising Andhra Pradeshs Visakhapatnam port.

In addition, an agreement to build a 500 mega watt power project was expected to be signed with a Malaysian company, he said.

Officials said Johan Holdings Bhd, Worldwide Holdings Bhd and Mitrajaya Holdings Bhd were negotiating on infrastructure projects with Indian partners.

They said the Chief Minister was also discussing with the Malaysian government the possibility of allowing more information technology professionals from Andhra Pradesh to work in Malaysias new multimedia supercorridor, a proposed 15-by-50 km (nine-by-30 mile) zone for high technology companies.