Eight Malaysian Companies To Invest US$3 Bln In India

KUALA LUMPUR, July 21 (Bernama) -- Eight Malaysian companies will invest US$3 billion (US$1.00=RM4.03) in seven sectors, including renewable energy and biodiesel, in the Indian state of Andhra Pradesh. The companies are Malaysia Biodesel Association, Protasco Bhd, Police Cooperative Organisation, Antah Strategic Services Sdn Bhd, Entogenex Industries Sdn Bhd, Sumwim Solutions Malaysia Sdn Bhd, Highgard Sdn Bhd and China 1st Metallurgical Construction Sdn Bhd. Seven memoranda of understanding (MoUs) signed Thursday between the Malaysian companies and the Andhra Pradesh Economic Development Board, are expected to create about 8,000 jobs, said ASEAN-India Business Council Co-Chairman Ramesh Kodammal. "The value of the MoUs signed today (Thursday) is just a fraction of the business potential between ASEAN and India. "With a combined population of 1.8 billion people and existence of bilateral trade agreements such as the ASEAN-India Free Trade Agreement (AIFTA) and Trans-Pacific Partnership (TPP), opportunities in ASEAN and India abound for our business entities," he said at the ASEAN-India Business Leadership Conclave 2016 here Thursday. The signing of the MOUs was witnessed by Ramesh and International Trade and Industry Minister, Mustapa Mohamed. The remaining five sectors that the Malaysian companies are going to invest in are food and beverages, retail, water and sewerage, water treatment plants, biotechnology, and vector control. Ramesh said there are four other sectors that offers opportunities for ASEAN businesses in India as well as Indian businesses in ASEAN, namely the digital economy, infrastructure and logistics, and the small and medium enterprises. Meanwhile, Mustapa said India is becoming the fastest growing economy in the world, and this provides opportunities for external investments. "India, in the past, grew at a rate of 5.0-6.0 per cent. At present, it is about 7.5 per cent. "Andhra Pradesh (state) is the star performer at 10.9 per cent (in 2015)," he added. -- BERNAMA