http://timesofindia.indiatimes.com/city/vijayawada/Malaysian-firms-promise-the-moon-to-AP/articleshow/53334341.cms
TNN | Jul 22, 2016, 12.33 PM IST
Vijayawada: The Andhra Pradesh Economic Development Board (EDB) and Malaysian companies inked several MoUs at the Association of South East Asian Nations (Asean) - India Business Council Leaders' Summit in Kuala Lumpur, which are expected to create 7,000 jobs in the state.
A delegation from Andhra Pradesh led by K Atchannaidu, minister for labour and employment, skill development and entrepreneurship, Karikal Valaven, principal secretary, municipal administration, and J Krishna Kishore, CEO, EDB, was present at the summit. An MoU was signed with Malaysian Biodiesel Association (MBA), which evinced interest to invest $1 billion (Rs 6,713 crore) in palm oil-related biodiesel projects in Andhra Pradesh and thereby create 5,000 direct jobs.
Another MoU was signed with Antah Strategic Services facilitating investments in renewable energy. The company showed interest to invest $25 million (Rs 167.50 crore).
Protasco Berhad and KOP Mantap Berhad, a police cooperative organization, entered into a deal with a promise to develop a water treatment plant at $500 million (Rs 3,360 crore). Highgard Sdn Bhd and China First Metallurgical Construction Co Ltd promised to develop a water and sewerage plant with an investment of $1 billion (Rs 6,720 crore), besides an intergraded retail and housing project to the tune of investment of $400-$500 million (approximately Rs 2,688 crore to Rs 3,360 crore).
An MoU was signed in the area of food and beverages involving Sumwin Solutions and Malaysia Sdn Bhd with a commitment to invest between $ 1.5 million and $ 7.5 million (Rs 10 crore to Rs 50 crore). This is expected to generate approximately 1,000 new jobs directly and contribute to indirect employment.
EntoGenex Industries Bhd gave a commitment to commit a direct investment of $ 5 million to $ 10 million (approximately Rs 33.5 crore to Rs 67 crore) in the fields of biotechnology and vector control.
Mustapa Mohamed, minister for international trade and industry, Malaysia, suggested that a strong mechanism should be developed between EDB and Performance Management and Delivery Unit (Pemandu), office of Prime Minister, Malaysia, to promote active trade, industry and business between Malaysia and Andhra Pradesh. He invited EDB to set up an office in Malaysia for this purpose.
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