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KUALA LUMPUR: Eight Malaysian companies will invest US$3bil (RM12.1bil) 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 on 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 Datuk Ramesh Kodammal.
“The value of the MoUs signed today 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 (Afta) 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 in Kuala Lumpur on Thursday.
The signing of the MOUs was witnessed by Ramesh and International Trade and Industry Minister Datuk Seri 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 were 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 was becoming the fastest growing economy in the world, and this provided opportunities for external investments.
“India, in the past, grew at a rate of 5.0%-6.0%. At present, it is about 7.5%.
“Andhra Pradesh (state) is the star performer at 10.9% (in 2015),” he added. - Bernama
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