At the recent ASEAN-India Business Conclave 2016 (AIBC 2016) summit, several Malaysian companies entered into memorandum of understanding (MoUs) with the Andhra Pradesh (AP) state government.
AIBC 2016, an event organised by the ASEAN India Business Council Secretariat, aims to provide business leaders with a glimpse into the multitude of business opportunities that can transpire when ASEAN and India come together in a common economic interest. Over 500 business leaders from ASEAN and India attended the summit.
AIBC partnered with the Malaysian Ministry of International Trade and Industry (MITI), Malaysia External Trade Development Corporation (MATRADE), as well as India’s Federation of Indian Chambers of Commerce and Industry (FICCI).
The summit was held at Menara MITI, Kuala Lumpur today and was coordinated by PEMANDU of Malaysia and the Vision Management Unit of the Andhra Pradesh Planning Department, as part of Sunrise Andhra Pradesh Vision 2029. The event focused on themes including SMEs, health services, logistics and e-commerce.
The MoUs involves investments on seven key AP sectors, namely Renewal Energy; Biodiesel; Food and Beverage Industry; Retail, Water and Sewerage; Water Treatment Plan; Biotechnology and Vector Control.
As a result of the MoUs, an estimated US$ 3.5 billion worth of investments are expected to be injected into Andhra Pradesh and 8,000 direct jobs are expected to be generated.
The Malaysian companies who participated in the MoUs were the Malaysian Biodiesel Association, EntoGenex Industries, Sumwin Solutions Malaysia Sdn Bhd, Highgard Sdn Bhd & China 1st Metallurgical Construction Sdn Bhd, Antah Strategic Services Sdn Bhd, Protasco Berhad & KOP Mantap Berhad (a Malaysian Police Cooperative Organisation).
The AP state government’s delegation was led by Labour Minister K Atchannaidu, Principal Secretary of Municipal Administration Karikal Valaven, and Chief Executive Officer of Economic Development Board Jasti Krishna Kishore.
“PEMANDU ‘s efforts in India is on a Government to Government basis. We have been supported by the Indian Prime Minister, Indian External Affairs Ministry and most definitely the Chief Minister of Andhra Pradesh.
Our close working relationship with AP Vision Management team and the AP Economic Development Board has helped actualise projects and investment that were an output from our labs in the State,” said Ravindran Devagunam, a PEMANDU’s Director leading the South Asia projects.