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APEDB inks seven MoUs with Malaysian Cos

Thu, Jul 21, 2016, 07:58 PM
Vijayawada, July 21: As many as seven MoUs were signed today between the Andhra Pradesh Economic Development Board and the Malaysian Companies at The Association of South East Asian Nations (ASEAN) – India Business Council Leaders’ Summit in Kuala Lumpur, Malaysia.

Earlier, a delegation from Andhra Pradesh led by Atchannaidu Kinjarapu, Minister for Labour & Employment, Factories, Youth & Sports, Skill Development and Entrepreneurship, Karikal Valaven, P.S, MAUD Dept, and J Krishna Kishore, CEO, EDB left for Malaysia to participate in the leadership summit.

An MoU was signed with the Malaysian Biodiesel Association (MBA), the association through its member companies and interested joint venture partners showed keen interest to invest up to $1 billion (Rs. 6713 crores) in palm related biodiesel projects in Andhra Pradesh and thereby create 5000 direct jobs and much more in auxiliary industries.

The second MoU was signed in the area of renewable Energy with Antah Strategic Services. The company showed interest to invest an initial investment of $ 25 million (Rs. 167.50 crores) in Andhra Pradesh. The third MoU was signed with Protasco Berhad and KOP Mantap Berhad (A Police Cooperative Organization). Both the companies wished to invest jointly in developing a water treatment plant with an investment of $500 million (Rs. 3360 crores) in the state.

The fourth MoU was signed with Highgard Sdn Bhd and China First Metallurgical Construction Co., Ltd, to develop a Water and Sewerage Plant involving an investment of $1 billion (Rs. 6720 crores) in Andhra Pradesh. Another MoU was signed with the same company to develop an Intergraded Retail and Housing Project to a tune of investment of $400 - $500 million (approximately Rs. 2688 crore to Rs. 3360 crores).

The sixth MoU was signed in the area of Food and Beverage. Sumwin Solutions Malaysia Sdn Bhd showed interest to invest between $1.5 million to $7.5 million (Rs. 10 crores to 50 crores) in phases into Food and Beverages Projects in Andhra Pradeh.

This is expected to generate approximately 1000 new jobs directly and contribute to indirect employment in the state. The seventh MoU was signed with EntoGenex Industries Bhd. The company showed interest 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 Andhra Pradesh Economic Development Board 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 AP Economic Development Board (APEDB) to set up an office in Malaysia for this purpose. He complimented the Chief Minister, Shri Nara Chandrababu Naidu for the outstanding work being done in the state of Andhra Pradesh including achieving a highly impressive growth rate of 10.99%. He has assured that Malaysian government will take necessary steps for close cooperation with Andhra Pradesh.

The MOU's were signed by Mr. J Krishna Kishore, CEO of Andhra Pradesh Economic Development on behalf of Government of Andhra Pradesh and by the Chairman/CEO's of the concerned organisations.

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