The announcement came at the joint press conference of visiting Australian Prime Minister Tony Abbott with his Malaysian counterpart Najib Tun Rajak, state-run Bernama news agency reported.
Both countries committed to give 60 million Australian Dollar each in their quest to locate the plane which is believed to have crashed in Southern Indian Ocean, it said.
Abbott said the hunt for the plane, which inexplicably veered off its Kuala Lumpur-Beijing route on March 8 with 239 people onboard, would continue for as long as required.
"It will utilise the best available technology. It will last as long as it needs to scour the seabed," Abbott said.
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The Australian premier is on a one-day official visit to Malaysia to discuss bilateral issues, including the missing MH370, the downing of MAS MH17 in eastern Ukraine and trade relations.
Abbott arrived here after a successful visit to India where he inked a landmark civil nuclear deal.
He said Australia had intended to build a memorial or monument to honour those on board the MH370 flight in the Australian western coastline.
Meanwhile, Najib said during the fruitful meeting, he and Abbott had reaffirmed their commitment and unwavering support to continue with the search of the aircraft, the report said.