Indian, Malaysian firms to jointly bid for projects

Indian and Malaysian companies today signed 12 memoranda of understanding (MoUs) to jointly bid for projects in telecom, infrastructure and biotechnology.

With an annual investment of $450 million this year, Malaysia is undertaking 26 projects in India and the number is likely to double next year with the new MoUs, Malaysian Prime Minister Dato Seri Abdullah Ahmad Badawi said at a joint meeting of the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (Ficci).

Malaysia Airports Holdings BHD and Hyderabad International Airport signed an MoU for providing advisory and technical services to the proposed international airport at Hyderabad.

Other Malaysian companies like Ara Techbiz and Measat Satellite Systems signed MoUs with CMC and Antrix Corporation for joint ventures to bid for IT outsourcing and to market satellite capacity in India, Malaysia and other countries.

Tracoma Holdings Berhad signed an MoU with International Tractors Limited (ITL) to manufacture and assemble tractors in the countries of the Association of South-East Asian Nations (Asean).

Sistem Kompakar inked an MoU with the Konkan Railway Corporation to design, supply and deliver ticket collection and security surveillance systems.

"Over the last nine years, there has been a 500 per cent increase in India"�Malaysia trade. Our bilateral trade will cross $4.5 billion this year.

India's total imports from Malaysia accounted for just 3.4 per cent while that of Malaysia's was 0.8 per cent. These statistics indicate the large upside potential for both Malaysia and India," Badawi said.

The Malaysian premier said though Indian entrepreneurs had invested nearly $1 billion in his country, it appeared "very little" compared to the vastness of opportunities.

He sought Indian investments as well as technical expertise in the fields of information technology, manufacturing, biotech, engineering and pharmaceuticals. He promised tax incentives for the investors.

Badawi said Indian companies could tap the competitive strengths of Malaysian companies in information and communication technology (ICT), education, tourism, health services, finance and banking, bio-technology as well as high-value agriculture.

Trading in profits

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• Trade between India and Malaysia has seen a 500 per cent increase over the last nine years. Bilateral trade is likely to cross $4.5 billion this year
• With an annual investment of $450 million this year, Malaysia is undertaking 26 projects in India. The number is likely to double next year
• Indian and Malaysian companies have signed 12 memoranda of understanding to jointly bid for projects in telecom, infrastructure and biotechnology