The proposed development of an urea and ammonia manufacturing plant in Malaysia is among five projects, worth more than US$5.3 billion (RM23.32 Billion), that is expected to be signed during Prime Minister Najib Razak’s visit to India, reported Bernama.
The US$2 billion plant, with a capacity to produce 2.5 million tonnes per annum, will be dedicated to supplying the Indian market.
Its location and project partners will be announced on Saturday, said a Malaysian official.
Besides, a joint venture between a Malaysian firm and Indian company is expected to see the establishment of a US$500 million Floating Storage and Regasification Terminal in Kakinada Port, Andhra Pradesh.
MIGHT Technology Nurturing Sdn Bhd, a subsidiary of the Malaysian Industry-Government Group for High Technology, is also expected to ink a deal with the Andhra Pradesh Economic Development Board to set up a 40 hectare technology park in Amravati.
Details of other Memorandum of Understandings and agreements are expected to be announced when Najib meets with his host and counterpart, Narendra Modi, at Hyderabad House in New Delhi on Saturday.
More projects are also on the cards for Malaysian firms, with the Indian media reporting that seven bids, worth between US$1.2 billion and US$1.4 billion, have been put forward by Malaysia’s Construction Industry Development Board for Rajasthan state highways.
Najib, who arrived in Chennai on Thursday and due to fly into the capital city later Friday, will visit Rajasthan’s capital, Jaipur, on Sunday to explore business and investment opportunities for Malaysian companies.
During his six-day official visit, which also commemorates the 60th anniversary of diplomatic relations between the two countries, Najib will meet India’s captains of industries.
Local media reported that IRCON International of India will use the opportunity to lobby for the laying of railway tracks for the Serendah-Klang-Seremban line.
The Indian rail engineering firm recently completed the Seremban-Gemas double-track line.
The Prime Minister is also expected to attend a business luncheon and the 7th Global Science and Innovation Advisory Council Meeting on Monday.
Meanwhile, The Star Online reported that there plenty of opportunities for Malaysian and Indian businesses resulting from the many new initiatives India has to offer.
They include Make in India, Digital India, Start Up India, Smart Cities and Goods and Services Tax (GST) implementation taking shape.
Najib is set to meet Indian businessmen brought together by the Malaysian Associated Indian Chambers of Commerce and Industry (MAICCI) today.
The 25 Chennai-based businessmen will hear from Najib what Malaysia has to offer.
Najib is also likely to highlight Malaysia’s success stories and his vision for the future, which among others will be Iskandar Malaysia, the East Coast Economic Region (ECER) and the National Transformation 2050 (TN50) plan.
The news portal quoted Consortium of Indian Industries in Malaysia (CIIM) founder chairman Umang Sharma as saying that Najib’s visit “could not have come at a better time” especially from the business perspective.
“Indian businesses are mostly private-sector driven. It is bonanza time for Malaysian entrepreneurs seeking to invest or do business in India,” he was quoted as saying.
CIIM is an “industry apex body” in Malaysia made up of Indian companies with investments from India.
It was initiated by the Confederation of Indian Industries (CII).
Sharma also said Malaysian firms had tremendous opportunities in states like Gujarat and Madhya Pradesh adding that most of the states made their own decisions without the need for federal approval.
He said attention should also be on India’s second and third-tier cities as there was great potential for collaboration in technical know-how besides investments in the smaller industrial cities, which have SME entrepreneurs.
“The cost of doing business is also far lower. To really engage the businesses of both countries, the SME sector is of utmost importance,” he said.
He also called for more air connectivity between both countries adding that the ease of getting visas and faster processing for Indian nationals, especially for the ICT sector, would also greatly help.