Malaysia agrees to set up technology park in Andhra Pradesh
NEW DELHI: A Malaysian company has agreed to help set up a technology park in Andhra Pradesh that’s expected to attract private sector investment of $100 million in the first phase.
The Andhra Pradesh Economic Development Board and MIGHT Technology Nurturing Sdn. Bhd (MTN) have signed a memorandum of understanding to collaborate on building the park, which will cover 250 acres and focus on new technologies. The MoU was exchanged in New Delhi in the presence of Prime Minister Narendra Modi and Malaysia’s Prime Minister Najib Razak.
"As part of the Look East Policy, Andhra Pradesh is building strong, resilient and sustainable partnerships with everyone and Malaysia is a key partner for us," said Andhra Pradesh Chief Minister N Chandrababu Naidu.
MTN, which is a wholly owned subsidiary of the Malaysian Industry-Government Group for High Technology (MIGHT), will provide consultation in the areas of feasibility, planning and development of the park, in addition to bringing in initial technology. Both partners agreed to develop a masterplan for the project after conducting a feasibility study.
The Andhra Pradesh Economic Development Board has been established to promote sustainable economic growth through investments and partnerships. Chaired by the chief minister, it is the single point of contact for trade and investments into Andhra Pradesh.
“Andhra Pradesh has a huge opportunity to scale bilateral relationships exponentially. The state has been forging partnerships, building strong foundations and engaging with various countries,” said J Krishna Kishore, CEO of APEDB.
This park will apply new standards in management, primarily in the areas of environment and sustainability. The park is expected to attract private sector investments of $100 million in the first phase involving 75 small and medium enterprises and provide direct employment for 5,500 people.
“This collaboration will drive the development of technology parks to the next level through an integrated approach in bridging technology, market, funding and talent,” said Datuk Nik A. Faizul Abd. Mallek, MD of MTN.
Phase 1 will be spread over 100 acres to produce biodegradable packaging for the food and electronics industries.
Rural paddy farmers will get an opportunity to participate in the project by supplying rice straw. It is anticipated that the first phase will initially benefit 3,000 paddy farmers with an annual increase of Rs. 50,000 per annum for each household, subject to factors such as land holding and harvesting cycle.
The Andhra Pradesh Economic Development Board and MIGHT Technology Nurturing Sdn. Bhd (MTN) have signed a memorandum of understanding to collaborate on building the park, which will cover 250 acres and focus on new technologies. The MoU was exchanged in New Delhi in the presence of Prime Minister Narendra Modi and Malaysia’s Prime Minister Najib Razak.
"As part of the Look East Policy, Andhra Pradesh is building strong, resilient and sustainable partnerships with everyone and Malaysia is a key partner for us," said Andhra Pradesh Chief Minister N Chandrababu Naidu.
MTN, which is a wholly owned subsidiary of the Malaysian Industry-Government Group for High Technology (MIGHT), will provide consultation in the areas of feasibility, planning and development of the park, in addition to bringing in initial technology. Both partners agreed to develop a masterplan for the project after conducting a feasibility study.
The Andhra Pradesh Economic Development Board has been established to promote sustainable economic growth through investments and partnerships. Chaired by the chief minister, it is the single point of contact for trade and investments into Andhra Pradesh.
“Andhra Pradesh has a huge opportunity to scale bilateral relationships exponentially. The state has been forging partnerships, building strong foundations and engaging with various countries,” said J Krishna Kishore, CEO of APEDB.
This park will apply new standards in management, primarily in the areas of environment and sustainability. The park is expected to attract private sector investments of $100 million in the first phase involving 75 small and medium enterprises and provide direct employment for 5,500 people.
“This collaboration will drive the development of technology parks to the next level through an integrated approach in bridging technology, market, funding and talent,” said Datuk Nik A. Faizul Abd. Mallek, MD of MTN.
Phase 1 will be spread over 100 acres to produce biodegradable packaging for the food and electronics industries.
Rural paddy farmers will get an opportunity to participate in the project by supplying rice straw. It is anticipated that the first phase will initially benefit 3,000 paddy farmers with an annual increase of Rs. 50,000 per annum for each household, subject to factors such as land holding and harvesting cycle.
