Malaysia's CIDB to invest Rs. 10,000 Cr in TS
Hyderabad, July 1 (INN): The Government of Malaysia's Construction Industry Development board (CIDB) has shown interest to invest Rs 10,000 Crores in Infrastructure projects of Telangana state.
Industries Minister K Tarakarama Rao, who is on a three-day visit to Singapore and Malaysia, met CIDB CEO Abdul Latif Hitam in Kuala Lumpur and discussed the opportunities in the infrastructure sector in Telangana.
The CIDB is a statutory body under the Ministry of Works, Malaysia, established to develop the Malaysian construction industry including promoting, stimulating and facilitating the exports of Malaysian construction services. CIDB board informed the Minister that it is interested to invest in infrastructure projects like managing highways, urban mass transit, mass housing and other projects in Telangana. The board also told minister that they have already entered into an MOU with Rajasthan government for construction of highways to the tune of Rs. 10,000 Crore.
KCR expressed his happiness for the interest CIDB has shown in the state of Telangana and assured complete support to the board. This Rs. 10,000 Crore investments will follow the annuity based repayment method, minister told. CIDB delegation will tour the state of Telangana to consider the projects to take up in the state.
Earlier in the day, KTR also met Malaysian Prime Minister's advisor and head of the PEMANDU (Performance Management and Delivery Unit) Dato 'Sri Idris Jala. The Economic Transformation Program of this institution is an initiative by the Malaysian government to turn Malaysia into a high income economy by the year of 2020. The Minister studied the supervisory mechanism of the important infrastructure projects by the unit and asked the state officials to examine the same dashboard mechanism to supervise state projects on day to day basis.
KTR met the managing director of Malaysia's largest pharmaceutical company Chemical Company of Malaysia and invited them to invest Telangana. Malaysia Chemical Company MD Arif Abdul Shatar said they would like to explore investment opportunities in vaccine manufacturing in Telangana. Principal Secretary of the state Industries department
Aravind Kumar also accompanied the Minister in his three day visit in Singapore and Malaysia.
News Posted: 1 July, 2016
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