Malaysia, India sign six MoUs and agreement to further enhance bilateral ties


Malaysia and India on Saturday signed six Memorandums of Understanding (MoUs) and an Agreement that paves the way for further economic growth and development between the two countries.

India and Malaysia celebrate the 60th anniversary of diplomatic ties this year.

Visiting Prime Minister Datuk Seri Najib Tun Razak and his host and counterpart Narendra Modi, witnessed the signing ceremony at Hyderabad House in the capital.

It was held in conjunction with Najib’s six day official visit to India.

Among the prominent MoUs is the proposed development of a urea and ammonia manufacturing plant in Malaysia and an Offtake of Existing Surplus Urea from Malaysia to India.

The project is expected to cost US$2 billion, with a capacity to produce 2.5 million tonnes per annum, and dedicated to supplying the Indian market.

MIGHT Technology Nurturing Sdn Bhd also inked a deal with the Andhra Pradesh Economic Development Board (APEBD) on implementation of the fourth generation Technology Park in the southern state.

The park is anticipated to attract private sector investments of US$100 million, as well as spinning off the involvement of 75 small medium enterprises, and providing 5,500 jobs.

Both countries also signed a bilateral air services agreement which would enhance air connectivity.

Other MoUs were between the Association of Indian Universities (AIU), New Delhi and the Malaysian Qualifications Agency (MQA) on mutual recognition of educational qualifications, to encourage students to study in each other’s country in all courses.

Also signed were MoUs between Pembangunan Sumber Manusia Bhd and the Entrepreneurship Development Institute of India, the Malaysian Palm Oil Board (MPOB) and Institute of Chemical Technology (ICT) on collaboration in  technology development in the field of palm oil.

In a joint statement issued after the bilateral meeting between Najib and Modi, both sides also agreed to explore the possibility of enhancing cooperation in the financial sector.

It includes participation in each other’s capital market, as well the grant of commercial banking licences.

India also welcomed Malaysia’s initiative to expand the visa-free programme to Indian nationals visiting Malaysia effective today until March 31, 2018 under the Electronic Travel Registration and Information (eNTRI).

India also expressed satisfaction at the participation of Malaysian companies in road projects in the state of Rajasthan. It looked forward to the conclusion of significant infrastructure projects there and in other states by Malaysian companies.


Readers choice: TOP-5 articles of the month by UkrAgroConsult