Malaysia's CIDB to invest Rs.10,000 cr in Telangana
The Dollar Business Bureau
Government of Malaysia's Construction Industry Development Board (CIDB) has shown interest to invest Rs.10,000 crore in the infrastructure projects in the state of Telangana. Minister for Industries K T Rama Rao has met Abdul Latif Hitam, the CEO of CIDB in Kuala Lumpur, Malaysia on Friday. He discussed the opportunities in Telangana infrastructure sector during his three-day tour to attract investments into the state.
The CIDB, a statutory body under Malaysia’s Ministry of Works, promotes and facilitates the exports of Malaysian construction services. The CIDB board is interested to invest in infrastructure projects such as highways, urban mass transit, housing and other infra projects in Telangana. The board has already entered into an MoU with Rajasthan government for construction of highways at a cost of Rs.10,000 crore, the minister informed.
He said that the investments worth Rs.10,000 crore will follow the annuity based repayment method. Soon, the CIDB delegation will tour the state to consider the projects to be taken up.
During his tour, the minister met Malaysia Chemical Company Managing Director Arif Abdul Shatar and invited him to invest in Telangana. Arif Abdul Shatar said that his company would like to explore the investment opportunities in vaccine manufacturing in Telangana.
He also met Malaysian Prime Minister's advisor and Head of the PEMANDU (Performance Management and Delivery Unit) Datuk Seri 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 2020.
KTR 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.
K T Rama Rao with Malaysian Prime Minister's advisor and Head of the PEMANDU Datuk Seri Idris Jala (C).