Malaysian body keen to invest Rs 10,000 crore in Telangana

Updated on : Jul 01,2016   8:18 pm

Hyderabad, July 1 (IANS) Malaysia's Construction Industry Development Board (CIDB) has shown interest to invest Rs 10,000 crores in infrastructure projects of Telangana, an official statement said on Friday.

Telangana Industries Minister K.T. Rama Rao, who is on a three day tour to Malaysia to attract investments, met CIDB's 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, said a statement from the state government.

The CIDB 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.

Rama Rao assured complete support to the board. This investment will follow the annuity-based repayment method, the minister was told. A CIDB delegation will tour the state of Telangana to consider the projects to take up in the state.

Earlier in the day, Rama Rao also met Malaysian Prime Minister's advisor and head of the PEMANDU (Performance Management and Delivery Unit) Dato Sri Idris Jala. The economic transformation programme of this institution is an initiative by the Malaysian government to turn Malaysia into a high income economy by 2020.

The minister studied the supervisory mechanism of the important infrastructure projects by the unit and asked the state officials accompanying him to examine the same dashboard mechanism to supervise state projects on day to day basis.

Rao also met Arif Abdul Shatar, managing director of Malaysia's largest pharmaceutical company Chemical Company of Malaysia. The company will explore investment opportunities in vaccine manufacturing in Telangana.