India, Malaysia sign $36BN in investment deals

By Shuriah Niazi

NEW DELHI (AA) - India and Malaysia signed pacts for deals worth $36 billion, the Indian government said on Tuesday.

Most of those projects -- worth more than $30 billion -- will be executed in Malaysia, while the remainder will be take place in India.

In comments released on Tuesday, Malaysian Prime Minister Najib Razak described the sum as a “whopping figure.”

He is on a visit to India along with several Malaysian cabinet ministers and business leaders.

Major Malaysian and Indian companies from the infrastructure, engineering, oil and gas sectors were present at the time of signing of the deal, India’s commerce ministry said on Tuesday.

India's Commerce and Industry Minister Nirmala Sitharaman said: “Economic engagement between both the countries offers huge business potential for India and Malaysia.”

Indian companies such as Andhra Pradesh Gas Distribution Corporation and Adani Ports signed memorandums of understanding with Malaysian industries for investment.

One of the most significant agreements was for the development of an integrated maritime city on Carey Island, southern Malaysia, worth $23 billion.

Malaysia and India have seen significant growth in investment in the last few years. Malaysia is India’s third-largest trading partner in the ASEAN group after Singapore and Indonesia, according to Indian government data.