Naza Corporation of Malaysia is planning to set up an assembly unit in Chennai for low cost, compact passenger cars with an investment plan of $250 million. Company officials are in talks with the Tamil Nadu government regarding land acquisition, taxation and other financial issues.
Malaysian companies have already invested two billion dollars in the Indian construction industry and are looking for more opportunities, said Dato Ahmed Husni Hanadzlah, deputy minister, Malaysian ministry of international trade and industry at an industry interaction organised by the Confederation of Indian Industry.
"This is the first serious Malaysian business delegation that has come to India and the members have come on their own accord," said Nirupam Sen, state minister for commerce and industry.
"Malaysian companies are looking for more opportunities to invest in India. The construction industry here is booming, and West Bengal seems a prospective nd lucrative market for Malaysian investors," said Dato Hanadzlah.
Sanjay Budhia, chairman, national committee on trade policy of CII, emphasised on the need to re-establish air connectivity between Kolkata and Kuala Lumpur to shorten travel time was a must between the two cities, said Budhia.
Malaysia would welcome Indian investments in biotech and manufacturing, Dato said.
Bilateral trade between India and Malaysia rose 17 per cent in 2005 over the previous year to touch $5billion.
Between January and June of 2005, bilateral trade amounted to $ 2.3 billion, slightly lower than $2.7 billion garnered during the corresponding period in 2004.
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