Saturday July 31, 2010

Indian firms to sign MoUs in Penang

By DAVID TAN
davidtan@thestar.com.my

GEORGE TOWN: Some 12 memorandum of understandings (MoUs) that could generate over US$10mil in investments for Penang are expected to be signed soon by at least seven Indian companies with local businessmen.

Penang Indian Entrepreneurs & Professionals (PIE) vice-president Daniel Murthy told StarBizWeek that the MoUs would be signed to start business in industries related to electronics manufacturing, hospitality, software engineering, and business processed outsourcing.

Murthy said the seven Indian companies were part of a business delegation from southern India participating in a Malaysia-India Business Meet on Aug 14, which would be launched by Penang Chief Minister Lim Guan Eng.

“There will be some 300 businessmen from the north to meet up with the Indian entrepreneurs,” he said.

Murthy said the Indian companies, comprising small and medium firms and large corporations, were interested in Penang because of the presence of world-class multinational corporations (MNCs) in the state.

“Some of them are targeting to set up joint-venture manufacturing business in the state to market contract manufacturing services to the MNCs.

“Besides manufacturing business, there are companies looking for distributors in the state to market their branded consumer products in Malaysia.

“Then there are companies that want to be involved in the hospitality and hypermarket business. Collectively, these companies would bring in investments that would create high-income jobs for the population, which is in line with the objective of the country to be a high income country by 2020,” Murthy said.

PIE would also explore working with travel agencies to bring tour groups from India to visit Penang, Murthy added.

“In February 2011, PIE will bring a business delegation from Penang to visit India,” he said.

Founded in 1996, PIE is a non-profit organisation set up to create, support and nurture Indian-owned businesses in Malaysia and outside the country.