Malaysian, Indian firms to develop port & maritime city projects on Carey Island

NEW DELHI: Malaysian and Indian companies will jointly develop port and maritime city projects worth about US$32 billion (RM142 billion) on Carey Island in Klang, Selangor.

Prime Minister Datuk Seri Najib Abdul Razak said the Indian companies were interested in Carey Island due to its strategic geographical location.

"It's a sheer coincidence that the Kabali film was shot on Carey Island, but off course, the Indian group is interested because of its strategic location," he said at the Roundtable Meeting with Captains of Industry here today.

Najib told his audience that he had a chance to meet Kabali superstar Rajinikanth in Chennai during his visit there on Friday, and the selfie with him has since become viral both in Malaysia and India.

Malaysia's MMC Port Holdings Sdn Bhd and Adani Ports & Special Economic Zone Limited of India are expected to develop the Carey Island Port Project worth US$9.39 billion.

The development of an integrated maritime city to the proposed Carey Island Port will see a joint venture between MMC Port Holdings and Sime Darby Property Bhd with Adani.

The integrated maritime city is worth US$22.78 billion for a 30-year period.

Najib also told the captains of industry that there are many exciting developments taking place in Malaysia, citing the recent US$7 billion investment by Saudi Arabia's Aramco and the Digital Free Trade Zone, the first in the world which was launched by him and Jack Ma of Alibaba last month.

On trade between the two countries, Najib said they hoped to achieve the US$15 billion target within three years, after the initial target in 2015 was not met due to global economic slowdown.

Najib also said the various economic transformation programmes taking place in Malaysia were bearing fruit, with the creation of 1.8 million jobs, reduction in poverty and doubling of gross national income.

The premier, who is also the Finance Minister, said Malaysia's economy was able to cushion the global economic slowdown due to the transformation, adding that the reliance on oil and gas had dropped to 14% from 41% in 2010.

"With our highly diversified economy, strong manufacturing foundation, developed infrastructure and connectivity, proactive government policies and sound legal system, we believe that there is enormous potential for further cooperation between India and Malaysia, and that our country can be your gateway for Asean and beyond," he added.

Najib urged the Indian businesses to take advantage of the wealth of opportunities offered by Malaysia, adding that the country had the highest percentage of Indian diaspora outside India.

"The market is open for your business and ideas. With joint efforts from both our countries, Malaysia-India economic trade and cooperation will be taken to new heights," he said. — Bernama