Malaysia is setting up a tech park in Andhra Pradesh that will focus on new technologies

A Malaysian company has signed a deal with the Andhra Pradesh government to set up a tech park that will focus on new technologies and have the potential to attract private sector investment of $100 million in the first phase.

The Andhra Pradesh Economic Development Board and MIGHT Technology Nurturing Sdn. Bhd (MTN) will collaborate to build the tech park over 250 acres of area.

"As part of the Look East Policy, Andhra Pradesh is building strong, resilient and sustainable partnerships with everyone and Malaysia is a key partner for us," said Andhra Pradesh Chief Minister N Chandrababu Naidu.

This tech park will be based on environment and sustainability and involve 75 small and medium enterprises and provide direct employment for 5,500 people.

MTN, which is a wholly owned subsidiary of the Malaysian Industry-Government Group for High Technology (MIGHT), will provide consultation in the areas of feasibility, planning and development of the park, in addition to bringing in initial technology. Both partners agreed to develop a masterplan for the project after conducting a feasibility study.

"This collaboration will drive the development of technology parks to the next level through an integrated approach in bridging technology, market, funding and talent,” said Datuk Nik A. Faizul Abd. Mallek, MD of MTN.