It is time for yet another technology park to find its ground in AP. This time round the onus lies on a Malaysian firm which believes that the project will achieve an investment of $100 million during its first phase itself from the private sector.
A memorandum of understanding to this effect has been signed by Sdn Bhd of MIGHT Technology Nurturing aka MTN and the Andhra Pradesh Economic Development Board. The two organizations will collaborate for the establishment of the tech park which will be built on 250 acres of land and will mainly focus on novel technologies. This MoU was signed and exchanged in the presence of Indian Prime Minister, Narendra Modi and Malaysian Prime Minister, Najib Razak in New Delhi.
Mr. Chandrababu Naidu, the CM of Andhra Pradesh stated that owing to their Look East Policy, the state is trying to build strong working bonds with various countries and Malaysia is one of their most favored targets.
MTN is a subsidiary that is owned by the Malaysian Industry Government Group for High Technology (MIGHT). This organization will be highly instrumental in bringing in the new technology while also offering consultation in various fields like plans for the park, feasible areas for the project and developing the park. The partners of the project have decided to first go ahead with a feasibility test and then come up with a plan in accordance to their findings.
In order to enhance consistency in the economic growth of the state through partnerships and investments, a body called Andhra Pradesh Economic Development Board has been set up. It is chaired by the state CM and is the only point of contact for people who are willing to trade or develop partnerships with AP.
According to the CEO of APEDB, Mr. J Krishna Kishore, Andhra Pradesh has the ability to build bilateral relations and thereby grow at a large scale. He further added that the state has been busy in striking partnerships with different countries and building strong bonds with them.
With this technology park, we are most likely to see application of new management skills as far as sustenance and environment is concerned. In the first phase, the park is expected to be home to 75 enterprises of small and medium sizes and will offer employment to about 5500 people. It is believed that in the initial phase, the park will attract private sector investment of about $100 million.
The MD of MTN, Mr. Datuk Nik A. Fazul Abd.Mallek said that this project with its marketing, talent, funding and bridging technique will be an inspiration for newer and better technological parks.
It is believed that 100 acres of land will be dedicated to Phase 1 of the tech park which will be instrumental in manufacturing eco friendly, biodegradable packing material for electronics and food industries.
This project brings some benefit to the paddy farmers in the rural areas as they will be roped in to provide rice straws. If reports are to be believed, at least 3000 farmers will benefits from the initial phase of this project with their annual income increasing by INR 50000 p.a. However, this is subjected to other factors like the manner of land holding, the period of harvesting etc.