DHAKA: After India, Malaysian infrastructure companies are drilling their way into Bangladesh, yet another upcoming South Asian market, with almost TK24,974 crore (RM11 billion) worth of projects secured to date.

Malaysia’s Special Envoy for Infrastructure to India and South Asia Datuk Seri S. Samy Vellu said among the projects were the TK 13470 crore (RM6 billion) 1,320MW power plant in Cox’s Bazar, TK5221 crore apartment project in Dhaka, the supply of 400 passenger coaches for the Bangladesh Railways worth TK1571 crore (RM700 million) and a TK3405 crore (RM1.5 billion) crude handling facilities project worth TK3405 crore (RM1.5 billion).

“We will sign the contract for the apartment project this month. The rest of the contracts are being negotiated ‎and I expect them to be finalised within a month or so,” he said ahead of the official visit of Bangladesh prime minister Sheikh Hasina to Malaysia from tomorrow.

On the power plant project, Samy Vellu said Tenaga Nasional Bhd and Powertek Bhd, a subsidiary of 1MDB, will soon sign a joint venture agreement with the Bangladesh Power Development Board, the state power utility company of Bangladesh.

“After the signing of the joint venture agreement, the three parties will form a joint venture company and embark on a due diligence exercise.”

Emrail Sdn Bhd will partner Ofnir Sdn Bhd and IEV Sdn Bhd to undertake the crude handling facilities project which would also be financed by them.

The supply of the passenger coaches to the Bangladesh Railways will be undertaken by Hartasuma Sdn Bhd with financing, Samy Vellu said.

“We are working on other projects and the Bangladesh government has offered Malaysia more housing projects. It’s a booming market for the housing sector what more with a population of more than 140 million people.”

Samy Vellu said when he was Works Minister, Malaysian companies secured more than RM50 billion worth of infrastructure projects in India.

“We intend to bring in the same amount of investments if not more into Bangladesh. It’s a growing country economically.”

He also said that the Bangladesh taka (currency) has been strengthening against the US dollar and the ringgit and its foreign reserves have surpassed more than TK 1,34,952 crore (RM60 billion).

Samy Vellu said he would woo more Malaysian companies to invest in Bangladesh based on the fact that the Muslim country was poised to become the next South Asian “tiger economy” after India.

Source: therakyatpost.com

BDST: 1224 HRS, DEC 01, 2014