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India, Malaysia inks 7 agreements

India and Malaysia have inked seven agreements to foster deeper relationship between the two countries.

The agreements were exchanged in the presence of Prime Minister Narendra Modi and his Malaysian counterpart Najib Abdul Razak in New Delhi who was on six day state visit to India.

Signed agreements are
  • Air Services Agreement: It is revised ASA with Malaysia signed by both countries in 1974.
  • MoU on Cooperation Fertilizers sector: It deals with development of proposed Urea and Ammonia Manufacturing Plant in Malaysia and offtake of exisiting surplus urea from Malaysia to India.
  • MoU on cooperation in Sports: It envisages cooperation through exchange of sportspersons, instructors, information on sports regimen and training curricula, etc.
  • MoU for cooperation in training: It was signed between Malaysian Human Resource Fund (HRDF and EDII, Ahmedabad.
  • It envisages EDII, Ahmedabad to carry out training and other capacity building programmes, as necessary on behalf of the Human Resource Development, Malaysia.
  • MoU on Mutual Recognition of the Educational Qualifications: It was singed between Association of Indian Universities (AIU) and Malaysian Qualifications Agency (MQA).
  • It establishes recognition of equivalence of various degrees awarded by educational institutions in both countries and envisages eventual signing of mutual recognition agreement.
  • MoU on collaboration in technology development in the field of Palm Oil: It was signed between Malaysian Palm Oil Board (MPOB) and India’s Institute of Chemical Technology (ICT).
  • MoU on implementation of 4th Generation Technology Park in Andhra Pradesh: It was signed between MIGHT Technology Malaysia and AP Economic Development Board.
  • The Malaysian industry-government group for high power technology (MIGHT) will act as facilitator to develop cluster in AP. As part of park, packing material will be made from recycled agricultural materials.

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FIPB nod to Tata-SIA airlines

The Foreign Investment Promotion Board (FIPB) gave approval to Tata-SIA Airlines Ltd. – an upcoming joint venture of Singapore Airlines and Tata Sons entailing an initial foreign investment of USD 49 million.

  • This is Tata’s second venture in the aviation sector after its tie-up with Malaysian carrier Air Asia in February for a low cost passenger air service.
  • The venture will have Tata Sons as the majority partner with a 51% stake, while Singapore Airlines will hold 49%. The two firms, which plan to set up the airline with an initial investment of $100 million, announced their J.V. agreement on September 20, 2013.
  • The venture is viewed as a result of the decision taken by the government in September 2012 when it allowed overseas airlines to invest up to 49% in local airlines. Earlier, foreign investors, but not airlines, had been allowed to hold up to a 49% stake in local airlines.

Following the liberalization, Tata Sons announced a venture with Malaysia’s AirAsia to form a local low-fare airline. AirAsia will hold a 49% stake in it and Tata Sons 30%. The balance will be held by Arun Bhatia of Telestra Tradeplace Pvt Ltd.

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