MIBC asks Malaysian Companies to Invest in South Indian Real Estate

June 18, 2009	(Be the first to rate this story!)  Loading ...
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The newly formed Malaysia India Business Council (MIBC) is calling on more Malaysian companies to invest in South India, as the time was ripe for investments in the infrastructure and real estate sectors there. Leading the first MIBC delegation to Chennai, its president Datuk Krishnan Tan said Malaysian companies should look into an abundance of opportunities available in the southern region that is fast developing. “The ability to access the market is pretty good now, with the global economic slowdown and the cost (of doing business) has also come down.This is reasonably a good time for Malaysian companies to partake of investments in India,” he told Bernama in Chennai.

A galaxy of high profile Malaysian companies, mainly from the real estate and infrastructure sectors, are visiting two progressive cities in south India —Chennai and Bangalore — to scout for business opportunities Overall, India’s construction industry, which includes real estate, infrastructure like roads, ports and airports, and industrial construction, is worth RM511 billion (US$145 billion) and represents the second largest economic activity after agriculture. According to official estimates, the real estate market was valued at RM56 billion (US$16 billion) in 2006 but is forecast to tip RM212 billion (US$60 billion) by 2010.

Town planners say about 25 million new houses are expected to be built over the next seven years for the increasing population with higher disposable income. The visit is jointly organised by MIBC and the Federation of Indian Chambers of Commerce and Industry (FICCI), an influential trade body in the country. The MIBC was formed last September and this is its first overseas mission.

News Published Under:   Real Estate India, Chennai |

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