India and Malaysia on Monday agreed to join forces to develop satellites and build an international airport in Hyderabad following wide-ranging talks between the two countries' leaders, the Indian government said. The joint venture between the Indian Space Research Organisation's commercial subsidiary, the Antrix Corporation Limited, and Malaysian firm MEASAT Global Bhd is aimed at creating a satellite network for millions of broadcasting and telecommunications customers in the Asia-Pacific region, a statement said.
The two sides also signed an agreement to jointly develop the airport in the southern city of Hyderabad, which is which is fast emerging as a rival to India's IT capital Bangalore and has a growing traffic of overseas travellers.
Earlier, Malaysian Prime Minister Abdullah Ahmad Badawi said Malaysia saw tremendous potential for growth in economic ties with India and is looking west for new alliances here as New Delhi looks east.
"I am told that India is increasingly looking east to develop stronger trade and financial ties," Abdullah told a meeting of Indian industrialists in New Delhi.
"We are increasingly looking west - towards India and West Asia. I am here to build new bridges, construct new economic alliances and generate fresh economic co-operation," he said.
The Malaysian leader said bilateral trade had grown to be worth 3.2 billion in 2003 from 467 million dollars in 1994, and this could be improved.
Malaysia's economy is set to grow 7.0 percent in 2004, in line with India which is forecast to grow 6.0-6.5 percent.
Indian investment in Malaysia - mainly in petrochemicals, textiles, food manufacturing and rubber - totalled half a billion dollars, Abdullah said, adding Malaysian companies had similarly invested in India.
He also urged businessmen from both sides to forge "smart partnerships" to explore opportunities together in third markets - the Middle East, Central Asia, East Asia and Africa.
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