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J. Nanda Gopal

HYDERABAD, Sept. 24

THE Andhra Pradesh State Trading Corporation (APSTC) has entered into a MoU with two Malaysian companies, IOI Berhad and PKPS, both of Kuala Lumpur, to help in the promotion of its activities, according to Mr. S. Balasubrahmanyam, Managing Director of the corporation.

Mr Balasubrahmanyam, who recently returned from a tour of Malaysia where he signed the MoUs, told Business Line here on Tuesday that IOI Berhad, a major unit with a turnover of Rs 4,500 crore, had been chosen to develop the gem and jewellery park in Hyderabad to international standards at a cost of nearly Rs 60 crore.

The foundation stone for the Gem and Jewellery Park project would be laid in the second week of October and it was expected to be completed in a year. Export of gems and jewellery from Hyderabad accounted for Rs 80 crore. The tie-up with Berhad would help raise this figure to Rs 200 crore by 2005, he said.

PKPS is a Malaysian Government corporation involved in trading business in agricultural and allied commodities. The tie-up with this corporation would help increase exports and imports of agricultural and marine products from Andhra Pradesh, which has diverse products to offer.

The specific products to be handled in the collaborative venture would soon be identified, he said. Mr Balasubrahmanyam said that a target of Rs 15 crore had been set for this fiscal for the export of agricultural commodities.

Of this, orders worth Rs 2.5 crore had been met and Rs 8 crore worth orders were being executed. He was hopeful that the target would be reached by the end of December and by the close of the current financial year, it might even be exceeded.

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