HYDERABAD: The Andhra Pradesh Economic Development Board (APEDB) and Malaysian Industry-Government Group for High Technology (MIGHT) entered into a Memorandum of Understanding (MoU) to set up fourth generation technology park in Amaravati, the capital city of Andhra Pradesh.
This MoU was exchanged in the presence of Prime Minister of India Narendra Modi and Prime Minister of Malaysia Mohd Najib Bin Tun Haji Abdul Razak in New Delhi on Saturday.
The 4G technology park will cover an initial area of 250 acres and will focus on new technologies through the application of industry best practices involving clean technology, biotechnology, connected digital platforms, big data, robotics and additive manufacturing.
This park will also be applying new standards in park management primarily in the areas of environment and sustainability. “This collaboration will drive the development of technology parks to the next level through an integrated approach in bridging technology, market, funding and talent,” said MIGHT Technology Nurturing (MTN) managing director Datuk Nik A Faizul Abd Malek.
APEDB chief executive officer J Krishna Kishore said that Andhra Pradesh has a huge opportunity to strengthen bilateral relationships exponentially. The State has been forging partnerships, building strong foundations and engaging with various countries and this MoU with MIGHT will provide an impetus for clean technology and industry, he observed.
This park is expected to attract investments to the tune of Rs 650 crore in the first phase involving as many as 75 SMEs. The Phase 1 Cluster will commence with a Biodegradable Industry Cluster which will cover an area of 100 acres, to produce biodegradable packaging for food and electronics industries. The technology for this cluster will be provided by a Malaysian company - Free The Seed Sdn Bhd - which sources the raw materials from rice straw biomass to produce biodegradable packaging products through a cellulosic fibre delignification and biotechnology enzymatic treatment processes.