Canada, Malaysia sign $327 million of deals<\/p>\n
KUALA LUMPUR (Reuter): Canadian companies and government
\nagencies signed agreements worth more than C$445 million (US$327
\nmillion) with their Malaysian counterparts yesterday as a top-
\nlevel trade delegation wound up an Asian tour.<\/p>\n
Canadian Prime Minister Jean Chretien, who led the group of
\nsome 300 Canadian officials and businessmen, witnessed the
\nsigning of 43 commercial contracts and government accords in the
\nMalaysian capital.<\/p>\n
Commercial deals were valued at C$198.7 million ($146.1
\nmillion), with telecommunications accounting for a large slice of
\nthe total. Agreements worth an estimated C$247.13 million ($181.7
\nmillion) were signed between government agencies and universities
\nof the two countries.<\/p>\n
Chretien said this showed Ottawa's attention was shifting to
\nimportant Asian markets.<\/p>\n
\"We have fixed our eyes for too long a time on the other side
\nof the Atlantic and the south of our border,\" he said before a
\nsigning ceremony.<\/p>\n
\"Those days are over for good. We have lifted our gaze also to
\nthe Pacific. We have finally recognized that Canada is a Pacific
\nnation.\"<\/p>\n
The Canadian delegation said in a statement that deals worth
\nC$8.6 billion ($6.3 billion) were signed on the 12-day tour of
\nIndia, Pakistan, Indonesia and Malaysia.<\/p>\n
The biggest commercial deal in Malaysia was a C$70 million
\n($42.9 million) pact between Quebec's Telesystems International
\nWireless and Technology Resources Industries Bhd of Kuala Lumpur
\nto develop a joint venture in wireless communications.<\/p>\n
The two companies propose to collaborate on five global
\nsystems for mobile communications (GSM) cellular projects
\n\"subject to positive feasibility studies\", a statement from the
\nCanadian delegation said.<\/p>\n
\"This marks the start of a joint venture to pursue these types
\nof projects that could represent equity investment by the two
\nparties of up to C$70 million,\" it said.<\/p>\n
Another major telecommunications joint venture, valued at C$63
\nmillion ($38.7 million), was signed between Harris Farinon of
\nQuebec and Folec Communication of Kuala Lumpur. Under the two
\nagreements, the firms will develop microwave radio systems and
\nform a customer service center.<\/p>\n
Lockheed Martin of Ontario signed a deal for $42 million
\n($25.8 million) to exchange radio frequency microwave and
\nsoftware technology with Telekom Malaysia.<\/p>\n
Chretien said business pacts signed would result in \"jobs and
\neconomic growth for people in every part of Canada\".<\/p>\n
On Thursday, Chretien met Malaysian Prime Minister Mahathir
\nMohamad. The two countries also signed agreements on air
\ntransport, forest management and strengthening ties between their
\nuniversities.<\/p>",
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"sponsor": "Okusi Associates",
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