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