MP Govt signs $1 bn MoU with China’s Sany group

The Dollar Business Bureau

The government of Madhya Pradesh on Monday has signed a Memorandum of Understanding (MoU) with China’s Sany Group, worth $1 billion. The company has shown interest in investing in 500 MW wind energy sector and constructing industrial infrastructure, revealed a government spokesperson.

Speaking on the occasion, Shivraj Singh Chouhan, Chief Minister of Madhya Pradesh assured full cooperation to the Chinese company. The Chief Minister also invited the company to take part in the Global Investors' Summit (GIS) to be held in Indore  from October 22-23 this year.

China Fortune Land Development, another Chinese company, has also evinced interest in the development of cities in the state.

Earlier, on Monday, while speaking at a seminar on 'Invest in Madhya Pradesh' in Beijing, Chouhan pointed out the major advantages of investing in the state. He also explained the investment opportunities in priority sectors.

Chouhan said that India's Gross State Domestic Product (GSDP) is growing at a pace driven by liberal policies of investment. Madhya Pradesh’s GSDP in the fiscal year 2016 reached an impressive 7.6 percent.

He mentioned that Madhya Pradesh is economically sound, and said that since 2004, the state has revenue surplus and has been able to keep its GSDP growth in two- digits.

The tax revenues growth rate of Madhya Pradesh is 17 percent. Chouhan, while mentioning the benefits of investment, said that Madhya Pradesh has world class investment-friendly infrastructure.

Specifying the number of industrial sites in the State, he said that the state has 230 developed industrial sites that include micro and small medium enterprises (MSMEs) and big industrial areas. This also comprises of Chinese Industrial Township at Pithampur in the state’s Dhar district, which has a total area of 205 hectares, having 135 industrial plots.

Madhya Pradesh has huge land resources, open for the business community. Land is also available at industrial sites at concessional rates on 30-year lease. This is the right time and opportunity for investment companies of China to invest in Madhya Pradesh he said.