Madhya Pradesh signs MoU with Chinese firm for investment proposals worth $1 billion

Madhya Pradesh has signed a Memorandum of Understanding (MoU) with the Chinese giant Sany Group, one of the world's biggest machinery makers, for working on investment proposals worth $1 billion.

The MoU was signed following a detailed discussion between Chief Minister Shivraj Singh Chauhan and Liang Wengen, chairman of the board of Sany Group, on investment possibilities in Madhya Pradesh, said a press release issued by the Chief Minister's Office (CMO).

Wengen said Sany Group was interested in investing around $1 billion in the state in the energy sector and in building industrial infrastructure.

Chauhan said his government will make all possible arrangements to ensure ease of business for Sany in Madhya Pradesh.

"I do not hold hands easily, and when I do, I do not let it go," he said.

"I welcome you to Madhya Pradesh to see for yourself what we can offer. Please attend out Global Investor Summit in Indore, our commercial capital, on October 22-23," said the Chief Minister while inviting Wengen.

The MoU was signed by Madhya Pradesh Trade and Investment Facilitation Corporation Managing Director D.P. Ahuja and Sany Group vice president Li Jingjing.

"We are not looking for opportunities to invest 10-20 million dollars, we are looking for opportunities to invest $1 billion in your state," Wengen told Chief Minister Chauhan during the meeting.

"We want to establish large scale electricity plants or build factories to manufacture our construction equipment," he said.

"We can contribute both technology and capital. We can take advantage of your huge market and have better development. In this way we can strengthen the friendship between our great countries," Wengen added.

Wengen expressed interest in developing an industrial town in Madhya Pradesh. Chief Minister said his company has strong opportunities to develop such a town in several cities, including Gwalior, which is not far from New Delhi.

At the end of the meeting, Wengen presented the Chief Minister a scroll of traditional Chinese painting, while the Chief Minister also presented a gift to him.