Mp Also Hits Foreign Investment Trail

On the investment trail like many other Indian state leaders, Madhya Pradesh Chief Minister Digvijay Singh said here that prospective British and US investors had evinced a lot of interest in his state during his visit to the two countries.

Singh, who at the head of a 20-member delegation visited London before arriving here, said the trip was aimed at projecting Madhya Pradesh as an investor-friendly destination.

We want to attract the attention of foreign investors towards Madhya Pradesh, he said here before leaving for India.What I am trying to do (during this visit) is that when people visit India, they also remember Madhya Pradesh as a state which is seeking to attract investments, Singh said.

 

He said while investments were generally welcome in any area, infrastructure is our primary target. In terms of project implementation, he said, Madhya Pradesh occupies the fourth position in India.

The Asian Development Bank (ADB) has cleared a line of credit for Madhya Pradesh, he said. After studying the budget of all states, the ADB found that Madhya Pradesh was the most responsive, Singh added.

The Chief Minister, who was in London for three days, said this was the first ever delegation to Britain from the state. The state team had a series of very successful meetings with Flemings Investment Bank, West Merchant Bank, London Chamber of Commerce and the Commonwealth Development Corporation.

The Financial Times newspaper also organised a seminar on investing in the state at which a number of delegation members made case study presentations on their experiences of doing business in the state.

Singh said his government was holding Intechmart, an investment promotion activity, in December in Khajuraho. The event is being organised jointly by the United Nations Industrial Development Organisation (Unido), the Confederation of Indian Industry and the MP Industrial Development Corporation.

He said that 150 project proposals were in the process of being finalised in the private sector and, after scrutiny by the Unido, would be announced and offered to overseas organisations for possible joint ventures. He said the state government will hold roadshows in the US some time in September for the Intechmart.

Citing it as an example of the states steady progress, Singh said while projects under implementation in 1993 were to the tune of Rs 15,000 crore, the value had shot up to Rs 83,000 crore in 1997. This has created a lot of direct and indirect employment, he said.

Asked if his government would introduce casinos in the state, an issue which had sparked major controversy in the past, Singh said it was possible. We are in the process of having discussions with the opposition on this issue, he said. Actually, they (the opposition) have not truly understood its implications, he added.

Asked if he believed casinos would ruin the states culture as alleged by the opposition, Singh said if it comes through, it would be meant only for foreign tourists who would pay in foreign currency. Local people will not be allowed at all (in casinos), he added.

Singh also addressed the Indo-US Joint Business Council here during a meeting which was presided over by council chairman Howard Clark. He also held one on one meetings with a number of US industry representatives.

He, however, admitted that meeting industry leaders per se does not mean much and that investment promotion missions must be carried on.

The members in his delegation included MP Rajan, managing director of the Madhya Pradesh State Industrial development Corporation Ltd, Badal Das, Secretary for Industries, UK Verma, Industries Commissioner, and representatives from businesses.