MoUs worth 53 billion USD signed at MP's Global Investors Summit

Bhopal: The Global Investors Summit at Khajuraho which concluded on Saturday proved to be bountiful for the central Indian state of Madhya Pradesh as Memoranda of Understandings, (MOUs), were signed in heaps in the presence of famous industrialists of the world as well as India. This is bound to pep up the economy of the state in leaps and bounds.

In the two-day conference a total of 107 MoUs were signed worth Rs. 2359.66 billion (53.0261 billion USD) heralding a new dawn for Madhya Pradesh provided that all the MoUs signed in the Global Investors Summit are implemented in letter and spirit within the set timeframe.

On the second day of Global Investors’ Summit-II, MoUs worth Rs. 1153.29 billion (25.9166 billion USD) were signed. On Saturday, 57 MoUs to the tune of Rs. 391.15 billion (8.78989 billion USD) were signed for setting up various industries, 15 MoUs worth Rs. 76.08 billion (1.70966 billion USD) in the energy sector, seven MoUs worth Rs. 5340 million (120 million USD) for food processing units, two MoUs worth Rs. 4000 million (89.8876 million USD) in the health sector and four MoUs worth Rs. 2000 million (44.9438 million USD) were signed in the renewable energy sector.

Meanwhile, it may be mentioned here that on the first day 22 MoUs were signed worth Rs. 1200 billion (26.9663 billion USD)

During the interaction between the representatives of the industry and government officers, it was also made clear that regular monitoring of the MoUs will be undertaken so that industrial units are set up within the stipulated timeframe so that people of the state can be aware of the reality of this exercise at the earliest.

There cannot be better proof of the government and investors’ resolve to complete their units, agreements for which were signed during the meet, that all of them agreed to the rules, regulations, concessions, terms and conditions were accepted by both the parties without any hitch or hesitancy. Credit should be given to the Madhya Pradesh Chief Minister Shivraj Singh Chouhan, who convinced and inspired the investors in a cordial and impressive manner. The investors too had got impressed by the Chief Minister’s sincerity towards them. Therefore, they seemed to doubly delighted at the Summit.

The graph of achievements of Khajuraho Investors Summit-II is not confined to the activities of just two days but has roots beyond them since many proposals, which were discussed here but MoUs on them could not be signed during the Summit, will be given a new dimension in near future. The industrialists, who participated in one-to-one meetings but could not sign MoUs, are still considering pros and cons of investment in Madhya Pradesh. It means that they are interested to invest in the state in the near future and the foundation of their resolve has been laid at the Khajuraho Summit-II itself.

During the concluding day, Chief Minister Shivraj Singh Chouhan and his right hand man Industry Minister Kailash Vijayvargiya were seen holding discussion with industrialists either one-to-one or in groups and did not forget to remind the industrialists that proposals have to be proved true in real terms. On the other hand, the resolve shown and helping hand extended by the state government was also not lost on the investors as they were told that the administrative machinery has been tightened in their favor.

Meanwhile, addressing the concluding session of the Summit the Chief Minister Chouhan said that non-serious MoUs and the ones not being implemented within specified time limit would be cancelled. For the state government the MoUs are not merely a paper work or formality. He said that he would undertake quarterly review of the progress in these MoUs and the Minister for Industry would do so every month.

Chouhan reiterated the state government’s commitment to providing all necessary facilities to the investors. He said that an airstrip would be developed in each district and wherever necessary helipads would be constructed. He also urged the Federal government for cooperation in infrastructure development in Madhya Pradesh.

The Chief Minister said that the state government would welcome inputs and suggestions from investors. He announced that the next Investors’ Summit would be held on October 27-28, 2012.

Federal Minister of State for Heavy Industries Arun Yadav had a word of praise for development approach of the Chief Minister Chouhan and said that signing of Rs. 2359.66 billion (53.0261 billion USD) MoUs is a praiseworthy achievement. The Federal government would provide all necessary facilities and cooperation to investors in Madhya Pradesh.

The chairman of Anil Dhirubhai Ambani Anil Ambani said that investment would be made in energy, cement and education sectors by his company. He said that investment worth Rs. 750,000 million would be made in next five years. It comes to Rs. 15,0000 million crore every year, he added.

Ambani said that he has close relations with Madhya Pradesh. Out of 120 million mobile users of his company, five millions are in Madhya Pradesh. He said that Bhopal would be developed as a world level education centre for ecological preservation and wildlife conservation.

He said that Dhirubhai Ambani University and Dhirubhai Ambani School of Technology and Communication would be set up in Bhopal. He said that Madhya Pradesh is rich in natural resources. The need is to exploit this wealth for all round development of the state. He was all praise for the investor savvy attitude of the Chief Minister and the team of concerning officers.

The Deputy High Commissioner of British Government Peter Beckingham said that British and India share intimate relations. Funds are being provided for various development schemes in Madhya Pradesh. The trade relations are strong. The largest British diamond company Rio Tinto has invested here. The Reliance has invested in telecom sector in Britain. Describing Madhya Pradesh as an emerging state he said that ministers of British government would soon visit Madhya Pradesh.

Country Magistrate of Changhua Country Government, Taiwan Cho Po-Yuan said that a 15-member delegation from his country has visited Madhya Pradesh for the first time. He said that India is fast emerging as an economic superpower and Madhya Pradesh is also moving very fast. He invited the Chief Minister Chouhan to Taiwan. Referring to the economic features of Changhua he said that his country and Madhya Pradesh share have many things in common.

The co-chairperson Madhya Pradesh Council of Association of Industrial Infrastructure Development C. Fernandez described the Khajuraho Summit successful and said that it has open up new vistas of understanding and economic prosperity.

(pervezbari@eth.net)

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