Gaur goes shopping to Southeast Asia

Buoyed by the Rs 50,000-crore investment proposals from private players, Madhya Pradesh Chief Minister Babulal Gaur is all set to embark on a globe-trotting venture, to woo investors in Singapore and Malaysia to launch mega projects in the state, particularly in power and other infrastructure.

"As part of our efforts to attract investment from abroad to set up mega projects in the state, I am undertaking a two-nation tour of Singapore and Malaysia from May 25 following invitation from these countries," Gaur said.

The chief minister said he would hold discussions with finance ministers and other leaders of both the countries besides interacting with industrialists.

In Singapore, he would participate in a seminar on investment opportunities in Madhya Pradesh on May 26 and would attend a meeting of the construction industry development board of Malaysia in Kuala Lumpur the next day.

"The main aim of the four-day tour is to tap funds in areas, including power generation and road construction, for which Madhya Pradesh provides ample scope," he said, adding, the focus is on power projects, which need huge money.

Though the state has received investment proposals of over Rs 50,000 crore from private sector during the past one year, foreign sources need to be explored as the potential of domestic players is limited for giant projects, he added.

An intivation has also been received to undertake a visit to the US, for which details are being worked out, Gaur said, adding, foreign tours not only give an opportunity to explore investment avenues but also to tap markets for a wide range of products manufactured in the state.

Expressing similar views, State Industries And Commerce Minister Kailash Chawla said steps are being taken to popularise and promote state's products in countries like Singapore through enhanced co-operation between Madhya Pradesh State Industrial Development Corporation (MPSIDC) and Singaporean companies.

Claiming the industrial climate in the state has improved considerably, Gaur said "Nowadays, big houses, including the Tatas and Birlas, are eager to set up various ventures following creation of conducive environment."

"Investors are so impressed by the initiatives taken by the state that proposals for Rs 30,000-crore investment to set up various projects were received from four companies during a recent visit to mumbai," he added.

The proposals include Aditya Birla Group's plan to set up an aluminium plant and a power unit of 1000 MW capacity in the Sidhi-Shahdol belt, he said.

Similarly, the Essar Group has also evinced keen interest in setting up a thermal power plant at Bhander with an investment of Rs 7,500 crore, he said, adding the JP Group also proposes to establish a cement plant in the state.