You will be treated like a family member: MP CM tells Japanese investors
The Madhya Pradesh government on Wednesday rolled out a red carpet for Japanese investors with chief minister Shivraj Singh Chouhan announcing a special incentive package and promising world-class infrastructure in the upcoming Japanese industrial township.indore Updated: Mar 10, 2016 18:49 IST
The Madhya Pradesh government on Wednesday rolled out a red carpet for Japanese investors with chief minister Shivraj Singh Chouhan announcing a special incentive package and promising world-class infrastructure in the upcoming Japanese industrial township.
Addressing an investment promotion seminar, the CM appealed to Japanese industrialists to invest in the exclusive Japanese enclave in Pithampur, saying that land allocation and other permissions will be given under a “single table” system. “We have ample land bank and all you have to do is to place your finger on the map and we will allocate the land online in two hours flat,” said Chouhan.
Japanese ambassador Kenji Hiramatsu, Japanese ministry of economy, trade and industry (METI) director general (Southwest Asia) Seiji Takagi, Japan External Trade Organization director general Naoyoshi Noguchi and representatives of 34 Japanese companies were among those present.
Chouhan said there was no labour unrest in Madhya Pradesh and the state has a record of peaceful industrial climate. “We want you to come and invest in Madhya Pradesh and live like our family members. I know that you would like to come in a group, so we will make available a home like ambience with Japanese restaurants, Japanese medium school and golf course facility. My government will go the extra mile to make you happy,” he said.
Japanese ambassador Hiramatsu said that after chief minister’s visit to Japan, the METI minister had a very positive impression about the state.
“The state government has been making efforts to make sure that Japanese people will be living in comfortable condition. We welcome the special incentive package and Madhya Pradesh can be the most ideal FDI destination, but there is room for improvement in terms of infrastructure,” he said.
State chief secretary Anthony DeSa gave a presentation on MP’s economic scenario, industrial infrastructure and investment potential and also talked about the special facilities that the state government will provide to Japanese investors. “In nutshell, MP offers simplified solutions and amplified opportunities,” he said.
State industry minister Yashodhara Raje Scindia said the state offers a stable regime and there should be no nervousness in the mind of investors regarding any political instability.
The government is building a ‘country-specific industrial township’ in Pithampur, a chunk of which has been reserved for Japanese investors.
Special incentive package
Entry tax exemption: Entry tax exemption for seven years, applicable on both plant and machinery and raw material
Stamp duty exemption: 100% exemption on stamp duty, registration charges and local body charges on the leased land
VAT and CST reimbursement: 100% reimbursement of VAT and CST for 10 years (will not include tax paid on raw material)
Electricity: 100% exemption on electricity duty for 25 years for companies making investment of Rs 100 crore and more and 10 years for the rest
Customized package will be given over and above the special incentive package based on the size of investment
Cost of land: Rs 16 lakh per acre plus development cost (50% exemption)
JICA to grant Rs 800 cr loan for power infrastructure
Japan International Cooperation Agency (JICA) made a commitment for loan grant of `800 crore for development of power transmission infrastructure in Madhya Pradesh. Representatives from JICA and the state government will sign an agreement in this regard.