China and India sign MoU for an international industrial park

Companies producing building materials, and home and decorative products will have access to the Indian market after an international industrial park is set up in Andhra Pradesh.

A MoU was signed between India’s state of governement, China Association of Small and Medium Enterprises and China Small and Medium Investment Group Limited in Beijing during the current visit by 13-member delegation led by Chief Minister N. Chandrababu Naidu to China.

The first of its kind project in India will consists of a Building Materials Industrial Park and a Modern Building Materials Logistics Park. 

The Building Materials Industrial Park will span an area of 20 square km with an investment of $0.9 billion. It will manufacture building materials and low-carbon energy-saving new materials.

The Modern Building Materials Logistics Park will also span across the same same area size with an investment of $5.5 billion. The facility will oversee distribution and be a logistic centre for building materials.

The project is expected to attract a total investment worth $6.4 billion and wil lbe completed in three phases.

Source: First Post and Knowledge & News Network