The Andhra Pradesh Economic Development Board (APEDB) Friday signed an agreement with three China-based entities for development of minerals and industrial park in the state entailing investment of about $ 1.5 billion. Power China Guizhou Engineering Corporation, Aluminium Corporation of China Limited, and Guizhou Maritime Silk Road International Investment Corporation would jointly develop the mines and industrial park in Andhra Pradesh, a statement said.

The Memorandum of Understanding was signed at the fourth annual India-China Strategic Economic Dialogue here. The project would provide direct and indirect employment to 40,000 persons. The release further said that the proposed year of commencement of the part is end-2018.

The agreement is a follow up of the visit of Andhra Pradesh Chief Minister Chandrababu Naidu to China in June. Meanwhile, speaking at the the India Economic Summit, Naidu talked about the vision and planning to develop Amaravati in to a new megacity.

Naidu said that Amaravati, which is his ambitious project, will eventually become a major economic engine for the state and he aims to develop the new capital city into a “Happy City”.

He said that principles like walk-to- work, urban spaces geared towards social interaction and availability of essential services and outlets within five minutes walk from home are the central pillars of planning of the city.

The Chief Minister further said that Andhra Pradesh will be amongst the top three states of the country by 2022 with “high Happiness Index by 2029” and will emerge as the most preferred destination by 2050.

Elaborating the framework to develop upcoming capital of Andhra Pradesh, Naidu said that he is committed to transform the state into a happy, inclusive, responsible, globally competitive and innovation–driven society.