The state government has identified Vijayawada–Guntur region to develop a new capital city.

The MoUs were signed during a visit of Andhra Pradesh Chief Minister N Chandrababu Naidu to the Sumitomo Corporation on the fourth day of his tour to Japan, according to a statement issued by his office.

The Andhra Pradesh Chief Minister welcomed Sumitomo to Andhra Pradesh and said the state could be the gateway to South East Asia if the corporation chose to do business with them.

According to the MoU on developing a capital city, Sumitomo would assist the AP state government for develop the new capital as a world class smart city and also try to secure funds for the endeavour.

"In response to Government of Andhra Pradesh's above mentioned intention and desire, Sumitomo sent its survey team. Sumitomo shall assist in developing the new capital of Andhra Pradesh as a world class smart city," an AP state government statement said.

"Sumitomo shall try and assist to find as well as secure necessary funds for such development from the Japanese government funding by JICA, NEDO and JBIC as much as practically applicable. In addition, Sumitomo shall introduce the latest technology in various sectors," it added.

As per the MoU on energy, the AP state government plans to collaborate with Sumitomo to develop a 4x1000 MW coal fired power station at Srikakulam.

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