It says not for induction motors unfortunately.
The one the OP would need is a variable frequency drive (VFD). You can find them on Ebay, but even a second hand one will probably cost more than that drill.
Incidentally, the next model up of generic Chinese pillar drill has an idler pulley. (I've got a couple of each.) If you can find a busted one, you could probably mix and match parts to make a good one. These things are not great though, loads of runout as standard and they flex a lot too. Filling the column with cement apparently helps a bit (not tried it on mine yet). The standard bearings are just cheapo sealed ball races, not taper rollers or anything designed for any actual axial load, but they can be swapped out. The table can be made a bit more sturdy by bolting in a steel web underneath.
After all that you should be able to reliably get a hole on centre. I wouldn't want to put a bit that I cared about in the chuck though.