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Investment Summit: J&K LG assures UAE delegation of speedy redressal of concerns
J&K lieutenant governor Manoj Sinha has assured CEOs of top companies and entrepreneurs of Gulf countries, who are on a visit to Kashmir, that their concerns regarding investing in J&K will be redressed within the shortest possible time
Jammu and Kashmir lieutenant governor Manoj Sinha has assured CEOs of top companies and entrepreneurs of Gulf countries, who are on a visit to Kashmir, that their concerns regarding investing in J&K will be redressed within the shortest possible time.
A 36-member delegation of business representatives from UAE and Gulf countries attended the Gulf Investment Summit at Srinagar’s SKICC on Tuesday. Sinha said he hopes to increase outside investment in J&K to more than ₹70,000 crore from the current ₹27,000 crore in the next six months, which will generate employment for 6-7 lakh people.
“Since morning, we held interactions (with the delegation) and many subjects and areas were specified. Their concerns were identified and we assured to redress them in a minimum time period, particularly in areas like hospital and medical education, real estate, hospitality, food processing, cold storage and education,” Sinha told reporters after the summit.
The delegation has come to Kashmir following an invitation by Sinha on January 6, when he visited Dubai Expo to attract investment for the union territory. The investment summit was attended by CEOs of top UAE and Hong Kong Companies, women entrepreneurs, start-up representatives and exporters.
A member of the delegation, Abdullah Shebani, expressed optimism regarding big investments in J&K . “Investment is the main purpose of our visit here. We want to thank the Indian people who built the UAE with us,” said Shebani, whose interest is in real estate, development, hospitality and agriculture.
Sinha said that many changes have started to take effect in Jammu and Kashmir in the past two years. “A new industrial scheme was launched by the Centre, in which there is proposal of ₹28,200 crore incentives. J&K has the best industrial incentive schemes in the country,” he said. He added that outside investment in J&K has increased from around ₹15,000 crores a year back to ₹27,000 crores currently.
Address to the summit
Sinha, while addressing the summit, said that the visit of CEOs of top companies, entrepreneurs, start-up representatives amd exporters to J&K is an expression of confidence of the industry leaders in the potential for business cooperation between J&K and Gulf countries.
“India’s relationship with Gulf countries is being translated into a vibrant and revitalised economic partnership that will not only diversify our export basket, but will also create a conducive environment for expansion of the existing trade,” he said.
“We have worked with a coherent framework in last two years to harness the immense natural resources and economic potential of J&K,” Sinha added. He assured to provide global standard end-to-end facilities for the businesses, skilled workforce, transparent and hassle-free regulatory mechanism and creation of necessary infrastructure wherever required.
“Since my Dubai Expo visit, many foreign companies from UAE have announced long-term plans for J&K. We are ready to take relationship to a qualitatively new level and strengthen our economic partnership,” he said.
