Intending to explore massive investment opportunities in the Indian Union Territory of Jammu and Kashmir, a delegation of around 30 CEOs from India and Gulf countries visited the Kashmir valley on Tuesday and looked for business and partnership ventures there. This is a month after India signed a significant and expansive free trade agreement with the United Arab Emirates (UAE) bringing both economies closer towards realizing $100 billion in trade over the next five years.
Lieutenant Governor of Jammu and Kashmir, Manoj Sinha tweeted the event and said that the visit of the CEOs of top companies, entrepreneurs, start-up representatives, exporters in Jammu and Kashmir was an expression of confidence of the industry leaders in the potential for business cooperation between the UT and the Gulf countries. “India’s relationship with Gulf countries is being translated into a vibrant, revitalized economic partnership with Jammu and Kashmir that will not only diversify our export basket but will also create a conducive environment for the expansion of the existing trade”, Sinha’s office tweeted.
India’s relationship with Gulf countries is being translated into a vibrant, revitalized economic partnership with J&K that will not only diversify our export basket but will also create a conducive environment for expansion of the existing trade.— Office of LG J&K (@OfficeOfLGJandK) March 22, 2022
Lt Governor further added that the UT had worked with a coherent framework in the past two years to harness the immense natural resources and economic potential of Jammu and Kashmir. He stated that under the guidance of Prime Minister Narendra Modi and Home Minister Amit Shah, Jammu and Kashmir had also considered unlocking investment flows from compliance and restrictions. In the wake of economic and business development, the Lt Governor also promised 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.
PM Modi meanwhile lauded the UT’s efforts and said that the business interest of the Gulf countries in the valley would ensure greater opportunities for the people of Jammu and Kashmir. “Exemplary efforts to draw more investment to Jammu and Kashmir, and ensure greater opportunities for the people”, he tweeted.
Exemplary efforts to draw more investment to Jammu and Kashmir, and ensure greater opportunities for the people. https://t.co/ooxWDsD79M— Narendra Modi (@narendramodi) March 22, 2022
According to the reports, the visit of the CEOs from several Gulf countries comes two months after the UT of Jammu and Kashmir signed six agreements with the global investors at the Dubai Expo 2020. The agreements have been signed to attract investments in the Indian Union Territory’s real estate, infrastructure, tourism, healthcare, and manpower employment sectors, among others.
Several UAE-based businesses signed memorandums of understanding (MOUs) with Jammu and Kashmir, which includes, Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial, and Noon E-commerce. One letter of intent (LOI) was also signed with Magna Waves Pvt. Ltd, Emaar Group, and Lulu International.
According to Lieutenant Governor of Jammu and Kashmir, Manoj Sinha, the UT has transitioned from a dormant commercial destination to a region of opportunity and investment. He stated that the government is hopeful to bring an investment of over Rs 70,000 crores in the next six months. In 2021, the Union Territory had got $2.5 billion (approximately Rs 18,568 crore) in investments, demonstrating the region’s vast opportunities and business potential. “By now, we have cleared investment proposals of around Rs 27000 crores. If and when the investments take place on the ground, it will generate a minimum of six to seven lakh jobs in Jammu and Kashmir”, he was quoted.
It is important to note that, on February 19, India and the UAE signed a significant and expansive trade agreement to bring both economies closer towards realizing $100 billion in trade over the next five years. PM Modi and the Crown Prince of Abu Dhabi met virtually to inaugurate the Comprehensive Economic Partnership Agreement (CEPA), an economic cooperation deal made on the coattails of the rapidly expanding strategic partnership between Abu Dhabi and New Delhi. The agreement is expected to come into effect in the first week of May.
The visit of the 30 Gulf CEOs to Jammu and Kashmir on March 22 was coordinated by Bal Kishan, CEO of Century Finance and a resident of Jammu and Kashmir’s Doda. The delegates from the real estate, hospitality, development, food processing, and agriculture sector met the top officials of Jammu and Kashmir including Lt Governor Sinha, and discussed their issues and concerns.