Gulf Investment Summit: UAE delegates explore Kashmir Valley for business opportunities

The Jammu and Kashmir government is expecting investment worth around Rs 70 thousand crore in the next six months from foreign investors.

Jammu: First time in the history of Jammu Kashmir foreign investors are visiting Kashmir with aim of investments. The government says it is bagging an era of development and employment of UT.  A 36-member business delegation from UAE is in Kashmir Valley to explore the business opportunities. 27 thousand crore investments are already cleared the total target of investment is 70 thousand crores says Government. 

According to the Government of Jammu and Kashmir, around 70 thousand crore investment is expected to come in the next six months from foreign investors.  The government has already cleared investments worth Rs 27 thousand crore from foreign companies. 

Earlier this month, several investment deals were signed by the Lieutenant Governor of Jammu and Kashmir, Manoj Sinha. The major deals signed were with the UAE-based companies including the LuLu Group, Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC & Noon Group at the Dubai Expo. 

Manoj Sinha, Lieutenant Governor of Jammu and Kashmir said addressing the media today,  ''In the last two years, we have seen a lot of change in the UT of Jammu and Kashmir. We have a new industrial scheme for JK. We undoubtedly have the best Industrial scheme in the country.  The industrialists across the country have shown a lot of interest in JK."

Around 27 thousand crores investment has been cleared by the government. And within the next 6 months, it will cross 70 crores. 

"The relation between UAE and India has strengthened. This would mean millions of jobs for the locals of UT. Our estimate is around 6-7 lakh people would get jobs with these new investments.'' 

The delegates from the Middle East who are on 4 days visit to Kashmir are big Businessmen of the UAE who came of their own to Jammu Kashmir to see the potential for investment and are mostly interested in health, education and tourism sector praised Kashmir Valley. They said they were welcomed by the people of Kashmir with open arms and found Kashmiris very kind. They also said that Kashmir is a safe place to visit and have huge potential for investments. 

Abdullah Shibani, Arab Delegate said ''Let me tell you very seriously, we are not here to waste time. We came here for something, it means that there is a step that we have already taken, a step we are taking now and a step we will be taking in future. I want to tell you that the group is of the opinion that it's beneficial for both UAE and India, especially Jammu Kashmir. There is a lot of potential here '' 

The government expects Jammu and Kashmir will get millions of jobs after these investments are made. They also said that 75 percent of the jobs generated in these investments will go to the locals of Jammu and Kashmir. Besides Foreign markets will get open for Kashmir's upcoming entrepreneurs.  

''It was important for us to show them Jammu and Kashmir. It will increase the economic activity in the Union Territory. This will not only bring money but also employment. Around 75 percent of jobs will be reserved for the locals. We are starting from the Srinagar district. And slowly will go to other districts as well." Said Ranjan Prakash Thakur, Principal Secretary, Industries and Commerce.

The local business community of Jammu and Kashmir have welcomed the step and said it will be a start of a new era of the economic development of Jammu and Kashmir. Jammu and Kashmir has a lot of potential and if they get a platform the scenario of UT will be changed. 

''For sure we will get a lot of benefits. This is a great platform to showcase our products at international levels. The Kashmiri youth require jobs.  We generally have to go out of Kashmir to find jobs in companies and if we get opportunities here, it would be great." Mariyam Shah, a local entrepreneur said.

Another entrepreneur Tariq Shah who deals with the carpet industry said, "our main market is the Middle East, if markets of UAE get open for us it will be a big opportunity for development."

In February, the UAE and India signed a free trade agreement that cuts duties on almost 90 percent of goods traded between them, including metals, minerals, petrochemicals, and petroleum.