Gateway of Industrial investments for Jammu and Kashmir

Context:

• The recently concluded Dubai Expo has opened the gateway for industrial investments for the entire Jammu and Kashmir which will be the ‘Dawn of New Era’ for the industrial development here.
• While participating in the Expo, the Jammu and Kashmir government received an encouraging response from Dubai based industrialists for investment.
• Several Global investors are now eyeing the untapped market and industrial potential of Jammu and Kashmir.
•  During the Expo, Jammu and Kashmir Government signed at least six agreements in potential sectors real estate, infrastructure, tourism, healthcare, food processing and others, generating large amount of investments which will be remarkable for the industrial growth of the UT.
•  While participating in Expo, several known UAE based companies like Al Maya group, MATU investments LLC, Century Financial, Noon e-commerce and others signed Memorandums of Understanding (MoUs) with the government of Jammu and Kashmir.
• Apart from this, Letter of Intent (LoI) was also signed with Magna Waves private limited, Emaar group and Lulu international.
• During the Expo, Emaar Group signed an agreement with the Jammu and Kashmir government to develop a 500,000 square feet shopping mall in Srinagar.
• Emaar is UAE’s biggest real estate developer and the investment is expected to pave the way for further investments.
• Lulu Group has also pledged Rs. 600 million to develop a food processing unit in J&K.
•  Moreover, UAE’s Century- Financial, whose owner is a son of soil and hails from Doda District, will also be investing $100m to build three hotels and one commercial-residential complex in the UT of J&K.
• Dubai ports giant DP World is set to build an inland port in J&K and the 250-acre site for the project will be finalized shortly.
•  Interestingly, these projects will not only give considerable employment opportunities to the local youth will also benefit the Agriculture sector and uplift the economic conditions of farmers.
•  Under the J&K-Dubai partnership, world famous GI-tagged Kashmiri saffron has been launched at Lulu hypermarket in Dubai.
• While participating in the investors summit at Dubai, Lieutenant Governor in his address highlighted the strong business potential of J&K.
• According to Lieutenant Governor, J&K has moved from a sleeping business destination to the land of opportunities and investment adding that J&K has the capability to provide opportunity to the industries to compete, correct and collaborate with readily available abundant resources.
•  In the recent months, the proactive approach taken by the UT government in attracting the investors is testimony of the fact that J&K has ushered on the path of development with investments clocking around Rs. 60000 crore.