SRINAGAR, MARCH 19: Lt. Governor Manoj Sinha addressed the India-UAE Investment Summit and interacted with business delegates from the UAE and across the country in Srinagar, today.
Highlighting the extent of private and foreign investments in various sectors of J&K, the Lt. Governor said that UT has made impressive progress with structural reforms in recent years and the growth trajectory makes J&K an investment destination attractive
“Today is a historic day. With the Bhoomi Pujan of 10 lakh sq. Ft. Mall of Srinagar by Emaar, the first FDI in J&K has taken shape. Land has been provided to Emaar for IT towers in Jammu and Srinagar. These three projects will be developed at a cost of Rs. 500 Cr,” said the Lt. Governor.
Under the guidance of Hon’ble Prime Minister Shri Narendra Modi, UT of J&K has made remarkable progress towards an ambitious program of infrastructure development, modernization and expansion of airports, railway network and roads for ease of doing business and drive faster economic growth, observed the lieutenant governor.
“We have been successful in removing impediments and obstacles to a large extent. We are upgrading our infrastructure both in capacity and quality to meet new demands and ready to take our partnership with industries to higher levels,” said the Lt. Governor.
The path of reforms that we have embarked on in the last three years is the result of a well-thought-out comprehensive long-term strategy to provide a conducive investment climate for domestic and foreign investments in J&K, he added.
The Lt. Governor said that the historic India-UAE investor meet was a unique opportunity for free and frank exchanges of views on issues and investment opportunities in J&K. He appreciated the enthusiasm and faith of foreign investors in the resilience of UT of J&K.
The Lt. Governor invited UAE business leaders to become partners in the development of J&K and move forward together towards creating a more prosperous, equitable and vibrant UT. We will ensure that investors get all kinds of assistance, facilitation and support from the administration, he said.
The constructive discussion held on various sectors, in particular agriculture and allied sectors, hospitality, education, tourism and other industrial sectors, will explore and underpin investment opportunities that will further strengthen our long-term partnership with the United Arab Emirates and the rest of the Gulf countries, the lieutenant governor added. .
It is pertinent to mention that foreign and Indian companies at the investment summit have shown keen interest in launching projects related to residential centres, hotels, IT park, ITES units and hospital. It was also decided to form a joint group for quick approval of proposals and to ensure faster implementation.
Our agricultural sector is growing rapidly, driven by the growth of the allied sector and the adoption of modern technology such as GI labeling for premium crops. Investors will find attractive opportunities in food processing industries, which are also beginning to emerge as an important segment of industrial development, said the Lt. Governor.
We are working with the right intention and have developed the necessary infrastructure for the industries. This has given new confidence to foreign investors and will lead to economic growth in J&K, increasing employment and creating a peaceful environment, the Lt Governor added.
The lieutenant governor also shared the efforts to identify more land to base all investment proposals received. He has emphasized on the digital transformation of J&K which will enable and empower the industrial units.
“J&K is witnessing a new technological revolution and we have started two Innovation and Invention Centers where well-trained teachers and IT professionals are preparing future knowledge workers who will be the main force of Industry 4.0 to provide the much-needed human resources for the emerging market.” said Lt. Gov.
The Lt. Governor assured the investors that the land will be allocated within 15 days of the presentation of the proposal.
“The transparent regulatory framework and incentive structure will enable the individual enterprise to thrive and create a modern, globally competitive and humane industrial economy. In this journey of rapid industrialization of Jammu Kashmir, we are partners. I invite companies from across the world to settle in Jammu Kashmir. We are ready to welcome them with open arms,” said the Lt. Governor.
The UT government is also willing to use the technological expertise of other states in our various projects like development of Yatri Niwas of Shri Amarnathji Shrine Board, he added.
The lieutenant governor expressed his gratitude to Dr. Aman Puri, Consul General of India in Dubai. He said an officer would be appointed and liaise with the Council.
Sh Faizal Edavalath Kottikollon, Chairman UIBC-UC and KEF Holdings and Sh Sharafuddin Sharaf, Vice Chairman UIBC shared their views on emerging investment opportunities in J&K.
UIBC President said that they are working intensively with the Government of Jammu and Kashmir for investment and will provide world class climate wellness complex in Jammu Kashmir.
Sh RR Bhatnagar, Adviser to Lt. Governor; Dr Arun Kumar Mehta, Chief Secretary; Members of the United Arab Emirates-India Business Council, business leaders and investors from across the country and abroad were present on the occasion.