Government of Jammu & Kashmir Monday signed a Memorandum of Understanding (MoU) with the Government of Dubai for developing the industrial sector and various business enterprises in the UT. The MoU is being viewed as a significant move towards rapid development and industrial growth in J&K and has the potential to attract the desired investment from the entire globe. Different entities from Dubai have shown keen interest in investment. Being the beginning of Dubai-J&K friendship, the MoU will smoothen the way for developing various economic activities including industrial parks, IT towers, multi-purpose towers, logistics, medical college, super specialty hospital and many other projects and will help the Union Territory to scale new heights in industrialization and sustainable growth. The Lieutenant Governor, Manoj Sinha has said that this MoU is about Jammu Kashmir’s prospect and that he is confident it will set the pace in the business sector of the future that is key to the prosperity of people. With DP World Dubai, one of the leading logistic companies, committing to connect Jammu and Kashmir to rest of India and the world in terms of logistical services to realise the true business potential of the region, it is hoped that the Jammu and Kashmir would get benefitted by the signing of this MoU.
The government has also decided to throw Srinagar Airport open for international flights and the first such flight to Sharjah will operate on Oct 23. This will also help boost the economy of Jammu and Kashmir. However, people are a bit skeptical about the development given their past experiences. The government of erstwhile state of Jammu and Kashmir too had signed MoU with Dubai Ports World for setting up Multi-Modal Logistic Parks in Jammu and Srinagar in 2018, however, nothing is known as to what happened to that agreement. The MoU was signed by then J&K Finance Minister, Dr Haseeb Drabu with the Dubai Ports Chairman and CEO Sultan Ahmed Bin Sulayem in presence of the Prime Minister Narendra Modi and the Crown Prince of Abu Dhabi Mohammed bin Zayed Al Nahyan at Presidential Palace in Abu Dhabi in Feb 2018. The MoU was supposed to facilitate maiden FDI to the tune of Rs 5000 crore to Jammu and Kashmir, through Joint Venture, over the next five years. People are still wondering that what happened to that MoU and whether the fresh MoU is going to stand the test of the time or will prove again a pipe dream like the earlier one.
In this backdrop it is hoped that the present dispensation changes its words into action and pursues the project and ensures that whatever has been decided and agreed upon is delivered. Jammu and Kashmir economy has suffered a lot and needs a strong and forceful push. Collaborations like this MoU one will go a long way to speed up the development and progress of the region.
