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India is second largest trading partner for the UAE: Amb AlBanna

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Jammu & Kashmir inks 6 investment agreements with global investors at EXPO2020

Dubai: Union Territory of Jammu & Kashmir (J&K) has inked six agreements with global investors at EXPO2020 Dubai to bring in investments in UT’s real estate, infrastructure, tourism, healthcare, manpower employment sectors among others.

As already reported, Manoj Sinha, Lieutenant Governor of Jammu & Kashmir addressed the Investors Summit in Dubai yesterday, which was attended by renowned business leaders and investors from the United Arab Emirates (UAE).

“Jammu & Kashmir has moved from a sleeping business destination to the land of opportunities and investment. The Union Territory received investment proposals worth Rs.45,000 Crore & additional Rs.18,300 Crore in real estate sector, and showcased the enormous opportunities and business potential in the region,” Sinha told the investors.

Jammu & Kashmir has signed 5 MoUs with Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial and Noon E-commerce respectively; 1 LoI between Magna Waves Pvt. Ltd along with Emaar Group and Lulu International.

Sinha also met the Group Chairman & CEO of DP World, Sultan Ahmed Bin Sulayem to discuss potential areas of collaboration between the Government of Jammu & Kashmir and DP World.

Elaborating on the potential of collaboration between India and the UAE, Dr. Ahmed Abdul Rahman AlBanna, Ambassador of UAE Embassy said, “India is the second largest trading partner for the United Arab Emirates and UAE is the third largest trading partner for India after the United States of America and China. Our total Foreign Trade figures reached about USD 60 billion in 2019-2020. The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and India will be crucial in deepening the ties between India and UAE. We are hoping that CEPA will increase our bilateral trade from USD 60 billion to USD 100 billion in the coming 5 to 8 years.”

“Ever since the Government of India announced the historic administrative changes in 2019, the Union Territory of Jammu and Kashmir has become the latest success story among Indian states as a model of economic and social development. India and UAE are among each other’s largest trading partners. And soon, CEPA will be signed, which certainly has the potential to catapult our economic engagement to a very different trajectory altogether,” said Sunjay Sudhir, Ambassador of India to the UAE while addressing the Investors Summit yesterday.

In addition to the Investor Summit and J&K Week at India Pavilion, a two-day Buyer-Seller Meet, hosted by the Consulate General of India, Dubai in collaboration with Invest India was also inaugurated. The Buyer-Seller meet is being organized between sellers from the Union Territory of Jammu and Kashmir and buyers from the UAE under One District One Product initiative. The key focus sectors for the meeting are Agri Products & Processed Food and Handicraft and Textile.

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