Srinagar: Lieutenant Governor Manoj Sinha Monday said that Jammu and Kashmir is ready for economic partnership with the United Arab Emirates, with global standard end-to-end facilities for the businesses, skilled workforce, transparent and hassle-free regulatory mechanisms and necessary infrastructure.
Addressing the Gulf Countries’ Investment Summit at SKICC here, which is aimed at providing a platform for the foreign business delegates to explore a host of investment opportunities in Jammu & Kashmir, Sinha highlighted the scope for J&K and GCC companies’ economic cooperation to make J&K as the “most beautiful investment destination in the world”.
According to an official press release, The LG said that the visit of CEOs of top companies, entrepreneurs, start-up representatives, exporters in J&K is an expression of confidence of the industry leaders in the potential for business cooperation between J&K and Gulf countries.
“Since 2014, India’s relationship with Gulf countries has undergone a massive evolution which is being translated into a vibrant, revitalized economic partnership with J&K that will not only diversify our export basket but will also create a conducive environment for the expansion of the existing trade,” the LG said.
“We have worked with a coherent framework in the last two years to harness immense natural resources, economic potential of J&K,” he said, and added that under the guidance of Prime Minister Narendra Modi and Home Minister Amit Shah, “we have also worked out a blueprint to unlock investment flows from compliance and restrictions. Over Rs 70,000 crores worth investment proposals have been received within a year.”
“We promise to provide global standard end-to-end facilities for the businesses, skilled workforce, transparent and hassle-free regulatory mechanism, and creation of necessary infrastructure wherever required,” the LG pledged.
“Since my Dubai Expo visit earlier in January this year, many foreign companies from UAE have announced long-term plans for J&K. We are ready to take the relationship to a qualitatively new level and strengthen our economic partnership,” he added.
Talking about the fast-paced socio-economic transformations taking place in J&K, the LG said that the government embarked on several major initiatives in developing physical and social infrastructure and some of these initiatives are the biggest ever since the country’s independence in 1947.
The development of the power sector, trade, horticulture, rural infrastructure, roads and air links, medical education and health services, Industrial Training Institutes, Information Technology and storage facilities for the produce are the diverse areas that have been addressed, the LG added.
He said that the sector-specific industrial estates and industrial parks are being promoted in a focused manner, besides launching a single window portal as the one-stop solution for attaining all the approvals and permissions in a time-bound manner.
He also said that J&K offers an abundant demographic dividend, “amazingly easy interface with the government, specific industrial land bank, sector-specific policy, ever-growing public infrastructure, reforms furthering ease of doing business, a host of tax benefits, and most importantly a secure environment to facilitate new investments in the UT.”
“I welcome the business delegates in J&K’s journey of economic growth and to move together towards creating a more prosperous and vibrant UT, benefitting all sections of our society,” he said.
Meanwhile, BST Organics Pvt Ltd, Pashmkaar, Sarveshwar Group, Sky Robo Drones Pvt Ltd, ESPA Learn Pvt Ltd, Fastbeetle, Orchardly, JKTDC, Reem Automotives, Peaks Group of Companies, other entrepreneurs and startups showcased their products, and pitched their ideas to the investors for investment and answered their queries during the interactive session, the press release informed.
Women entrepreneurs, who are being provided assistance in the form of capacity building, access to credit, and market linkages under the “Hausla- inspiring her growth” programme also pitched their models for further investment. These included- Ecokash, Masha and SEED solutions, the press release said.
The Investment Summit was attended by CEOs of top UAE and Hong Kong companies; women entrepreneurs, start-up representatives and exporters.
“Outside investments to help create 7 hundred thousand jobs in UT”
Jammu and Kashmir Lieutenant Governor Manoj Sinha today said that the Union Territory (UT) is at a transformative stage and about seven lakh jobs will be created in the here once outside investments bear fruit.
Speaking to media at SKICC here after attending the Gulf Countries investment summit, Sinha said a huge change has started in J&K in the last two years.
“Especially if I talk about investment and industrial business, a new industrial scheme was created by the Government of India for J&K wherein a proposal of having Rs 28,200 crore as incentives was kept,” he said.
The LG said J&K has the better industrial incentive scheme compared to the rest of the country which has resulted in an increased interest in J&K by the businessmen across the country.
“While about a year ago, the total outside investment made in J&K was about Rs 15,000 crore, today, we have about Rs 27,000 crore investments which have been cleared. We hope in the next six months, it will cross Rs 70,000 crore,” he said.
“When the investment is translated on the ground, I hope a minimum of six to seven lakh people will get employment,” he said.
Sinha said after Narendra Modi became the prime minister, a new era of friendship started between India and the UAE.
“I think, it is for the first time that India’s head of state has twice or thrice visited the UAE and created a new environment of cooperation,” Sinha said.
The LG said during the Dubai Expo in January, the J&K administration interacted with many businessmen and invited them to visit J&K so that they could see with their own eyes and explore the investments here.
“We interacted today and specified several issues and areas. We have identified their concerns and we have assured them that their redressal will be done in a minimum time period especially in the hospital and medical education, real estate, hospitality, food processing cold storages and cold chains, and education,” he said.
“The discussions have been very good. We will now try to take it to the conclusion very soon,” he added.
He said the administration has taken steps which have started to show results.
“I think it will result in increase in the business and employment generation. The industries and commerce department has made several efforts to take J&K’s horticulture produce, handicrafts and crafts across the world. I am sure we will get huge success in this sector as well. The UT is at a transformative stage where prosperity will come, employment opportunities will come, and people will live in a peaceful coexistence,” Sinha said.
Later, taking to Twitter, Sinha said during his address at the summit, he highlighted the scope for J&K and GCC companies’ economic cooperation to make the “paradise on earth” as the most beautiful investment destination in the world.
“The visit of CEOs of top companies, entrepreneurs, start-up representatives, exporters in J&K is an expression of confidence of the industry leaders in the potential for business cooperation between J&K and Gulf countries,” he said in a series of tweets.
The LG said India’s relationship with Gulf countries is being translated into a vibrant, revitalized economic partnership with J&K that will not only diversify our export basket but will also create a conducive environment for expansion of the existing trade.
“We have worked with a coherent framework in last 2yrs to harness immense natural resources, economic potential of J&K. Under guidance of Hon’ble PM Sh Narendra Modi & Hon’ble HM Sh. Amit Shah, we’ve also worked out a blueprint to unlock investment flows from compliance & restrictions,” he said.
“We promise to provide global standard end-to-end facilities for the businesses, skilled workforce, transparent and hassle-free regulatory mechanism and creation of necessary infrastructure wherever required,” Sinha said.
He said since the Dubai Expo visit, many foreign companies from UAE have announced long-term plans for J&K. “We are ready to take relationship to a qualitatively new level and strengthen our economic partnership”.
Huge potential for investments in J&K: visiting Gulf delegation
A visiting delegation of foreign investors on Tuesday said Jammu and Kashmir is a “big opportunity” to invest and its members will soon take forward their investment proposals.
A business delegation from the Gulf countries is on a four-day visit to the Valley to explore investment opportunities in the Union Territory.
Speaking with reporters at SKICC here, the CEO of Emirates International Investment Group, Abdulla Mohammad Yousuf Abdulla Alshaibani, said there is a “big opportunity” to invest for visiting delegation.
“The people of J&K are very kind. We felt so safe between (among) you, like our family. This place is very beautiful, it is a piece of paradise. There is a big opportunity to invest from our whole team,” Alshaibani, who has several companies involved in around 27 different sectors including real estate, hospitality, agriculture, said.
Asked if the delegation was sure of making investment in Kashmir, he said, “Let me tell you very seriously, we are not here to waste time. We came here for something. We took a step, there is a step we are taking now and there is a step which we are going to take in the future very soon.”
The visiting businessman noted that the investments in J&K would be beneficial for both the countries — the UAE and India — and “especially for Jammu and Kashmir”.
To a query if the group was of the opinion that there was potential for investment in J&K, Alshaibani said “yes, it is. It is 100 percent”.
Another member of the delegation, and the CEO of the Century Financial Group, Bal Krishen, said the delegation has come to J&K with a clear mind.
“They (the members of the delegation) see opportunities in J&K. A businessman sees only profits and they see opportunities and profits here. For this, they have come here with a pure and clear-cut mind to invest here and create jobs,” he said.
