J&K expects huge investment after visit of Gulf investors; LG expects ₹70,000cr in six months [details]

After his successful Dubai visit in January this year to woo global investors in the Union Territory, Lieutenant Governor Manoj Sinha addressed the Gulf countries' investment summit at Srinagar on Tuesday evening in which he assured that J&K is safe for investment and business.

The summit was organized to provide a platform for the foreign business delegates to explore investment opportunities in the Union Territory.

Addressing the summit, the Lt Governor highlighted the areas having a large scope of vast economic cooperation between J&K and Gulf companies to make this region the most beautiful investment destination in the world.

He said that the visit of Chief Executive Officers (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.

J&K expected to get Rs 70,000 investment: Sinha

"In the last two years, J&K has witnessed a massive transformation, especially in the investment, industry, and business sector", Manoj Sinha said, adding, "Government of India has launched one of the best new Industrial schemes with incentives worth Rs 28,400 crore. And this new Industrial Scheme has attracted many major business houses and industrialists from across the country and abroad".

He further pointed out that in the last seven decades, the cumulative outside investment in J&K was around Rs 15,000 crore.

"Within a year, we have cleared investment proposals to the tune of Rs 27,000 crore and allotted them land for their projects. In the next six months, it is expected to cross Rs 70,000 crores", he said.

A native of Doda led a delegation of Gulf companies

It was a matter of pride for the residents of Jammu and Kashmir that natives of Doda district of the Union Territory headed the delegation of CEOs of Gulf companies.
The CEO of Century Financial, Bal Krishen, a native of Jammu's Doda region was heading the delegation.

Speaking on the occasion, he said that the delegation has visited J&K with a clear mindset for investments.

He termed the visit of business delegates from the Gulf a huge step towards the growth and development of UT and said that it will lay a strong foundation for a better and prosperous future where dreams and aspirations transform into reality.

He called for a joint effort between the Government and businessmen to create opportunities for the welfare of people in J&K and lauded the UT Government for providing the people with the right opportunities and ease of doing business. He also urged the delegates to seriously consider the local talent from J&K.

Prime Minister hails efforts of J&K Govt

Prime Minister Narendra Modi appreciated the efforts of the government of Jammu and Kashmir in bringing investment in the Union Territory.

"Exemplary efforts to draw more investment to Jammu and Kashmir, and ensure greater opportunities for the people", Prime Minister tweeted.

Huge investment opportunities in J&K: Dubai businessman

Abdulla Alshaibani, a businessman from Dubai with a presence in more than 27 business sectors termed J&K as the land of opportunities from the investment point of view. Alshaibani on behalf of the delegation of Gulf companies delegates extended support to the export sector of J&K. He also expressed his gratitude towards all Indian diaspora for their contribution to the growth and progress of UAE.

During his Dubai visit LG woes global investors

During his visit to Dubai in January this year, Lieutenant Governor Manoj Sinha had assured investors that his government will provide an investment-friendly environment to the global investors.

During his Dubai visit, J&K had inked six agreements with global investors at Dubai Expo 2020 to bring in investments in the UT's real estate, infrastructure, tourism, healthcare, and manpower employment sectors among others

J&K had signed five MoUs with Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial, and Noon E-commerce respectively; one each with LoI Magna Waves Pvt. Ltd along with Emaar Group and Lulu International.