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'Big opportunity' to invest in Jammu and Kashmir, says Gulf countries visiting business delegation

The business delegates representing over 30 companies from UAE and Saudi Arabia arrived in Srinagar on Monday
Last Updated : 22 March 2022, 16:10 IST

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A visiting delegation of investors from Gulf countries Tuesday said Jammu and Kashmir is a “big opportunity” to invest and its members will soon take forward their investment proposals.

“There is a big opportunity to invest in Jammu and Kashmir for the visiting delegation,” the CEO of Emirates International Investment Group, Abdulla Mohammad Yousuf Abdulla Alshaibani, told reporters at Sher-i-Kashmir International Convention Centre (SKICC), here.

“People (here) are very kind and 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.

The business delegates representing over 30 companies from the United Arab Emirates (UAE) and Saudi Arabia arrived in Srinagar on Monday to turn Rs 3,000 crores memorandums of understanding (MoUs), signed earlier this year, into a reality.

Jammu and Kashmir Lieutenant Governor Manoj Sinha while addressing the Gulf Countries’ Investment Summit at SKICC, here highlighted the scope for economic cooperation to make the Union Territory (UT), a paradise on earth and as the most beautiful investment destination in the world.

He 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.

“We have worked with a coherent framework in the last two years to harness the immense natural resources, economic potential of J&K,” Sinha said and added under the guidance of Prime Minister Narendra Modi, “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,'' he added.

He promised to the investors 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.

“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,” the Lt Governor added.

He 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.

The CEO of Century Financial, Bal Krishen, a native of Jammu’s Doda region, who headed the delegation said they visited J&K with a clear mindset for investments. He termed the visit of business delegates from the Gulf a huge step towards growth and development of UT.

Krishen urged the delegates to seriously consider the local talent from J&K.

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Published 22 March 2022, 16:10 IST

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