J&K to host investors meet on October 12 in Srinagar

Seeking to woo businesses to Jammu and Kashmir after scrapping of Article 370, the state administration on Tuesday announced a three-day global investors summit to be held in Srinagar from October 12.

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The meet will provide J&K an opportunity to showcase its strengths, strategies and potential, the state's Principal Secretary (Industries), Naveen Choudhary, told reporters here.

It will also help allay fears and apprehensions in the minds of trade and business community outside the state, he added.

Deccan Herald first reported that corporate giants are keen to invest in J&K on August 7.

The Jammu and Kashmir Governor will launch road shows in the country and abroad to attract potential investors.

The official said that road shows are planned in Ahmedabad, Mumbai, Hyderabad, Kolkata, Bangalore and Chennai. Such promotional events will also be organised in Dubai, Abu Dhabi, London, the Netherlands, Singapore and Malaysia.

The objective is to sensitise potential investors regarding the opportunities available as well as support and incentives to be provided by the state government, he said.

Over 2,000 people, including top industrialists and representatives of business groups, will be invited. Senior ministers in the Union government and bureaucrats are expected to attend the meet.

"Despite the short time available, the state government machinery will be working hard to make the summit a success", he said.

The announcement comes a week after the Centre scrapped special status to Jammu and Kashmir under Article 370 of the Constitution. Among the reasons cited was that the provision had restricted the state's industrial growth and development.

Choudhary said that the state government will also organise ambassadors' meet and a media meet in New Delhi next month to ensure wider participation.

He said through the investors meet, trade and industry organisations will come to know firsthand about the business- friendly policies of the government, assess infrastructure, natural resources, raw material and skill and un-skilled manpower available and identify business opportunities in the state.

It will present immense opportunities to develop contacts between the state and business community and between local and outside business communities, he said.

With effect from October 31, Jammu and Kashmir will be bifurcated into two Union Territories, Jammu and Kashmir, and Ladakh, as a bill in this regard was passed by Parliament and given Presidential assent.

The government on August 5 repealed provisions under Article 370 which granted special status to Jammu and Kashmir and limited Parliament's power to make laws concerning the state.

This also revoked Article 35A which empowered the state assembly to define 'permanent residents' for bestowing special rights and privileges on them, including on land ownership. Under the provision, outsiders were barred from buying land in the state.