Global investors show keenness to invest in J&K

Investments to flow in real estate, infrastructure, tourism, healthcare sectors
Global investors show keenness to invest in J&K
GK Photo

Srinagar, Jan 8: From real estate to tourism sector, Jammu and Kashmir has wooed investors at Dubai Expo 2020 with several global investors signing business deals while many have shown keenness to invest in Union Territory of J&K.

Jammu and Kashmir Delegation was led by the Lieutenant Governor to UAE where the team J&K signed six investment agreements with leading global investors who are going to invest in the Union Territory.

The investments range from real estates, infrastructure, tourism health sectors, horticulture etc. Some of the investment deals signed are:

LuLu Group to set up FPL hub in Srinagar

J&K Government signed a Memorandum of Understanding (MoU) on Wednesday with LuLu Group to set up a food processing and logistics (FPL) hub in Srinagar, in the presence of Lieutenant Governor, Manoj Sinha, and LuLu group Chairman, Yusuff Ali MA.

This agreement was signed by Principal Secretary, Industries and Commerce, Jammu and Kashmir, Ranjan Prakash Thakur, and Ashraf Ali MA, Executive Director, LuLu Group.

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The Lt Governor said the MoU with the LuLu group will further expand the Jammu Kashmir-Dubai collaboration and Jammu Kashmir-LuLu Group partnership.

“Relations between India and UAE are long-standing and deep-rooted. People-to-people contact and trade have seen momentum in the recent years under the leadership of Prime Minister Narendra Modi,” the Lt Governor said.

“The world-famous GI-tagged saffron has been launched at LuLu Hypermarket, which I see as a major step towards boosting Jammu Kashmir and Dubai partnership. LuLu group is already importing apples from Jammu Kashmir and with saffron, we are adding Kashmir’s finest spice to the basket. I am certain this new beginning will take our trade to unprecedented levels,” the Lt Governor further added.

“Trade between Jammu and Kashmir and Dubai has remained steady, despite Covid-19 challenges and it reflects the resilience of our deep economic linkages. The MoU will further expand Jammu Kashmir-Dubai collaboration and Jammu Kashmir-Lulu Group partnership,” the Lieutenant Governor said.

Dubai’s Al Maya Group, MATU Investments, GLE Brokerage & Noon to invest

On Thursday between the J&K government and Dubai-based Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC & Noon for investment in Jammu and Kashmir.

Lieutenant Governor Manoj Sinha, who presided over the signing ceremony said this will further strengthen J&K-Dubai’s trade, investment ties.

Lieutenant Governor also held a meeting with Chairman of DP World, H.E. Sultan Ahmed Bin Sulayem. DP World is set to build an inland port in J&K.

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Dubai ports giant DP World is planning to build an inland port in Jammu and Kashmir as part of the firm commitment by the UAE to invest in J&K. The representatives of DP World would soon visit the 250-acre site earmarked for the inland port facility. The ambitious projects will be finalized soon.

Addressing the Investors Summit at Dubai, the Lt Governor highlighted the strong business scenario in Jammu & Kashmir. Big business groups from UAE have shown interest in investing in J&K marking the beginning of a new and comprehensive partnership, the Lt Governor said.

“Relationship between India and UAE has matured enough over the years to become enduring ‘Global Partners’ in the 21st Century. These are those times in the journey of Jammu Kashmir where opportunities are in plenty”, observed the Lt Governor.

The Lt Governor said J&K now has a sage & conducive environment for the businesses to flourish, besides having a young population and a demographic dividend to its advantage.

We are devising new paths, new policies, creating critical infrastructure, and unlocking the business potential of Jammu Kashmir to strengthen our business ecosystem for the post-pandemic world and embarking on the journey of growth and development, added the Lt Governor.

Due to transparent policies, ease of doing business, we were able to clock investment proposal worth Rs.45,000 Crore & additional Rs.18,300 Crore in the real estate sector, added the Lt Governor.

“I have set the high target of economic growth for Jammu Kashmir, which is the crown jewel of India. With the ageless culture visible in the layers of history and as a witness to co-existence of almost all major religions known to humankind, Jammu Kashmir has created an inclusive cultural ecosystem for the country” the Lt Governor further added.

MoU with Century Financial for $100 million investment

J&K government today signed an MoU with UAE’s pioneering financial services company, Century Financial that will invest $100 million in the Union Territory. The MoU was signed in a special event presided by the Lieutenant Governor, Manoj Sinha.

The investment will cover 3 hotels and one commercial cum residential complex in Jammu & Kashmir. The owner of Century Financial Sh. Bal Krishen is originally a native of the Doda district of Jammu and has been a forerunner in supporting his home region.

The MoU was signed by Principal Secretary, Industries, Jammu and Kashmir, Ranjan Prakash Thakur and Sh. Bal Krishen, Owner of Century Financial in the presence of Sh. Aman Puri, Consul General of India in Dubai and several distinguished UAE-based business owners, investors, and entrepreneurs.

Speaking on the occasion, Lieutenant Governor, Manoj Sinha said “Prime Minister Narendra Modi is committed to the development of the Union Territory of Jammu & Kashmir. We are happy to see the interest shown by UAE’s big business houses and leaders in supporting this vision of our honorable Prime Minister. Global business & industry are waking up to the vistas of opportunity in J&K.”

“Despite challenges of a global pandemic, neither the pace of economic and policy reforms nor the implementation of key infrastructure projects has slowed in any way in UT and we as responsive administration will continue to respond to business’s concerns”, said the Lt Governor.

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Lieutenant Governor further congratulated Sh. Bal Krishen for his commitment and passion to support his home region and thanked him for this grand gesture.

Ranjan Thakur, Principal Secretary, Industries and Commerce J&K, stated “Jammu & Kashmir is one of the safest places in India to do business offering the most attractive incentive schemes for investments in the union territory compared to other states in the country.”

“I have always believed that Jammu & Kashmir has tremendous investment potential and there cannot be a better time than now. Making a significant contribution to my home region has always been my dream and today as I see this dream getting realized, it’s immensely gratifying” said Century Financial’s owner, Bal Krishen.

‘Invest in J&K’s tourism’

In the ongoing Dubai EXPO-2020, the Department of Tourism has pitched strongly for promoting the potential of Jammu & Kashmir as the unparallel and all season destination in the country.

Making a case for the tourism potential of Jammu & Kashmir, Secretary, Tourism, Sarmad Hafeez during a presentation before the delegates of the Expo highlighted the salient features, seasonal differentiations and attractions of tourism products offered in the Union Territory.

He also shared with them the activities undertaken by the stakeholders and the Department over the past year or so besides the capacity building measures, vaccination drives and other steps taken by the J&K administration for making J&K tourism safer and more attractive to international travellors and tourists.

In a series of B2B meetings, the Tourism Secretary enumerated the initiatives taken by the Tourism Department to further broaden the spectrum of tourism products in J&K.

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