A reformed J&K attracts major investments from Gulf

Srinagar, March 23 While the Organization of Islamic Cooperation (OIC) summit is taking place in Pakistan, the United Arab Emirates (UAE) top-drawer business delegation arrived in Srinagar on March 20 to further solidify the relationship with the Union Territory and gauge business opportunities in the region at the invitation of Lieutenant Governor Manoj Sinha.

The beginning of the year saw a trade momentum destined to result in a monumental business pact between the two nations.

The UT received $2.5 billion (approximately Rs 18,568 crore) in investments, indicative of the region's potential in January 2022. The LG has indicated that the UT was expecting to attract Rs 70,000 crore worth of investment in the following six months; this is a huge number versus the total of Rs 15,000 crore investment in the last 75 years of Independence.

After LG visited Dubai this year, a 40-member delegation from the UAE representing 33 companies from UAE, Hong Kong, and Saudi Arabia is participating in a four-day (March 20-23) visit.

Century Financial's CEO, Bal Krishen is heading this delegation of Gulf businessmen along with Saudi CEOs. The delegation includes prominent businessmen in the real estate and commercial trading industries and it is for the first time, an investor from Saudi has taken interest in J&K.

Jammu and Kashmir is gaining pace, transitioning fast from a doormat commercial tourist destination to the land of investment and opportunity. J&K administration will be displaying investment opportunities to the delegation with a focus on Hospitality, Tourism, and Entrepreneurship sector. The delegation includes industrialists involved in the manufacture of cement, textile, pharmaceuticals, and fiber & cables. Hospitals, Hotels, Agro-industry, IT, and Horticulture growth are high on the delegation's list.

UAE delegation is meeting the Lieutenant Governor along with Principal Secretary Industries and Commerce, and J&K Administration's top officials to assist the UT with its recent evolution of the global business landscape and industry. After the reading down of Article 370, investors are feeling comfortable travelling to the UT and take business decisions. GCC's attitude, especially the Emirati investors' keen interest in capitalizing on the investment potential of J&K will increase confidence and open gateways for European, American, and Japanese investments.

UAE's intentions in J&K are evident through their genuine interest in UT's growth compared to Pakistan's terror ideology which operates in the undercurrents of all militant schemes in the Valley. This meeting will destabilize Pakistan's efforts in vilifying India at the OIC on the Kashmir Issue. Now Pakistan's acts against Kashmir will place them in the court against the UAE businesses, who are also Pakistan's allies.

A dinner and a visit to Pari Mahal in Srinagar were organized by the LG for the CEOs on Monday. The group is visiting all corners of Kashmir as per their choice to clear the misconception that Kashmir is an unsafe place. An interaction with local businessmen at Sher-i-Kashmir International Convention Centre (SKICC) was held on Tuesday to get a taste of the business climate. Talks on private investments for tourist places like Pahalgam, Gulmarg, and Sonmarg are underway. South Kashmir's Pulwama and Pampore are other gold mines where 5,000 kanals of government land will be offered to the investors.

Not long before Finance Minister Nirmala Sitharaman presented a Rs 1.12 lakh crore (13.33 billion US dollars) budget for J&K for the year 2022-23 in the Lok Sabha directed at rebuilding the economy and creating jobs in the region. In the same news, the annual budget of Pakistan-occupied-Kashmir (PoK) in 2021-22 was 141 billion Pakistan rupees, amounting to just 78.55 million US dollars. This means New Delhi allocates about five times more money to J&K than Islamabad grants to PoK.

Ironically while Islamabad, as we speak, is maligning India's image concerning the Indian Administered Kashmir at the OIC summit, it is treating PoK as its mere colony with no visible signs of development, but only a breeding ground for training camps and launchpad for terror organizations. PoK's 4 million residents lack basic human amenities and have never been allowed to express political and socio-economic grievances.

Just at a stone's throw distance from PoK, the J&KUT has already sanctioned industrial investment proposals worth over Rs 26,000 crore so far and is hopeful of getting an investment of over Rs 70,000 crore in the next six months. Pakistani propaganda narratives have always deceived people, particularly Muslims and the rest of the world about the fictional bad situation in Kashmir.

India is the second-largest trading partner for the UAE, while UAE is the third-largest trading partner for India. In 2019-20, the foreign trade between the two was about $60 billion (Rs 4,45,602 crore). In the next 5 to 8 years CEPA (The Comprehensive Economic Partnership Agreement) is predicted to boost commerce between the two countries from $60 billion to $100 billion. This is a testament to the deep-rooted relations between the two states.

At the Dubai Expo 2020 J&K signed six agreements to bring investments Territory's real estate, infrastructure, tourism, and healthcare, manpower employment sectors among others in January, 2022.

Dubai ports giant DP World has proposed to build an inland port in the UT as their commitment to invest in J&K. These organizations paired with industrious youth of the state will have a catalytic effect in driving trade and commerce growth of J&K.

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