With the UAE-based Emaar Group’s investment of $60 million to build a shopping and office complex, the Indian Union Territory of Jammu and Kashmir is due to get its first foreign direct investment. This development was part of the UAE-India Investor Meet, comprising meetings between entrepreneurs from various emirates and the Jammu and Kashmir government, business networking and discussions on foreign investment opportunities in the Union Territory.
The Hon. Lieutenant Governor of Jammu and Kashmir, Mr. Manoj Sinha addressed the India-UAE Investment Summit and interacted with the business delegates in Srinagar on 19 March 2023. He praised the first foreign direct investment in Jammu and Kashmir, with the Rs 500 crore project, a shopping mall and a multipurpose tower on the outskirts of Srinagar. Lt Governor Sinha hailed the day as “historic” as he highlighted the wide scope for both private and foreign investments in Jammu Kashmir, which he suggested has made significant progress through structural reforms in the past few years. He also appreciated foreign investors’ faith and enthusiasm and invited them to become partners in Jammu and Kashmir’s development.
The Governor performed the ‘Bhumi Pujan’ and the foundation-laying ceremony for the upcoming project by Emaar. “With the Bhoomi Pujan 10 lakh Sq. Ft. Mall of Srinagar by Emaar, the first FDI in J&K, has taken shape. Land has been provided to Emaar for IT towers in Jammu and Srinagar. These three projects will be developed at a cost of Rs. 500 Cr,” he said.
Sinha remarked that under Prime Minister Narendra Modi’s stewardship, Jammu and Kashmir has made remarkable progress. “We are upgrading our infrastructure both in capacity and quality to meet new demands and ready to raise our partnership with industries to higher levels,” he suggested. He said that these reforms that have taken place in the past three years result from a well-planned, long-term, and comprehensive strategy that is aimed at creating a favourable investment environment for both domestic and foreign investors in Jammu and Kashmir.
“J&K is witnessing a new technological revolution and we have started two Innovation and Invention centres where well-trained faculties & IT professionals are preparing future knowledge workers who will be the main force of Industry 4.0 to provide much needed human resources for the emerging market,” he said. Mr. Faizal Kottikollon, the Chairman of UIBC-UC, and founder and Chairman of KEF Holdings, said that the Council is keenly working with the government of Jammu and Kashmir for investment and will be bringing a world-class climate wellness resort in the Union Territory.
Mr. Sharafuddin Sharaf, Vice Chairman UIBC-UC, Mr R.R Bhatnagar, Advisor to Lieutenant Governor, Dr Arun Kumar Mehta, Chief Secretary, members of UIBC-UC, and several other business leaders and investors from India and abroad were present at the event.
