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For the economic upliftment of Jammu and Kashmir, a 36-member business delegation from UAE is in Kashmir Valley to explore business opportunities. According to the Government of Jammu and Kashmir, around 70 thousand crore investment is expected to come in the next six months from foreign investors.
The government has already cleared 27 thousand crores of investment from foreign companies. Earlier this month, several investment deals were signed by the Lieutenant Governor of Jammu and Kashmir, Manoj Sinha. The major deals signed were with UAE-based companies including the LuLu Group, Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC & Noon Group at the Dubai Expo.
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”In the last two years, we have seen a lot of change in the UT of Jammu and Kashmir. We have a new industrial scheme for JK. We undoubtedly have the best Industrial scheme in the country. Industrialists across the country have shown a lot of interest in JK. Around 27 thousand crores investment has been cleared by the government. And within the next 6 months, it will cross 70 crores.”
“The relation between UAE and India has strengthened. This would mean millions of jobs for the locals of UT. Our estimate is around 6-7 lakh people would get jobs with these new investments,” said Lieutenant Governor of Jammu and Kashmir, Manoj Sinha.
The delegates from the Middle East were all praise for the Kashmir Valley. They said they were welcomed by the people of Kashmir with open arms and found Kashmiris very kind. They also said that Kashmir is a safe place to visit.
”Let me tell you very seriously, we are not here to waste time. We came here for something, it means that there is a step that we have already taken, a step we are taking now and a step we will be taking in future. I want to tell you that the group is of the opinion that it’s beneficial for both UAE and India, especially Jammu Kashmir. There is a lot of potential here ” said Abdullah Shibani, Arab Delegate.
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The government of Jammu and Kashmir says that millions of jobs would be created after these investments are made. They also said that 75 per cent of the jobs generated in these investments will go to the locals of Jammu and Kashmir.
”It was important for us to show them Jammu and Kashmir. It will increase the economic activity in the Union Territory. This will not only bring money but also employment. Around 75 per cent of jobs will be reserved for the locals. We are starting from Srinagar district. And slowly will go to other districts as well ” said Ranjan Prakash Thakur, Principal Secretary, Industries and Commerce.
The business community of Jammu and Kashmir have welcomed the step and said it will be a start of a new era of the economic development of Jammu and Kashmir.
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”For sure we will get a lot of benefits. This is a great platform to showcase our products at international levels. The Kashmiri youth require jobs. We generally have to go out of Kashmir to find jobs in companies and if we get opportunities here, it would be great. ” said Maria, a local entrepreneur.
The delegation met up with a lot of local entrepreneurs from the Union Territory. They were impressed with the quality of the products made in the UT.
”It’s very beneficial for us. They have come on a charter flight from the UAE. They see a lot of scope in Jammu and Kashmir, and I interacted with them. They are very much interested in our products. They are very happy to see the quality of our products. We hope the future is promising and we see a lot of growth ” said Rohit Gupta, Entrepreneur.
In February, the UAE and India signed a free trade agreement that cuts duties on almost 90 per cent of goods traded between them, including metals, minerals, petrochemicals, and petroleum.
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