Gulf Delegation Visiting Kashmir Shows Interest in Investment

Srinagar: A high-level business delegation from the Gulf countries, including the United Arab Emirates (UAE), currently on a visit to Jammu and Kashmir (J&K) has shown interest in investing in the region, which could boost the industry of the Union Territory.

Delegates representing more 30 companies participated in the ‘Gulf Business Summit’ at Srinagar’s Sher-e-Kashmir International Convention Centre (SKICC) on Tuesday to discuss investment opportunities. The delegation, led by Bal Kishen, who hails from UT’s Doda area and is the CEO of Century Financial, expressed its interest in exploring business opportunities in sectors, including hospitals, education, real estate and hospitality, food processing, cold storage and cold chains.

“We have already taken a step and we are going to take another step soon in the future. It is beneficial for both the UAE as well as India and especially Jammu and Kashmir,” a member of the delegation Abdul al Shaybani said.

The visit comes two months after lieutenant governor Manoj Sinha signed major investment deals with several UAE-based companies, including the Al Maya Group, MATU Investments LLC, LuLu Group International, GL Employment Brokerage LLC and Noon Group at the Dubai Expo.

Shaybani, who is a leading businessman in real estate, hospitality and agriculture, among others, said that he is pleased to visit Kashmir. “I think there is a big opportunity for businessmen from GCC countries to invest here,” he told reporters.

Ranjan Prakash Thakur, principal secretary, industry and commerce, said that the investors have not been sponsored and are visiting Kashmir at their expense. “They had apprehensions that it is a conflict zone. So, we invited them to check for themselves. It is not a sponsored visit,” he said.

The business delegation’s visit comes at a time when the Organisation of Islamic Cooperation (OIC), a global Muslim collective of 57 countries that has been critical of India’s actions in Kashmir, is meeting in Pakistan.

Sinha also addressed the investment summit and highlighted the “scope” for J&K and the GCC’s economic cooperation to make the “paradise on earth” the “most beautiful investment destination” in the world.

“Since my Dubai Expo visit in January, many foreign companies from UAE have announced long-term plans for J&K. We are ready to take the relationship to a qualitatively new level and strengthen our economic partnership,” Sinha said.

The government has announced a new industrial policy in which a Rs 28,200 crore incentive scheme has been proposed, Sinha added. “Until last year, the total outside investment made in Jammu and Kashmir was Rs 15,000 crore. This time, we have cleared investment proposals worth almost Rs 27,000 crore which we expect to cross Rs 70,000 crore in the next six months.”

Since Prime Minister Narendra Modi took office, Sinha said, India and UAE have witnessed a new era of friendship and helped build a new environment of partnership.