Jammu and Kashmir ready to strengthen economic partnership with UAE: LG Sinha
Srinagar: Lieutenant Governor Manoj Sinha on Tuesday addressed the Gulf Countries’ Investment Summit at SKICC, Srinagar which is aimed at providing a platform for the foreign business delegates to explore a host of investment opportunities in the UT of Jammu & Kashmir.
Speaking on the occasion, the Lt Governor highlighted the scope for J&K and GCC companies’ economic cooperation to make J&K UT, paradise on earth, as the most beautiful investment destination in the world.
The Lt Governor said that the visit of CEOs of top companies, entrepreneurs, start-up representatives, exporters in J&K is an expression of confidence of the industry leaders in the potential for business cooperation between J&K and Gulf countries.
“Since 2014, India’s relationship with Gulf countries has undergone a massive evolution which is being translated into a vibrant, revitalized economic partnership with J&K that will not only diversify our export basket but will also create a conducive environment for the expansion of the existing trade,” the Lt Governor said.
“We have worked with a coherent framework in the last two years to harness immense natural resources, economic potential of J&K,” said the Lt Governor.
“Under the guidance of Hon’ble Prime Minister Shri Narendra Modi and Hon’ble Home Minister Shri Amit Shah, we have also worked out a blueprint to unlock investment flows from compliance and restrictions.
Over Rs.70,000 Crores worth investment proposals have been received within a year,” he added.
“We promise to provide global standard end-to-end facilities for the businesses, skilled workforce, transparent and hassle-free regulatory mechanism, and creation of necessary infrastructure wherever required,” the Lt Governor said.
“Since my Dubai Expo visit earlier in January this year, 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”, he added.
Talking about the fast-paced socio-economic transformations taking place in J&K, the Lt Governor said that the government embarked on several major initiatives in developing physical and social infrastructure and some of these initiatives are the biggest ever since the country's independence in 1947.
The development of the power sector, trade, horticulture, rural infrastructure, roads and air links, medical education and health services, Industrial Training Institutes, Information Technology and storage facilities for the produce are the diverse areas that have been addressed, the Lt Governor added.
The Lt Governor said that the sector-specific Industrial Estates and Industrial Parks are being promoted in a focused manner, besides launching a Single Window Portal as the one-stop solution for attaining all the approvals and permissions in a time bound manner.
“So far about 130 services are active on our single-window portal. We have also coordinated with various departments towards minimising regulatory compliance burden over the businesses by eradicating redundant compliances, streamlining the processes for ease of doing business in the UT,” he added.
“We are committed to protecting and promoting economic growth, and exploiting the opportunities through "Make in India" and other initiatives of the central government, and open for commercial tie-ups with the business organisations that are looking for stable, reliable, and trusted partners to expand trade,” the Lt Governor said.
The Lt Governor said that J&K offers an abundant demographic dividend, amazingly easy interface with the government, specific industrial land bank, sector-specific policy, ever-growing public infrastructure, reforms furthering ease of doing business, a host of tax benefits, and most importantly a secure environment to facilitate new investments in the UT.
“I welcome the business delegates in J&K’s journey of economic growth and to move together towards creating a more prosperous and vibrant UT, benefitting all sections of our society,” said the Lt Governor.
The CEO of Century Financial, Bal Krishen, a native of Jammu’s Doda region, who headed the delegation of businessmen said that the delegation has visited J&K with a clear mindset for investments.
He termed the visit of business delegates from the Gulf a huge step towards growth and development of UT, and said that it will lay a strong foundation for a better and prosperous future where dreams and aspirations transform into reality.
He called for a joint effort between government and businessmen to create opportunities for the welfare of people in J&K and lauded the UT Government for providing the people with the right opportunities and Ease of Doing Business.
He also urged the delegates to seriously consider the local talent from J&K. Ranjan Prakash Thakur, Principal Secretary to Government, Industries & Commerce Department spoke about the growing conducive atmosphere for investments in J&K.
To instill confidence in the investors, we have addressed most of the concerns with respect to investment policy, he added. Managing Director, Jammu and Kashmir Trade Promotion Organization (JKTPO), Ankita Kar gave a detailed presentation on Investment opportunities in Jammu and Kashmir highlighting the investment plans, focus sectors, policy support and ease of doing business.
Meanwhile, BST Organics Pvt Ltd, Pashmkaar, Sarveshwar Group, Sky Robo Drones Pvt Ltd, ESPA Learn Pvt Ltd, Fastbeetle, Orchardly, JKTDC, Reem Automotives, Peaks Group of Companies, other entrepreneurs and startups showcased their products, and pitched their ideas to the investors for investment and answered their queries during the interactive session.
Women entrepreneurs, who are being provided assistance in the form of capacity building, access to credit, and market linkages under the “Hausla- inspiring her growth” programme also pitched their models for further investment.
These included- Ecokash, Masha and SEED solutions.
The Investment Summit was attended by CEOs of top UAE and Hong Kong Companies; Women Entrepreneurs, Start-up representatives and Exporters.