Major invest in J&K

11/02/2020

As the Government braced up for Investors Summit in Jammu and Kashmir in May, it has decided to segregate establishment of industrial units in the entire Union Territory instead of confining them to capital cities of Jammu and Srinagar which will benefit people of far off districts in both Jammu and Kashmir divisions. There has been very encouraging response to the Investors Summit in Jammu and Kashmir in many foreign countries and the UT Government has already started receiving Expression of Interest from many nations including United Arab Emirates, England, Singapore, Japan and others from Middle East and South East Asia. The Government has now activated its offices in New Delhi for shortly arranging meetings with the Ambassadors and would also seek help of the Union Government. In major achievement for Jammu and Kashmir post abrogation of special Constitutional provisions of the erstwhile State, number of major foreign countries including United Arab Emirates, England, Singapore, Japan and few others from Middle East and South East Asia have expressed interest in investment in the Union Territory and the UT Government representatives will shortly meet Ambassadors of these nations in New Delhi to finalize the proposals.
Jammu and Kashmir Government was expecting Expression of Interest in the investments in the Union Territory amounting to Rs 50,000 crore but might filter them and confine the proposals between Rs 10,000 crore to Rs 15,000 crore initially as it would require lot of infrastructure development to meet requirements of the industrialists. The investments which are not environment friendly might not be accepted and it would segregate the units depending on availability of resources in the districts. The Governmenthas created land bank of 6000 acres in Jammu and Kashmir for the investment purposes, which come out to around 50,000 kanals. Of this, about 4000 acres land has been identified in Jammu region and around 2000 acres in Kashmir. The dates for the Investors Summitwill be finalized depending on availability of the VVIPs but the Summit would be held in the month of May. Post abrogation of special Constitutional provisions of Jammu and Kashmir on August 5 and bifurcation of the erstwhile State into two Union Territories of J&K and Ladakh, the UT Government has been making lot of efforts to attract private investments in J&K which will generate large number of employment opportunities.

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