A senior Arab executive, leading a 31-member group of investors from the United Arab Emirates (UAE) that participated in the first ever overseas investment summit in Srinagar, on Tuesday said J&K has potential for investment in different sectors and “such investments were mutually beneficial to India and the UAE, especially Kashmir”.
“I think there is a big opportunity to invest for the Gulf Cooperation Council (GCC) countries or the UAE, including our Indian friends living with us (in the UAE). Those who are visited (Srinagar) for the summit believe it’s beneficial for both countries, India and the UAE, especially Kashmir,” said Abdulla Mohammad Yousuf Abdulla Alshaibani, Chief Executive Officer of the Emirates International Investment Group and also a member of the Emirates Board of Business Sustainable Development.
The GCC countries include the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. Officials said investors from these Muslim countries will also be invited to J&K, as the local administration is aiming to attract ₹70,000 crore investment this year.
Flanked by J&K Lieutenant Governor Manoj Sinha and Ranjan Prakash Thakur, principal secretary, J&K Industries department, Mr. Alshaibani said the business delegates’ first impression about Kashmir was that “people are kind here”.
“We feel safe with you like one family. The beautiful scenes around. It (Kashmir) is a piece of paradise and great land. We are taking steps (for investments). There are many steps we will take very soon,” he said, while praising the Indian diaspora in the UAE for “supporting and building the UAE”.
Around 33 business delegates, including chairmen and CEOs of companies from the UAE, Saudi Arabia and Hong Kong, participated in the invest summit, organised by the J&K government, in Srinagar. Around 12 Indian-origin businessmen were also part of the delegates.
Shaikh Abdelaziz Humaid Saqer Alqasimi, member of the ruling family in Sharjah, and Awadh Mohamed Al Sh Mogrin Sultan, a diplomat from the UAE, also participated in the summit.
Bal Krishen, CEO of the Indian Century Financial Group, who was heading the delegates, said, “Investors have started seeing business prospects in J&K. They have come with a clear mind. The businessmen’s focus is on profit. They think investment should happen [in Kashmir]“.
L-G Sinha said the delegates have identified specific areas for investment, which included cold storages, food processing, real estates, hospitality, hospitals, education etc.
“They have also identified some concerns, which will be redressed in minimum time,” the L-G said, while adding that Prime Minister Narendra Modi’s initiatives have resulted in “a new relation between India and the UAE”.
He said the purpose of inviting the delegates to Srinagar was for them “to feel the place for themselves”.
He said Kashmir has seen a change in the past two years, especially with new industrial schemes. “J&K is offering ₹28, 000 crores as incentives. The industrial scheme in J&K is better than the other states of the country. With this, investors are showing interest here,” L-G Sinha said.
He said J&K saw only ₹1, 500 crore investment till last year. “We have already approved proposals worth ₹ 27,000 crores. The investments will cross the ₹ 70,000 crores mark,” the L-G said.
He said Memorandums of Understanding (MOUs) worth ₹3,000 crore was signed with companies in the UAE earlier this year. “The big groups like Emaar, DP world, Lulu and Noon.com have shown interest. It will be taken to the final phase now,” he added.
He said Kashmir will see job creation of around 6-7 lakh once the investments are translated into projects. “The JSW has already started working on the (steel) project and it will start production in the next five month. J&K is in a transformative stage. It will see both prosperity and employment opportunities,” L-G Sinha said, while referring to measures taken to increase exports of goods from J&K to overseas.
