Doors open to FDI, investment summit set to roll
Some 30 delegates representing Middle Eastern companies in real-estate, hospitality, food processing and infratech sectors landed in Srinagar on Saturday afternoon as part of the first direct investment initiative. The Dubai government and the Jammu & Kashmir Government have already signed 39 MoUs under FDI and significantly, the real-estate giant of Dubai, the EMAAR group has taken a lead in creating residential and commercial infrastructure in Jammu & Kashmir. As per sources in the government, all top leaders of EMAAR including its chairman – Mohamed Alabbar – are part of the high-level
business delegation. A host of activities are scheduled for the next two days including a high profile summit at SKICC Srinagar. Lieutenant Governor Manoj Sinha is scheduled to preside over the summit.
LG is also scheduled to lay the foundation stone for a multipurpose tower to be constructed by the EMAAR Group at Sempora on the Srinagar outskirts. Many other ambitious projects will be kickstarted under the MoUs signed in January last year. The Dubai based companies are expected to invest around 19,000 crores in J&K. Pertinently, this is the first foreign direct investment in the UT.
Senior government functionaries of the J&K government also landed in Srinagar on Saturday afternoon while many others had arrived a few days back from Jammu to oversee the preparations for the Investment Summit. The State Industry Development Corporation (SIDCO) is the nodal agency which has made elaborate arrangements for the activities. The UT’s business community is upbeat about the summit and is expecting boost in business activities with the kickstart of the Foreign Direct Investment. The companies that
signed MoUs with the UT government in January 2022 have already established their sourcing offices in Srinagar.
The LuLu group, a giant in food processing, has agreed to set up a food processing and logistics hub in Srinagar. With this, products from J&K will reach 247 LuLu hypermarkets across West Asia.
Huge investment is coming towards the hospitality sector too here. This would indeed mark the beginning of a new FDI era in Jammu & Kashmir.