When the J&K Government rolled out its Policy for Promotion of Foreign Investment in 2022, there was a wave of optimism. The move was projected as a bold step toward economic transformation in the UT – a post-2020 blueprint for rapid industrial growth, technology infusion, and global collaboration. However, over three years later, the situation in the Jammu region paints a dismal picture. No foreign investor has translated the policy’s intent into tangible ground action. The initiative, which was expected to be a cornerstone of Jammu’s industrial progress, has instead become an example of bureaucratic inertia and missed opportunity.
Around 48 kanals of prime land at the Exhibition Ground in the heart of Jammu city was earmarked exclusively for FDI projects. Yet, not an inch of progress has been made. Only one company-M/s Magna Waves Buildtech Pvt Ltd-was allotted 24 kanals of this prestigious site, but even after several years, no construction or activity has begun. The remaining land lies unutilised, fenced and idle, while the promise of foreign investment remains confined to policy papers and promotional brochures.
The irony is hard to ignore. Just across the road from this neglected site, several malls, hotels, and commercial complexes are thriving, generating employment for hundreds of locals and adding vibrancy to Jammu’s business environment. On the backside of the same ground, the Tawi Riverfront Phase II project is about to begin-a project expected to transform the riverbank into a tourism and leisure hub. This contrast makes the stagnation of the foreign investment estate even more glaring and frustrating.
It is worth recalling that the Exhibition Ground was once the hub of activities in Jammu – hosting trade fairs, cultural events, and major public gatherings. Today, it stands as a silent witness to misplaced priorities and poor execution. Adding to the irony, the Industries Department’s own dream project – “Jammu Haat” – located within the same premises, has been lying unutilised for years, locking up crores of taxpayers’ money without any tangible outcome. The twin failures – of Jammu Haat and the Foreign Investment Policy – point to systemic weaknesses in planning, marketing, and follow-up.
The larger question is: Why has Jammu failed to attract any foreign investor despite having every possible advantage? The region is peaceful, strategically located, and logistically better connected than many other parts of the UT. It enjoys proximity to Punjab and Himachal Pradesh, offering an ideal gateway for trade and industrial expansion. Moreover, Jammu witnesses lakhs of pilgrim tourists every year visiting Shri Mata Vaishno Devi and other religious sites-a potential goldmine for investment in hospitality, retail, and tourism infrastructure. Despite these advantages, not a single foreign real estate group has come forward to establish a hospitality project, theme park, or mega mall. This is a peculiar and concerning situation that demands introspection.
Equally surprising is the fact that several official delegations from J&K have visited Gulf countries and other international destinations to woo investors in recent years, yet no concrete results have emerged for the Jammu region. Suppose such prime urban land cannot attract even one committed foreign investor in three years. In that case, something is fundamentally wrong in the way the policy has been marketed and implemented. There is clearly a missing link that needs to be identified and addressed immediately.
Instead of acquiring more land for foreign investors, the Government must first make use of the existing land pool that has been lying idle for years. Foreign investment is not merely about capital infusion; it brings modern business models, global best practices, and technological innovation. It inspires local entrepreneurs, enhances employment, and strengthens the economy’s competitive edge. Jammu can ill afford to let this opportunity slip away. The Government should form a high-level committee to identify the precise reasons behind the policy’s failure and to aggressively pursue credible investors – especially in sectors like hospitality, logistics, healthcare, and education, where Jammu has natural advantages. If corrective measures are not taken now, the much-hyped Foreign Investment Policy will end up as yet another forgotten experiment.
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