Gulf Countries’ Investment Summit at Srinagar
STATE TIMES NEWS
Srinagar: Jammu and Kashmir is at a transformative stage and prosperity and employment opportunities will come and people will coexist peacefully, Lieutenant Governor Manoj Sinha said here on Tuesday.
He also said that about seven lakh jobs will be created in the Union Territory once outside investments bear fruit.
Speaking to media at SKICC here after attending the Gulf Countries investment summit, Sinha said a huge change has started in the J-K in the last two years.
“Especially if I talk about investment and industrial business, a new industrial scheme was created by the Government of India for J-K wherein a proposal of having Rs 28,200 crore as incentives was kept, he said.
The LG said J-K has the better industrial incentive scheme compared to the rest of the country which has resulted in an increased interest in J-K by the businessmen across the country.
‘Huge potential for investments in J&K’
Srinagar: A visiting delegation of foreign investors on Tuesday said Jammu and Kashmir is a “big opportunity” to invest and its members will soon take forward their investment proposals.
A business delegation from the Gulf countries is on a four-day visit to the valley to explore investment opportunities in the Union Territory.
Speaking with reporters at SKICC here, the CEO of Emirates International Investment Group, Abdulla Mohammad Yousuf Abdulla Alshaibani, said there is a big opportunity to invest for visiting delegation.
The people of J-K are very kind. We felt so safe between (among) you, like our family. This place is very beautiful, it is a piece of paradise. There is a big opportunity to invest from our whole team, Alshaibani, who has several companies involved in around 27 different sectors including real estate, hospitality, agriculture, said.
Asked if the delegation was sure of making investment in Kashmir, he said, Let me tell you very seriously, we are not here to waste the time. We came here for something. We took a step, there is a step we are taking now and there is a step which we are going to take in the future very soon.”
The visiting businessman noted that the investments in J-K would be beneficial for both the countries — the UAE and India — and especially for Jammu and Kashmir.
To a query if the group was of the opinion that there was potential for investment in J-K, Alshaibani said yes, it is. It is 100 per cent .
Another member of the delegation, and the CEO of the Century Financial Group, Bal Krishen, said the delegation has come to J-K with a clear mind.
“They (the members of the delegation) see opportunities in J-K. A businessman sees only profits and they see opportunities and profits here. For this, they have come here with a pure and clear cut mind to invest here and create jobs,” he said.
While about a year ago, the total outside investment made so far in J-K was about Rs 15,000 crore, today, we have about Rs 27,000 crore investments which have been cleared. We hope in the next six months, it will cross Rs 70,000 crore, he said.
“When the investment is translated on the ground, I hope a minimum of six to seven lakh people will get employment, he said. Sinha said after Narendra Modi became the prime minister, a new era of friendship started between India and the UAE.
I think, it is for the first time that India’s head of state has twice or thrice visited the UAE and created a new environment of cooperation, Sinha said.
The J-K LG said during the Dubai Expo in January, the J-K administration interacted with many businessmen and invited them to visit J-K so that they could see with their own eyes and explore the investments here.
We interacted today and specified several issues and areas. We have identified their concerns and we have assured them that their redressal will be done in a minimum time period especially in the hospital and medical education, real estate, hospitality, food processing cold storages and cold chains, and education, he said.
Sinha said the delegates were very important people as many of them were CEOs of big companies.
The discussions have been very good. We will now try to take it to the conclusion very soon, he added.
He said the administration has taken steps which have started to show results.
I think it will result in increase in the business and employment generation. The industries and commerce department has made several efforts to take J-K’s horticulture produce, handicrafts and crafts across the world. I am sure we will get huge success in this sector as well. The UT is at a transformative stage where prosperity will come, employment opportunities will come, and people will live in a peaceful coexistence, Sinha said.
Talking about the fast-paced socio-economic transformations taking place in J&K, the Lt Governor, while addressing the conference, 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 minimizing regulatory compliance burden over the businesses by eradicating redundant compliances, streamlining the processes for ease of doing business in the UT’, he added.
Later, taking to Twitter, Sinha said during his address at the summit, he highlighted the scope for J-K and GCC companies’ economic cooperation to make the “paradise on earth” as the most beautiful investment destination in the world.
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, he said in a series of tweets.
The LG said India’s relationship with Gulf countries 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 expansion of the existing trade.
We have worked with a coherent framework in last 2yrs to harness immense natural resources, economic potential of J&K. Under guidance of PM Narendra Modi and HM Amit Shah, we’ve also worked out a blueprint to unlock investment flows from compliance & restrictions, he said.
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, Sinha said.
He said since the Dubai Expo visit, many foreign companies from UAE have announced long-term plans for J-K. We are ready to take relationship to a qualitatively new level and strengthen our economic partnership .
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.
Nitishwar Kumar, Principal Secretary to Lt Governor, Pandurang K. Pole, Divisional Commissioner Kashmir; Sarmad Hafeez, Secretary to the Government, Tourism department, besides senior Government Officials were also present on the occasion.