J&K woos Gulf investors

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Lt Governor highlighted the scope for J&K and GCC companies’ economic cooperation to make Jammu and Kashmir the most beautiful investment destination in the world, reports Asian Lite News

Jammu and Kashmir Lt Governor Manoj Sinha on Tuesday addressed the Gulf Countries’ Investment Summit at SKICC, Srinagar which is aimed at providing a platform for the foreign business delegates to explore a host of investment opportunities in the union territory.

Speaking on the occasion, the Lt Governor highlighted the scope for J&K and GCC companies’ economic cooperation to make Jammu and Kashmir the most beautiful investment destination in the world.

Sinha said the visit of CEOs of top companies, entrepreneurs, start-up representatives, exporters in Jammu and Kashmir is an expression of confidence of the industry leaders in the potential for business cooperation between J&K and Gulf countries.

Since 2014, India’s relationship with Gulf countries has undergone a massive evolution which is being translated into a vibrant, revitalised economic partnership with J&K that will not only diversify our export basket but will also create a conducive environment for the expansion of the existing trade, the Lt Governor observed.

“We have worked with a coherent framework in the last two years to harness immense natural resources, economic potential of J&K,” said the Lt Governor.

Under the guidance of Prime Minister Narendra Modi and Home Minister Amit Shah, we have also worked out a blueprint to unlock investment flows from compliance and restrictions. Over Rs 70,000 crore worth investment proposals have been received within a year, he added.

We promise to provide a global standard end-to-end facilities for the businesses, skilled workforce, transparent and hassle-free regulatory mechanism, and creation of necessary infrastructure wherever required, the Lt Governor said.

“Since my Dubai Expo visit earlier in January this year, many foreign companies from UAE have announced long-term plans for Jammu and Kashmir. We are ready to take the relationship to a qualitatively new level and strengthen our economic partnership,” he added.

Talking about the fast-paced socio-economic transformations taking place in Jammu and Kashmir, the Lt Governor 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, Sinha 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 minimising regulatory compliance burden over the businesses by eradicating redundant compliances, streamlining the processes for ease of doing business in the union territory,” he added.

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We are committed to protecting and promoting economic growth, and exploiting the opportunities through “Make in India” and other initiatives of the central government, and open for commercial tie-ups with the business organisations that are looking for stable, reliable, and trusted partners to expand trade, the Lt Governor said.

The Lt Governor said that Jammu and Kashmir offers an abundant demographic dividend, amazingly easy interface with the government, specific industrial land bank, sector-specific policy, ever-growing public infrastructure, reforms furthering ease of doing business, a host of tax benefits, and most importantly a secure environment to facilitate new investments in the Union Territory.

The Investment Summit was attended by CEOs of top UAE and Hong Kong companies; women entrepreneurs, start-up representatives and exporters.