Government of Jammu and Kashmir has signed a MoU with the United Arab Emirate based company major Lulu group, which is going to invest rupees 200 crores in the union territory of Jammu and Kashmir for installing a food processing and Logistic Centre in the city of Srinagar. This agreement will also give authority for further expansion of Jammu and Kashmir Dubai collaboration and Lulu group - Jammu and Kashmir partnership. It promise territory to make it a tourist destination and help to participate in a joint session with tourism ministry on 12th of Jan this year. The foresightedness of UT is to promote equal growth of industry and commerce by use of natural resources and development of human skills effectively. The union territory also encourage new investors in industry and allowed new entrepreneurs. By focusing on the growth in this area it is also working towards creating conditions and encouraging the youth by promoting human resource skills and by employment opportunities, development of new designs in handicraft and handloom sector.
After the removal of article 370, the central government had given its attention to the summit by saying it would bring outside investment to the industrially backward area. Before this mega event several pre-summit investors meet were held in Capital city, Bangalore, Mumbai, Hyderabad and Kolkata in January this year. The main aim of this summit was exhibit the different type of investment opportunities in the newly formed UT of J&K which includes sectors like film tourism, horticulture, post-harvest management, food processing, mulberry production of silk, manufacturing, renewable energy, infrastructure, real estate, handloom, handicraft and education as the situation arise due to pandemic has shattered the investment throughout the country.
Governor of Jammu and Kashmir Shri Sinha had also visited the Indian pavilion at EXPO 2020 Dubai when the Jammu and Kashmir week from January 3 to 13 was going on.
Talking about this event, he told its importance by stating, "India's participation at the Expo is mark of the fact that country respects UAE as a close partner". Many of the states and sectors in India have understood its importance and its global exposure. J&K is privileged to be a member at this global event by holding its footprint in the UAE. J&K no longer sleeping biz destination as it received amount of $2.5-bn in investments.
Territory has moved from a sleeping business to the destination of opportunities and investment. It had also signed five MoUs with Al Maya group, Matu investments LLC, GL employment brokerage LLC, noon E-commerce and Century Financial respectively. It also inked agreements with global investors in Dubai for bringing investment through infrastructure, healthcare, tourism, labour, employment sectors and real estate. The Confederation of Indian Industry (CII) is the national partner for this summit. It will also boost the economy and the forthcoming generations by supporting them in terms of employment as well as good living standards.
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