After the first foreign investment from Dubai’s Emaar group to build a Rs 60 million shopping and office complex in Srinagar, the J&K administration is trying to get more such investments in Jammu and Kashmir.
Lt. Governor Manoj Sinha recently chaired a high-level meeting with his senior officials to review the status of industrial investments and discuss strategies on boosting investments in a fast-track mode. A senior official told this newspaper that they will be getting more foreign investments in the coming months and J&K is being turned into a hassle-free investment destination in the country.
Lt Governor Sinha was briefed by his officers that they have fast-tracked the development of new industrial estates and new policy initiatives have encouraged local youth to build their own start up units. Lt Governor Sinha is very keen to encourage private investors in Jammu and Kashmir to build industrial estates equipped with necessary infrastructure so that there is an economic turnaround.
Sinha said that 2023 will be the year of agro-Industrial revolution powered by Holistic Agriculture Development Plan (HADP) and increased production in agriculture and allied sectors that will offer vast opportunities to agro-industries. A senior official of the J & K administration said that in the current year, they are expecting private investment both from within the country and foreign investors in inland ports, container depots, and food processing units.
Dubai’s Emaar group will soon start the Rs 5 billion development project which includes a shopping mall and multi-purpose commercial tower in Srinagar city. The J&K government has said that so far, they have received Rs 15 billion of investments in the previous financial year.
With foreign investments like that of Emaar group of Dubai, the J&K administration is expecting such investments in building private hospitals and tourism infrastructure by foreign investors in Jammu and Kashmir.