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Gulf Investment Summit Reflects Industry Leaders Confidence in JK’s Potential: Lt Guv Sinha

Gulf Investment Summit Reflects Industry Leaders Confidence in JK’s Potential: Lt Guv Sinha
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Says investment from outside will create 7 lakh job opportunities

SRINAGAR: Jammu and Kashmir Lt Governor Manoj Sinha Tuesday said that the scope for J&K and GCC companies’ economic cooperation is to make J&K UT, paradise on earth, as the most beautiful investment destination in the world.

Speaking to media at SKICC here after attending the Gulf Countries investment summit, Sinha said a huge change has started in Jammu and Kashmir during the last two years.

The Lt Governor said that 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.

Since 2014, India’s relationship with Gulf countries has undergone a massive evolution which 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 the expansion of the existing trade, the Lt Governor observed.

“Especially if I talk about investment and industrial business, a new industrial scheme was created by the Government of India for JK wherein a proposal of having Rs 28,200 crore as incentives was kept,” he said.

“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.

He also said that about seven lakh jobs will be created in the Union Territory once outside investments bear fruit.

The LG said that 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.

“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 Lt Governor highlighted the scope for J&K and GCC companies’ economic cooperation to make J&K UT, paradise on earth, as the most beautiful investment destination in the world.

He said that 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.

Since 2014, India’s relationship with Gulf countries has undergone a massive evolution which 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 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.

The LG said during the Dubai Expo in January, the JK administration interacted with many businessmen and invited them to visit JK 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 JK’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.

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

“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,” 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 J&K. 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 J&K, 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, 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.

“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 organizations that are looking for stable, reliable, and trusted partners to expand trade, the Lt Governor said.

The Lt Governor said that J&K 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 UT.

“I welcome the business delegates in J&K’s journey of economic growth and to move together towards creating a more prosperous and vibrant UT, benefitting all sections of our society,” he said.

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.

 

 

 


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