Srinagar, Aug 24: To explore the possibilities of more private investments in Jammu and Kashmir, the top officials of the Centre will hold various meetings with the Union Territory administration in the coming weeks.
An official told Morning Kashmir that the Central government has already told the J&K administration to explore more possibilities for outside industrialists to invest in the Union Territory.
In this regard, the top officials of the Central government and the Jammu and Kashmir government will hold various meetings in the coming weeks. “The agenda of the meetings is to explore possibilities of more private investment,” he said, adding that top officials from the Finance, Planning and Development, Revenue, and several other departments are likely to be part of the meetings in the coming days.
The J&K government has already invited private investors to invest in the health sector, education, medical education, tourism, medicines, and production houses.
It is to be mentioned here that the government is already facilitating fast clearance of project proposals through a web-based single window system and allowing investors to avail the necessary approvals to establish and start their business operations through a single platform without any physical touch point with the approving and licensing authorities.
“For the last several months, we have been in talks with delegates and investors from the United States (US), Dubai, and England. The prospective foreign investors had detailed discussions with the government officials on their business plans,” a top official in the Industries and Commerce Department told Morning Kashmir.
They have also asked them to visit the region and explore investment opportunities provided by the UT government, he added.
Meanwhile, official sources said that the SIDCO has received expressions of Interest (EoI) from several outside companies. These companies, they said, have shown interest in investing in different sectors in J&K, including the apple industry, hospitals, cold storage, dry fruit and saffron industries, and tourism and hotel industries.
All of them have submitted detailed project proposals, including land required, and setting up their businesses, they said, adding, “Once some companies start their operations in J&K, it will encourage other investors to follow. We hope this is only the beginning.”
To remove bottlenecks for the land allotment under the new industrial policy, the government has created an easy online registration option for investors across India. The investors can submit their proposals online for the investment in Jammu and Kashmir.
The officials said that the aim of introducing online registration was to provide a hassle-free option for the investors interested in expanding their base in JK.
J&K had inked six agreements with global investors at Dubai Expo 2020 to bring in investments in the UT’s real estate, infrastructure, tourism, healthcare, and manpower employment sectors among others.
The MoUs were signed with Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial and Noon E-commerce respectively; 1 LoI between Magna Waves Pvt. Ltd along with Emaar Group and Lulu International.
Jammu and Kashmir Lieutenant Governor Manoj Sinha had already invited business leaders from the United Arab Emirates to become partners in development and move together towards creating a more prosperous, equitable and vibrant Union Territory of Jammu and Kashmir.
