SRINAGAR: A parliamentary panel has recommended to the Government of India to promptly follow up on investment opportunities presented by companies from the United Arab Emirates (UAE) in the Union Territory of Jammu & Kashmir.
In its report, the department-related standing committee on the Ministry of External Affairs has suggested that the investment possibilities offered by certain UAE companies in the Union Territory of Jammu & Kashmir should also be pursued promptly.
The recommendation was made by the parliamentary committee in its report titled “India and Gulf Cooperation Council (GCC) – Contours of Cooperation.” The report was tabled in Parliament on December 12.
The committee made this recommendation after being informed that some UAE companies have expressed interest in investing in the UT of Jammu & Kashmir.
In April 2022, a business delegation from the UAE visited Kashmir to explore investment opportunities in the region.
Nearly a year after the visit, the UAE-based Emaar Group, the developer of the Burj Khalifa, announced its entry into J&K by unveiling plans for a shopping mall and an IT tower in Srinagar.
Over the past few years, the Jammu & Kashmir government, led by the Lieutenant Governor, has been actively seeking both domestic and foreign investors. In the approximately three years since the announcement of a new industrial policy in January 2021, the Union Territory has received investment proposals totalling Rs 84,544 crore.
This week, the Union Home Ministry informed Parliament that J&K has attracted investments amounting to Rs 5,319.35 crores since the abrogation of Article 370 on August 5, 2019. (KNO)
