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Parliamentary panel for prompt follow-up on UAE’s investment proposals in J&K

Mubashir Alam

 

Srinagar, Dec 20: A parliamentary panel has recommended to the Government of India to promptly follow-up on investment opportunities by the United Arab Emirates (UAE) companies in Jammu & Kashmir.

In its report, the department-related standing committee on Ministry of External Affairs has recommended that the opportunity presented by some UAE companies for investing in the Union Territory of Jammu & Kashmir should also be followed up promptly.

The recommendation has been made by the parliamentary committe in its report titled “India and Gulf Cooperation Council (GCC) – Contours of Cooperation.” The report was tabled in the Parliament on December 12.

The committee made the recommendation after it was apprised that some UAE companies have also shown interest in investing in the UT of Jammu & Kashmir.

In April 2022, a business delegation from UAE visited Kashmir to explore investment opportunities in the region.

Almost a year after the visit, the UAE-based Emaar Group, the developer of the Burj Khalifa, marked its entry into J&K by announcing a shopping mall and an IT tower in Srinagar.

In the past few years, Jammu & Kashmir government headed by Lieutenant Governor is wooing investors, both domestic and foreign. In almost three years since the Jammu and Kashmir government announced a new industrial policy in January 2021, the Union Territory has received investment proposals worth Rs 84,544 crore.

The Union Home Ministry this week informed the Parliament that J&K has witnessed investments amounting to Rs 5319.35 crores since the abrogation of Article 370 on August 5, 2019.

—(KNO)

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