Srinagar: Jammu and Kashmir Lieutenant Governor Manoj Sinha addressed the India-UAE Investment Summit and interacted with the business delegates from United Arab Emirates (UAE) at Srinagar on Sunday.

Highlighting the scope for private and foreign investments in various sectors in J&K, the Lt Governor said the UT has made impressive progress with structural reforms in recent years & growth trajectory makes J&K an attractive investment destination.

“Today is a historic day. With the Bhoomi Pujan of 10 lakh Sq. Ft. Mall of Srinagar by Emaar, the first FDI in J&K has taken shape. Land has been provided to Emaar for IT towers in Jammu and Srinagar. These three projects will be developed at a cost of Rs. 500 Cr,” the Lt Governor said.

The Lt Governor said, the historic India-UAE Investor meet was a unique opportunity for free and frank exchanges of views on issues and opportunities for investment in J&K.

He appreciated the enthusiasm and faith of foreign investors in the resilience of UT of J&K.

The Lt Governor invited the business leaders from UAE to become partner in development of J&.

“We will ensure the investors receive every kind of assistance, facilitation and support from the administration,” he added.

He said under the guidance of Prime Minister Narendra Modi, J&K has made remarkable progress towards an ambitious infrastructure development programme, modernization & expansion of airports, rail network & highways for ease of doing business and to fuel faster economic growth.

“We have been successful in removing the impediments and hurdles to great extent. We are upgrading our infrastructure both in capacity and quality to meet new demands and ready to raise our partnership with industries to higher levels,” he said.

The path of reforms that we have embarked upon in the last three years is the outcome of a well-considered long-term comprehensive strategy to provide a conducive investment climate for domestic and foreign investments in J&K, he added.

“J&K is witnessing a new technological revolution and we have started two Innovation and Invention centres where well-trained faculties & IT professionals are preparing future knowledge workers who will be the main force of Industry 4.0 to provide much needed human resources for the emerging market,” the Lt Governor said.

The Lt Governor assured the investors that the land will be allocated within 15 days from the submission of the proposal.

“The transparent regulatory framework and incentive structure will allow individual enterprises to prosper and to create a modern, globally competitive and humane industrial economy. In this journey of rapid industrialization of Jammu Kashmir, we are partners. I invite companies from across the world to set up shop in Jammu Kashmir. We are ready to welcome you with open arms,” the Lt Governor observed.

(With UNI inputs)