The government expects huge investments after recent MoUs inked with investment firms from Dubai.
Srinagar: Encouraged by the recent MoUs signed with some huge investment companies from Dubai, the J&K administration is now expecting a lot of foreign investments in the current year as the government has given its approval for such investments here.
In this direction, recently the Administrative Council (AC), under the chairmanship of Lieutenant Governor Manoj Sinha, approved the policy on promotion of foreign investment in the industrial sector in J&K. This approval was needed to clear all the decks for foreign investments in Jammu and Kashmir as the new industrial policy is based on the guiding framework on FDI issued by the Central government through the RBI and the DPIIT and will be valid for the next 10 years.
After the recent approval, a senior officer in the industries department of Jammu and Kashmir told this reporter that the aim of the new policy is to facilitate foreign investments higher than Rs 100 crore with a minimum of 51% foreign stakes here.
The government of Jammu and Kashmir has already identified a lot of parcels of land in various industrial estates to be given exclusively to industries with foreign investments which will include high rise buildings, multi-purpose buildings, with plug and play facilities.
After the approval by the J&K government to the foreign investments in the industrial sector, the government spokesman told the media that the land allotment process will be regulated by the J&K Industrial Land Allotment Policy, 2021-30.
It is in place to mention that recently the J&K government signed an MoU with Dubai for real estate development, industrial parks and super-specialty hospitals here.
The Central government has now lot of hopes that many global firms will invest in Jammu and Kashmir after the final administrative approval to the foreign investments here. Earlier, Lieutenant Governor Manoj Sinha signed a Memorandum of Understanding (MoU) with the LuLu Group to set up a food processing & logistics hub in Srinagar city.
In the Dubai Expo, the J&K administration launched Kashmir Saffron at LuLu Hypermarket to boost the partnership of growth with Dubai.
The LuLu group has started importing apples from Jammu and Kashmir and the J&K government is expecting more such partnerships in the future.