Gulf CEOs visit Kashmir to explore investment opportunities after FTA deal with UAE

“During the international summit (in UAE), there was lot of interest with regard to Jammu and Kashmir,” said J-K’s Principal Secretary Industries and Commerce, Ranjan Prakash Thakur. “Most of them had doubt that the situation there (in Kashmir) is not very good, that it is a conflict zone. We invited them so that they see for themselves and understand the situation.”

The delegation of over 30 CEOs from India and Gulf countries arrived in the valley to look for business and investment opportunities in the region. The visit was coordinated by Bal Kishan, CEO of Century Finance and a resident of Jammu and Kashmir’s Doda.

“There are members from the Gulf Cooperation Council (GCC) countries – Sharjah, Dubai, Abu Dhabi, people from Hong Kong and Saudi Arabia have also come,” Thakur said. “They have come on their own in a special jet. We have not sponsored it”.

On Tuesday, the group of CEOs – mostly from real estate, hospitality, development, food processing and agriculture – met the top officials of Jammu and Kashmir including Lt Governor Manoj Sinha to discuss their issues and concerns.

“In last two years, a big change has started in Jammu and Kashmir especially if I talk about the investment, industry and business…,” Lt Governor Sinha said. “Today morning, we discussed several area and issues. We have identified their (CEOs’) concerns and assured them of their redressal in minimum time period especially in the Health and Medical Education, Real Estate, Hospitality, Food processing, Cold storage and cold chain and education”.

Sinha said the government is hopeful to bring an investment of over Rs 70,000 crores in nest six months. “Last year, we had the total outside investment of Rs 15000 crores. By now, we have cleared investment proposals of around Rs 27000 crores,” he said. “We hope that in next six months, it will cross Rs 70,000 crore”. Sinha said that if and when the investments take place on ground, it would generate a minimum of six to seven lakh jobs in Jammu and Kashmir.

Sinha attributed the visit of the Gulf CEOs with the growing cooperation between India and UAE.

Abdullah Al Shibani, who owns 27 companies in UAE, praised India for its cooperation with the gulf countries. “I think there is a big opportunity to invest from our whole team whether they are from GCC countries or UAE,” he said. “We have not come here to waste our time. We are here to take steps towards investment”.

On Monday, the CEOs visited the twin tourists destination of Pahalgam and Gulmarg to look for the opportunities in the tourism and hospitality sector.