Gulf Investment Summit:UAE, Saudi Arabia, Hong Kong converge in Kashmir for investment summit


Gulf Business & Investment Summit: Delegates from 33 companies from the United Arab Emirates (UAE), Saudi Arabia and Hongkong recently arrived in Srinagar to instill confidence and familiarize with the “growing conducive situation in J&K for investments.

  • It will also see that the MoUs amounting to Rs. 3,000 crores, signed earlier this year, are utilized properly.

Key Points about the Meet:

  • The Gulf Business & Investment Summit was organized at the Sher-e-Kashmir International Convention Centre (SKICC) in Srinagar on 22 March 2022.
  • The Investment Summit was attended by CEOs of top UAE and Hong Kong Companies; Women Entrepreneurs, Start-up representatives and Exporters.
  • For the first time in Jammu Kashmir's history, Saudi Arabia-based investor has shown interest in business opportunities in Jammu & Kashmir.
  • Women entrepreneurs, who are being provided assistance in the form of capacity building, access to credit, and market linkages under the “Hausla- inspiring her growth” programme also pitched their models for further investment. These included- SEED solutions, Ecokash, and Masha.
  • Managing Director, Jammu and Kashmir Trade Promotion Organization (JKTPO), Ms. Ankita Kar gave a detailed presentation on Investment opportunities in Jammu and Kashmir highlighting the investment plans, policy support, focus sectors and ease of doing business.
  • Meanwhile, Pashmkaar, Sarveshwar Group, Sky Robo Drones Pvt Ltd, BST Organics Pvt Ltd, ESPA Learn Pvt Ltd, Fastbeetle, Reem Automotives, Orchardly, JKTDC, Peaks Group of Companies, other entrepreneurs and startups showcased their products.
  • They pitched their ideas to the investors for investment and answered their queries during the interactive session.
  • Lt Governor Manoj Sinha also addressed a press conference on the sidelines of the ongoing Gulf Business & Investment Summit which is aimed at providing a platform for the foreign business delegates to explore a host of investment opportunities in the UT of Jammu & Kashmir.

Background:

  • The J&K government had signed the MoUs in January with the UAE–based companies, including industrial giants like Emaar, Lulu, MATU Investments, Al Maya Group, GL Employment Brokerage LLC, Century Financial, IT giant Noon e-commerce, etc.
  • Around 16,000 kanals (1,999.9 acres) land bank has already been opened for investments in Kashmir.
  • This conference is in accordance with the government's efforts to build favourable infrastructure for the promotion of a business-friendly environment and regional exports.

Note: In February, the UAE and India signed a free trade agreement that cuts duties on almost 90 percent of goods traded between them, including metals, minerals, petrochemicals, and petroleum. 

 


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