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India-UAE Investment Summit: EMAAR’s first FDI project worth Rs 500 Cr in Srinagar, LG hails ‘landmark’ deal

Edited by: pritha mallick

Last update: March 19, 2023, 7:55pm IST

J&K Deputy Governor Manoj Sinha laid the foundation stone for the construction of the Mall in Srinagar on March 19 at Sempora, Pampore.

Lieutenant Governor Manoj Sinha performed the ‘Bhumi Pujan’ and foundation laying ceremony for the project by the creators of Dubai Mall and Burj Khalifa.

Lieutenant Governor Manoj Sinha addressed the India-UAE Investment Summit and interacted with business delegates in Srinagar on Sunday. He also hailed the first foreign direct investment in Jammu and Kashmir with the Rs 500 crore project, a shopping mall and multi-purpose tower on the outskirts of Srinagar.

Calling the day “historic”, Lieutenant Governor Sinha highlighted the extent of private and foreign investment in various sectors in Jammu and Kashmir, saying it has made impressive progress with structural reforms in recent years.

Sinha performed the ‘Bhumi Pujan’ and foundation laying ceremony for the project by the creators of Dubai Mall and Burj Khalifa.

“With the Bhoomi Pujan 10 lakh Sq. Foot. 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,” he said.

Sinha said that under the leadership of Prime Minister Narendra Modi, Jammu and Kashmir has made remarkable progress towards an ambitious program of infrastructure development, modernization and expansion of airports, rail network and highways to facilitate business and boost economic growth. faster.

“We are upgrading our infrastructure in both capacity and quality to meet new demands and we are ready to elevate our partnership with industries to higher levels,” he said.

He said that the reforms undertaken in the past three years are the result of a well-planned, long-term and comprehensive strategy aimed at creating a favorable investment environment for domestic and foreign investors in Jammu and Kashmir.

He appreciated the enthusiasm and faith of foreign investors and invited them to become partners in the development of Jammu and Kashmir.

With a push towards agriculture and related sectors, hospitality, education, tourism and other industries, he also highlighted the digital transformation of the union territory.

“J&K is witnessing a new technological revolution and we have launched two Innovation and Invention centers where well-trained professors and IT professionals are preparing future knowledge workers who will be the main force of Industry 4.0 to provide the human resources that both needs the emerging market. ” he said.

Faizal Edavalath Kottikollon, Chairman of UIBC-UC, said that they are working intensively with the Jammu and Kashmir government for investment and will bring a world class climate wellness center in Jammu Kashmir.

Sharafuddin Sharaf, UIBC Vice President RR Bhatnagar, Adviser to the Lieutenant Governor; Dr. Arun Kumar Mehta, Principal Secretary; members of UAE- India- Business The board, business leaders and investors from India and abroad were present at the event.

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