‘We are expecting more Middle Eastern countries to pitch for projects, and we have also made compliance easier by allowing investors to receive their share of land within three days,’ says Manoj Sinha The union territory of Jammu and Kashmir has received its first leg of foreign direct investment (FDI) worth Rs 500 crore. The UAE-based Emaar Group, the developer of the Burj Khalifa, marked its entry into J&K by announcing a shopping mall and two IT Towers.
J&K Lieutenant Governor Manoj Sinha performed the ‘Bhumi Pujan’ (prayer ceremony)’ for the 10-lakh-square-foot mega-mall, “Mall of Srinagar”, and an IT tower at Sempora on the outskirts of Srinagar and an IT tower in Jammu.
“We had a successful meeting with the UAE delegation, and this opens the scope for more such investments in the future. We are expecting more than Rs 75,000 crore in investment in the state in the months to come. We are expecting more Middle Eastern countries to pitch for projects, and we have also made compliance easier by allowing investors to receive their share of land within three days, which is unlikely in any other region of India,” LG Manoj Sinha shared with Business Today Television.
The government said it had invited the CEOs, most of whom were from the real estate, hospitality, development, food processing, and agriculture sectors to allay their concerns over the situation in J&K by offering them a “first-hand” experience.
