Emaar Properties of Dubai is going to construct a 10 lakh square feet mall in Srinagar, making this the first foreign-direct investment (FDI) in Jammu & Kashmir. The bhoomi pujan (land worship) ceremony for the same was conducted in Srinagar on Sunday.

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"Today is a historic day. With the bhoomi pujan of 10 lakh square feet 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 crore," said Lieutenant Governor Manoj Sinha, as he addressed the India-UAE Investment Summit on Sunday.

With this, Sinha also highlighted the scope for private as well as foreign investments in various sectors in Jammu & Kashmir.

“J&K is witnessing a new technological revolution and we have started two Innovation and Invention centres where well-trained faculties & IT professionals are preparing future knowledge workers who will be the main force of Industry 4.0 to provide much needed human resources for the emerging market,” Sinha said.

He added that efforts are on to identify more land to ground all the proposals for investments that have been received. He said the land would be allocated within around two weeks from the date of the proposal's submission.

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“The transparent regulatory framework and incentive structure will allow individual enterprise to prosper and to create a modern, globally competitive and humane industrial economy. In this journey of rapid industrialisation of Jammu & Kashmir, we are partners. I invite companies from across the world to set up shop in Jammu & Kashmir. We are ready to welcome you with open arms,” Sinha said.

Faizal Edavalath Kottikollon, chairman of UIBC-UC and KEF Holdings and Sharafuddin Sharaf, vice-chairman of UIBC also shared their views on the investment opportunities emerging in Jammu & Kashmir. "We are keenly working with the government of Jammu and Kashmir for investment and will be bringing a world class climate wellness resort in Jammu Kashmir," Kottikollon said.

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On August 5, 2019, the Article 370 which gave Jammu & Kashmir its special status and barred persons from outside to acquire properties in the state, was abrogated. The state was bifurcated into Union Territories — Jammu & Kasmir and Ladakh.

The L-G said that J&K has made progress towards infrastructure development, modernisation as well as expansion of airports, highways and rail network, for ease of doing business and to enable faster economic growth. "The path of reforms that we have embarked upon in the last three years is the outcome of a well-considered long-term comprehensive strategy to provide a conducive investment climate for domestic and foreign investments in J&K," Sinha added.

Talking about the India-UAE Investor meet, he said it was a unique opportunity for a free and frank exchange of views on issues as well as opportunities for investment in Jammu & Kashmir.

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