J&K signs 6 MoUs with global investors at Dubai Expo to strengthen trade, infrastructure

Jammu and Kashmir signed six agreements that will bring investments in the Indian Union Territory's real estate, infrastructure, tourism, healthcare and manpower employment sectors, among others at Dubai Expo 2020. Several UAE based businesses signed memorandums of understanding (MOUs) with Jammu & Kashmir, which includes, Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial, and Noon E-commerce. One letter of intent (LOI) was signed with Magna Waves Pvt. Ltd, Emaar Group, and Lulu International, PTI reported.

Speaking at the Investors Summit in Dubai on January 6, Lieutenant Governor (L-G) of Jammu and Kashmir, Manoj Sinha, said that Jammu and Kashmir has transitioned from a dormant commercial destination to a region of opportunity and investment. In 2021, the Union Territory got $2.5 billion (approximately Rs 18,568 crore) in investments, demonstrating the region's vast opportunities and business potential, PTI reported.

Bilateral trade between UAE and India stood at Rs 4.45 lakh crore in 2019-20

Saying that Jammu and Kashmir is working to give an investment-friendly environment to its global investors, L-G Manoj Sinha said that India's participation at the Expo is a testament to the fact that the country values the UAE as a respected partner and that Jammu and Kashmir is honoured to be a part of this worldwide event and to expand its presence in the United Arab Emirates. The relevance of the Expo and the global exposure it provides has been recognised by several Indian states and industries.

Talking about the collaboration between India and the UAE, Dr Ahmed Abdul Rahman Albania, ambassador of the UAE Embassy said that India is the second-largest trading partner for the United Arab Emirates, and added that the UAE is the third-largest trading partner for India. He informed that in 2019-2020, the overall value of the foreign trade between the two was around $60 billion (Rs 4,45,602 crore). Dr Albania asserted his belief that the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India would be critical in strengthening bilateral ties. In the next five to eight years, he hopes that CEPA would boost commerce between the two countries from $60 billion to $100 billion.

Speaking at the Investors Summit on January 6, Sunjay Sudhir, India's Ambassador to the UAE, said that since the Indian government announced historic administrative changes in 2019, the Union Territory of Jammu and Kashmir has emerged as the most recent success story as a model of economic and social progress.

(With inputs from PTI, Image: PTI/Shutterstock)