J&K signs 6 MoUs with global investors at Dubai Expo to boost trade and infrastructure
Jammu and Kashmir has signed six agreements that will bring investments in the real estate, infrastructure, tourism, health and labor sectors of the Indian Union Territory, among others to Dubai Expo 2020. Several UAE-based companies have signed MoUs with Jammu and Kashmir. , which includes Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial and Noon E-commerce. A Letter of Intent (LOI) has been 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 (LG) of Jammu and Kashmir Manoj Sinha said Jammu and Kashmir has gone from a dormant trade destination to a region of opportunities and investments. In 2021, the Union territory obtained 2.5 billion dollars (approximately Rs 18,568 crore) in investments, demonstrating the vast opportunities and the commercial potential of the region, PTI reported.
Bilateral trade between UAE and India amounted to Rs 4.45 lakh crore in 2019-20
Affirming that Jammu and Kashmir strives to provide an enabling environment for investments to its global investors, LG Manoj Sinha said that India’s participation in the Expo is a testament to the country’s view of the UAE as a respected partner and that Jammu and Kashmir is honored to be a part of this global event and to expand its presence in the United Arab Emirates. The relevance of the Expo and the global exposure it provides has been recognized by several Indian states and industries.
Speaking about the collaboration between India and the United Arab Emirates, Dr Ahmed Abdul Rahman Albania, Ambassador of the Embassy of the United Arab Emirates, said that India is the second largest trading partner of the United Arab Emirates, and added that the United Arab Emirates is the United Arab Emirates’ third largest trading partner. India. He informed that in 2019-2020, the overall foreign trade value between the two was around $ 60 billion (Rs 4.45,602 crore). Dr Albania affirmed his belief that the Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and India would be essential to strengthen bilateral relations. Over the next five to eight years, he hopes CEPA will increase trade between the two countries from $ 60 billion to $ 100 billion.
Speaking at the investor summit on January 6, Sunjay Sudhir, Ambassador of India to the United Arab Emirates, said that since the Indian government announced historic administrative changes in 2019, the Union Territory of Jammu -and Kashmir has become the most recent achievement as a model of economic and social progress.