J&K LG Manoj Sinha lays foundation stone of first direct foreign investment project in Srinagar

The foundation stone was laid for the “Mall of Srinagar” which is to be built by UAE-based construction company EMAAR Group at the Sempora area on the outskirts of Srinagar

PGurus Newsdesk

March 19, 2023

The foundation stone was laid for the “Mall of Srinagar” which is to be built by UAE-based construction company EMAAR Group at the Sempora area on the outskirts of Srinagar

UAE’s Emaar becomes the first overseas company to start a mega-mall project in Kashmir

On Sunday, Jammu and Kashmir’s Lieutenant Governor Manoj Sinha laid the foundation stone of a mega-mall in the Sempora area of Srinagar district, the UT’s first direct foreign investment project. The construction of the mega-mall will cost Rs.250 crore, Sinha told reporters.

“The Mall of Srinagar and allied projects with the Government of Dubai will fuel the economic growth of J&K and bring us closer to achieving the shared vision of strengthening bilateral trade and investment ties between India and UAE.

The LG said, “this is a new dawn of limitless possibilities. We are taking forward the Hon’ble PM’s vision for the development of J&K. Mall of Srinagar will have a transformative impact on UT & boost infrastructure, employment generation, and ease of living. “This is to be one of the largest malls in the region, the mall will have over 500 shops,” Sinha said while congratulating the people of J&K on the historic occasion.

He said the credit for the strong ties between UAE and India goes to the strenuous efforts of the Prime Minister.

The Lt Governor highlighted the progressive reforms introduced under the guidance of the Hon’ble Prime Minister to create a favourable environment for Industries and businesses to flourish in J&K.

“Unprecedented Industrial investment & economic growth of J&K is laying the foundation for a stronger and more prosperous future for the people of Union Territory.

“Within 22 months of implementation of the New Industrial Policy, we have received investment proposals from more than 5,000 domestic and foreign companies. The Lt Governor noted that eight companies have expressed their willingness to invest in J&K daily.

“A new industry is becoming operational in the UT every day. Last month, 45 industries started their operations”, he added. He further said that the Prime Minister has already done the groundbreaking ceremony for projects worth Rs.38,000 crore.

“Those who raised questions on employment post-August 2019, should introspect what they have done for J&K in the past decades. Only Rs.14,000 crore industrial investment came to J&K since Independence till 2019.

“In the last three years, we have registered phenomenal growth in different sectors, and in terms of knowledge, physical and digital connectivity, Jammu and Kashmir has performed exceptionally well in the entire country,” he added

The Lt Governor invited Industry leaders from across the world to be a part of the new industrial revolution of Jammu & Kashmir.

“We have broadened the economic and social base of development and are offering the best incentives across the country, land for industries, skilled labour, technical support, market connectivity, national and international air cargo facilities, raw materials, cheapest power, lowest crime rate, single window clearance, ease of doing business, he observed.

“One lakh crore rupees worth of highways and tunnels projects are going on in J&K UT. Kashmir will be connected to Kanyakumari this year. The flight operations in both Jammu & Srinagar airports have increased and international flight connectivity has been strengthened,” observed the Lt Governor.

Today, peace prevails in Jammu & Kashmir. Days of Hartals have become history now. World has witnessed the youth and people of Pulwama, Tral, and Shopian coming out of their houses in huge numbers with national flags in their hands, he noted.

Jammu & Kashmir has everything to offer to maximize the immense potential of the business. This decade belongs to Jammu Kashmir, the Lt Governor said.

Amit Jain, CEO Emaar said the Mall of Srinagar is one of our milestone projects and we are excited about its potential of it. “As Emaar Group, we bring along strong relationships with leading retail brands of UAE, most of which will be launching their presence in India through this initiative,” he added.

It was informed that Emaar Group would develop One IT tower at Jammu and One at Srinagar.

The mega-mall is the first significant FDI investment in Jammu and Kashmir to facilitate investments in marquee projects as per the MOU signed between the governments of the UAE and India. Launched by Emaar and Magna Waves Buildtech, the mall is set to become operational by 2026.

In January 2022, during the Investor meeting in Dubai, the J&K government entered into a bilateral agreement with various stakeholders and the Government of UAE to deliver over a billion dollars worth of projects in the valley. These projects include the development of industrial parks, a medical college, a specialty hospital, logistics centres, IT towers, and multipurpose towers, in addition to the Mall of Srinagar by Emaar.

LG Sinha said, “some people have a negative mindset in J&K and continue to criticize the government policies as they can’t digest the huge development taking place in the UT. J&K has witnessed a huge sea change post-August 5, 2019.

“The government land was kept under illegal possession by some people that were retrieved. The land retrieved will be used for setting up industries, playgrounds for youth…,” he said.

[With Inputs from IANS]

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