Jammu and Kashmir gets first FDI project post-Article 370 abrogation

The makers of Burj Khalifa on Sunday marked their formal entry into Jammu and Kashmir performing the groundbreaking ceremony for the first foreign direct investment in the Union territory a shopping mall and a multipurpose tower in the outskirts of SrinagarLieutenant Governor Manoj Sinha performed the groundbreaking ceremony for the Rs 500 crore project that envisages creating over 10000 jobs in the valleyThis is the first FDI project in Jammu and Kashmir after Article 370 was repealed by the Centre in 2019The CEO of EMAAR group Amit Jain Bollywood actors Vivek Oberoi and Neetu Chandra were among those present at the Bhumi Pujan and foundation laying ceremonySinha asked the EMAAR group the makers of Dubai Mall and Burj Khalifa to look at the possibility of completing the project ahead of the threeyear deadlineIf the Parliament complex can be completed within 15 years we can certainly expect this to be completed earlier Sinha saidJain said his companys investments in Jammu and Kashmir will have a ripple effectHe said every rupee invested will bring in nine rupees of more investments This Rs 500 crore investment should lead to Rs 5000 crore investmentsAsked if his company was looking at investing in other sectors in Jammu and Kashmir Jain said there are other companies from the Gulf which are looking at those possibilitiesThe Dubai World is looking at setting up logistics centres There is Emirates airlines which might be setting up centres here he saidAlso Read Government starts process of eviction and sale of enemy propertiesJain said this project was just beginning and can bring in investors from other countries like Saudi ArabiaAsked if Kashmir can be the next Dubai Jain said Why not Sky is the limit and thats what we should aim forHe said the company will be employing locals These are hardworking people The hospitality of Kashmir and known world over he addedNeetu Chandra who had acted in Akshay Kumarstarrer Garam Masala said it was her first visit to Kashmir and she has been mesmerized by the beautyAs a film producer I am looking forward I will do recce here I am planning two films with my brother who is also a producer she saidVivek Oberoi said EMAAR is a global brand which is investing in Kashmir in a big wayEMAAR is a global brand from the UAE They are making a huge investment here which is going to create more than 10000 jobs for locals I wish there is increase in economic activities he saidOberoi said Kashmiri youth are talented loving caring and famous for hospitalityI am already investing in Kashmir in education We have a company here called Aspire which helps train people for competitive exams I feel there are a lot of amazing things happening here he saidThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever