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GULF BUSINESS SUMMIT

Context 

Delegates from 33 companies from Hong Kong, the United Arab Emirates, and Saudi Arabia arrived in Srinagar to instil and gauge the growing situation in Jammu and Kashmir for investment and ensure that the MoUs worth Rs. 3,000 crores signed earlier this year are properly utilised.

Key Points

  • Delegates will attend the Gulf Business Summit on March 22nd to discuss the exploration of investment opportunities in various sectors across Jammu and Kashmir.
  • A Saudi investor has expressed interest in business opportunities in Jammu and Kashmir for the first time.

Summit detail

  • In January, the government of Jammu and Kashmir signed Memorandums of Understanding (MOUs) with several UAE–based companies, including Lulu, Emaar, Al Maya Group, MATU Investments, Century Financial, GL Employment Brokerage LLC, Noon e-commerce, and others.
  • A land bank of approximately 16,000 kanals, or 1,999.9 acres, has been opened to allow for investment in Kashmir.
  • Due to the importance of Jammu and Kashmir as significant tourism hubs, the delegation will also visit tourist destinations such as Pahalgam and Gulmarg to explore business opportunities.
  • This summit will feature pitch presentations by start-ups, exporters, and female entrepreneurs.
  • A tour of the silk and cottage industries and product displays and meetings with artisans are also on the agenda.

Conclusion

  • This summit is in line with the government's initiatives to build favorable infrastructure to promote an entrepreneur-friendly environment and regional exports.

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