MoU SIGNED BETWEEN DUBAI AND J&K

MoU SIGNED BETWEEN DUBAI AND J&K

Context:

Jammu and Kashmir administration signed a Memorandum of Understanding (MoU) with the Government of Dubai for real estate development, industrial parks, multipurpose towers, logistics, medical college, IT towers, super speciality hospital and more.

Significance of the MoU:

• The MoU provides a strong signal from around the world that India's transformation into a global power, Jammu and Kashmir play an important role in that as well.
• This MoU is a landmark event in which investment will come in from around the globe and is a major source of development.
• Various organizations from Dubai have shown interest in investing. Progress should be desired in all sectors.
• The latest industrial package of 28,400 rupees in Crore is evidence of proven progress.
• This development journey will help the Union Territory measure high industrial levels and sustainable growth.
• Apart from bringing much-needed investment to J&K, the MoU also promises to help India gain greater support of UAE, which has a strong presence in the comity of Islamic nations, as well as counter Pakistan’s propaganda on Kashmir.

Background:

• The groundwork for the MoU was prepared during the Union Minister for Commerce and Industry Piyush Goyal’s visit to Dubai between October 1-3 on the sidelines of the inauguration of the India pavilion at Dubai Expo 2020.