First foreign investment in J&K lands, Lt Governor lays foundation stone for ‘Mall of Srinagar’
Jammu and Kashmir on Sunday laid the foundation stone of the state's first Foreign Direct Investment (FDI) project in Sempora area of Srinagar. Under this, Jammu and Kashmir has laid the foundation stone of its first Foreign Direct Investment (FDI) project in the state's Sempora area of Srinagar. The project includes a mega mall constructed at a cost of 250 crores, a Mega Mall, and a 1 lakh square feet mega mall in Srinagar, with Emer Group Sempora investing Rs 250 crore for the mall. Lt Governor Manoj Sinha described it as a historic day for the state and said that the project will help strengthen bilateral trade and investment relations between India and the UAE. The Lt Governor said that within 22 months of the implementation of the new industrial policy, more than five thousand investment proposals have come from domestic and foreign companies. Every day eight companies have expressed willingness to invest in Jammu and Kathapal, and 45 factories were opened last month. The Lieutenant Governor also said that after August, 2019 those who question employment should introspect what they have done for Jammu & Kashmir in the last few decades.
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Jammu and Kashmir on Sunday laid the foundation stone of the state’s first Foreign Direct Investment (FDI) project in Sempora area of Srinagar. Under this, a mega mall will be constructed at a cost of 250 crores. Laying its foundation stone, Lt. Governor Manoj Sinha described it as a historic day for Jammu and Kashmir.
Jammu, Jagran Correspondent. Amid the growing strides in development and employment in Jammu and Kashmir, plans for foreign investment have begun to gain ground. The foundation stone of the state’s first Foreign Direct Investment (FDI) project was laid in Srinagar’s Sempora area on Sunday.
Under this at a cost of Rs 250 crore a Mega Mall will form Laying its foundation stone, Lt. Governor Manoj Sinha described it as a historic day for Jammu and Kashmir. He said, we are taking forward the vision of Prime Minister Narendra Modi for the development of Jammu and Kashmir. Mall in Srinagar will have a transformative effect on Jammu and Kashmir.
Peace is everywhere in Jammu and Kashmir today
He said, today there is peace everywhere in Jammu and Kashmir. The strike days are over. The world saw the people of Pulwama, Tral, Shopian coming out of their homes with national flags. Everything is here to maximize the huge business potential. This decade belongs to Jammu and Kashmir.
United Arab Emirates (UAE)-based Emer Group Sempora is investing Rs 250 crore for a 1 lakh square feet mega mall in Srinagar. Emer Group will invest in setting up IT towers in Jammu and Srinagar. This will take the mall and the group’s total investment to Rs 500 crore. The Lt. Governor said that Srinagar Mall and projects linked to Dubai Government will boost the economic development of Jammu and Kashmir. It will help strengthen bilateral trade and investment relations between India and the UAE.
Proposals for investment in the valley have been accepted
The Lt. Governor said that within 22 months of the implementation of the new industrial policy in Jammu and Kashmir, more than five thousand investment proposals have come from domestic and foreign companies. Every day eight companies have expressed willingness to invest in Jammu and Kashmir. Every day new industries are being started in the state. 45 factories were opened last month. The Prime Minister has already laid the foundation stone of the Rs 38,000 crore project.
The Lieutenant Governor said that after August, 2019 those who question employment should introspect what they have done for Jammu and Kashmir in the last few decades. Since independence till 2019, only 14000 crores of industrial investment has come here. Over the past three years, we have done exceptionally well across sectors in knowledge, physical and digital connectivity.
Tunnel work is being done on the road from one lakh crore taka
The Lieutenant Governor said that Rs 1 lakh crore highway and tunnel projects are underway in Jammu and Kashmir. Kashmir will be connected to Kanyakumari by rail this year itself. International air connectivity has been strengthened to Jammu and Srinagar.
This project will be a milestone
Amit Jain, CEO of Emaar Group, said he is excited about the prospects of the Srinagar mall project. Emer Group will build one IT tower in Jammu and one in Srinagar. Srinagar’s Mega Mall is the first significant foreign direct investment in Jammu and Kashmir. The mall, launched by Emer and Magna Waves Buildtech, is slated to open by 2026.