India, Dubai sign MoU to develop real estate, industrial parks in Jammu and Kashmir

Jammu & Kashmir administration on October 18, 2021, signed a Memorandum of Understanding (MoU) with the Dubai government for the real estate development, industrial parks, multipurpose towers, IT towers, medical college, logistics, super specialty hospital, and more.

According to the official release, the Union Minister for Commerce and Industry Piyush Goyal noted the significance of the day and said, “With the signing of the MoU with the Government of Dubai, the world has started to recognize the pace with which J&K are traversing on the development bandwagon.”

He added that the signed MoU gives out a strong signal to the entire world that the way India has been transforming into a global power, J&K is having a significant role in that as well.

आज श्रीनगर में जम्मू और कश्मीर के उपराज्यपाल @ManojSinha_जी तथा दुबई के @SSulayem जी के साथ प्रेस वार्ता को संबोधित किया।

दुबई के साथ कश्मीर में विभिन्न परियोजनाओं के विकास हेतु समझौता ज्ञापन पर हस्ताक्षर हुए, जो यहां के विकास में अहम भूमिका निभायेंगे।https://t.co/FL8qQMSYsU pic.twitter.com/UtZCdziQJ9

— Piyush Goyal (@PiyushGoyal) October 18, 2021

Significance:

• The Memorandum of Understanding between India and Dubai will be a milestone after which the investment will pour in from the entire globe and will be a big developmental push.

• According to the Lieutenant Governor of Jammu & Kashmir Manoj Sinha, the development journey will help the Union Territory to scale the new heights in industrialization and sustainable growth.

First investment by foreign government in J&K

The MoU signed between India and Dubai will be the first investment agreement by a foreign government in the region, after the scrapping of special status to Jammu & Kashmir and the division of the state into two Union Territories.

An accord to build infrastructure in J&K has also come at a time when the region is seeing a resurgence in violence.

Development of Jammu & Kashmir

The Union Minister of Commerce and Industry Piyush Goyal, while talking about the recent agreement between India and Dubai, thanked Prime Minister Modi and Home Minister Amit Shah for their commitment and focus towards the development of Jammu & Kashmir.

He said that the recent industrial package of Rs. 28,400 crores will also be a testimony towards the ensured development of Jammu & Kashmir.