UAE

Life and Living

World

Opinion

Business

Sports

Entertainment

Dubai World Cup

lifestyle

Travel

Reviews

Brands

Supplements

KT Events

KT APPDOWNLOAD

Indian PM Modi meets UAE business delegation in Kashmir

He said the state is in the process of attracting private investment worth Rs38,000 crore (US$4.97 billion)

By Wam

Published: Mon 25 Apr 2022, 8:55 PM

Indian Prime Minister Narendra Modi has met a delegation from the UAE during his visit to Jammu and Kashmir to launch several large development projects.

“A short while ago, I got an opportunity to meet a delegation from the UAE and I had discussions with them,” Modi said in a speech at Palli village in Samba district of the Union Territory. “The delegation is very excited about Jammu and Kashmir.”

Modi said Jammu and Kashmir is in the process of attracting private investment worth Rs38,000 crore (US$4.97 billion). “During the seven decades since India’s independence, only Rs17,000 crores (US$2.22 billion) in private investments were made in Jammu and Kashmir. But within the last two years, this figure has reached Rs38,000 crore (US$4.97 billion). Private companies are coming here for investments.”

In 2019, the state of Jammu and Kashmir was divided into two Union Territories, Ladakh plus Jammu and Kashmir. A Union Territory is federally administered in part or wholly by the government of the Indian Union in New Delhi.

An Indian government statement released in New Delhi reiterated that before ascending the dais for his meeting in Palli village, Modi met the delegation from UAE. “The Prime Minister said that a new story of development is being written with many private investors showing interested in Jammu and Kashmir. Tourism also is thriving once again,” the statement asserted.

The government release said the total value of development projects launched by Modi in the Union Territory today would be Rs20,000 crore (US$2.62 billion).

The UAE delegation’s visit is a follow up to Jammu and Kashmir Lieutenant Governor Manoj Sinha’s travel in January along with a delegation to Expo 2020 Dubai. A reciprocal visit by a business delegation from the UAE to Srinagar, capital of the Union Territory, took place last month.

“India’s relationship with Gulf countries is being translated into a vibrant, revitalised economic partnership with Jammu and Kashmir that will not only diversify our export basket, but will also create a conducive environment for expansion of the existing trade,” according to the Lieutenant Governor.

ALSO READ:


More news from Asia