Special Status Gone, Jammu and Kashmir to Host Investors Meet from Oct 12 in Srinagar

Seeking to attract businesses to Jammu and Kashmir, the state administration on Tuesday announced a three-day global investors summit to be held in Srinagar from October 12.

The meet will provide J&K an opportunity to showcase its strengths, strategies and potential, the state’s Principal Secretary (Industries), Naveen Choudhary, told reporters here.

It will also help allay fears and apprehensions in the minds of trade and business community outside the state, he added.

The announcement comes a week after the Centre scrapped special status to Jammu and Kashmir under Article 370 of the Constitution. Among the reasons cited was that the provision had restricted the state’s industrial growth and development.

The Confederation of Indian Industries (CII) will be the national partner for the investors meet. An MoU has been signed by Jammu and Kashmir Trade Promotion Organisation (JKTPO) and CII for organisation and management of the event, the official said.

Trade and industry organisations will come to know firsthand about the business- friendly policies of the government, assess infrastructure, natural resources, raw material and skill and un-skilled manpower available and identify business opportunities in the state, he said. It will present immense opportunities to develop contacts between the state and business community and between local and outside business communities, he said.

With effect from October 31, Jammu and Kashmir will be bifurcated into two Union Territories, Jammu and Kashmir, and Ladakh, as a bill in this regard was passed by Parliament and given Presidential assent.

Source: HT

Image Courtesy: WION