Jammu and Kashmir will hold its first summit for prospective investors in October, said NK Choudhary, the state’s Principal Secretary for Commerce and Industry. The event, meant to attract businesses to invest in the state, will take place from October 12 to October 14 in Srinagar, ANI quoted him as saying.
Until last week, the state had its own laws under Article 370 of the Constitution, and Article 35A prohibited the sale of property to non-residents. However, this changed when the Indian government revoked the state’s special status. The government also split the state into two Union territories, which will come into existence on October 31.
Choudhary said the summit would provide the state an opportunity to showcase its strengths, strategies and potential, PTI reported. It will also help allay fears about the region, he added. The summit will help trade and industry organisations know about government policies, infrastructure, natural resources and raw material available in the state, Choudhary said.
Roadshows to attract potential investors, to be held by the state’s governor, are planned in Ahmedabad, Mumbai, Hyderabad, Kolkata, Bangalore and Chennai. Promotional events will also take place in Dubai, Abu Dhabi, London, the Netherlands, Singapore and Malaysia. The government will invite over 2,000 industrialists and business groups for the summit.
The Confederation of Indian Industry will be the national partner for the summit. It has signed a memorandum of understanding with Jammu and Kashmir Trade Promotion Organisation to organise and manage the event.
In his address to the nation on August 8, Prime Minister Narendra Modi justified the withdrawal of the special status and urged businesses to come forward to develop the region, and take its products across the world.
On Monday, Reliance Industries Chairperson Mukesh Ambani said that the Reliance group would make several announcements related to the investment in the region.