J&K summit expected to bring in Rs 10,000 crore investments

New Delhi, Sep 03: An estimated Rs 10,000 crore worth investments are expected from the Global Investment Summit, which is to be held in Jammu and Kashmir.

The summit is expected to be held from October 12 to 14, but the dates are likely to change owing to the situation in the Valley, post the abrogation of Article 370.

Currently several politicians and businessmen are under detention.

Mubeen Shah, former chairman of the J&K Joint Chamber of Commerce and Industry; Yaseen Khan, president of Kashmir Economic Alliance; and, Shakeel Qalandar, former president of Federation of Chamber of Industries Kashmir are currently under detention.

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

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

The announcement comes a week after the Centre scrapped special status to J&K 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, J&K 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.