Gulf CEOs in Valley : All you need to know about UAE delegation visiting J&K

J&K L-G Manoj Sinha hosted a dinner on March 21 for entrepreneurs and CEOs from Gulf countries who are on a visit to explore business opportunities in the UT (Image : @OfficeOfLGJandK)

On the evening of March 20, a chartered plane hovered over Srinagar for an hour before it landed at the Sheikh-Ul Alam International Airport. The ‘Royal Jet’ that had flown in from Dubai five hours ago had on board a 34-member delegation of business owners from the UAE, including Indian-origin CEOs, who were to begin a four-day trip to the Kashmir Valley, looking for business opportunities in Jammu and Kashmir.

The delegation was escorted with high security in a fleet of bullet-proof cars to the Lalit Grand Palace hotel on the Gupkar Road –­ the high profile stretch which is home to top politicians –­ a 25-minute drive from the airport.  At the hotel, the guests were welcomed over dinner by Ranjan Prakash Thakur, J&K government’s principal secretary, Industries and Commerce.

READ | J&K safe for business because of low crime rate, UT govt to visiting Gulf CEOs

The group of businessmen was led by Bal Krishen, CEO of Century Financial, a Dubai-based financial consultancy firm worth multi-million dollars. In 1993, Krishen, born in the Doda region of J&K, had moved to the UAE for a job and started working as a helper at a hotel in Dubai’s Deira neighbourhood.

In January, at a special event in Dubai, Krishen signed a memorandum of understanding with the UT administration announcing a $100 million investment in J&K. The MoU came on the heels of three other landmark agreements between the UT government and UAE-based companies.

J&K Lieutenant Governor (L-G) Manoj Sinha had also visited the Dubai  Expo and invited the business owners from the Gulf countries to invest in the Union Territory.

Focus on tourism, hospitality sectors

The Valley trip is aimed at showcasing the investment opportunities to the visiting delegates, with a focus on entrepreneurship, and the tourism and hospitality sectors.

“The delegation from the Gulf countries has come to J&K with a clear intention to invest. We see great business opportunities in the UT,” Krishen said.

Given the UT’s significance as a tourism hub, the delegation visited the Pahalgam Valley in south Kashmir, where they had lunch on Monday after a three-hour- long sight-seeing.

On Tuesday, the delegates participated in an investment summit at the Srinagar-based Sher-I-Kashmir International Convention Centre. L-G Sinha, who had hosted a dinner for the delegation on Monday, said the UT was anticipating investment worth Rs 70,000 crore within the next six months.

“We have cleared investment proposals worth Rs 27,000 crore (not related to the summit). About 6-7 lakh people will get jobs when the investments will fructify,” Sinha said elaborating on overall investments in the UT so far.

There was no clarity so far, however, on the sectors in which the CEO's visiting the Valley have decided to invest. No information was available on any MOUs or trade deals signed this time.

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The UT officials gave a presentation on the investment opportunities followed by a pitch session of start-ups. Officials highlighted how the UT was a safe place to do business since it has the lowest crime rates, compared with states such as Himachal Pradesh, Gujarat, Maharashtra, UP, Punjab and Haryana.

Among the local companies, BST Organics Pvt Ltd, Pashmkaar, Sarveshwar Group, Sky Robo Drones Pvt Ltd, ESPA Learn Pvt Ltd, Fastbeetle, Orchardly, JKTDC, Reem Automotives, Peaks Group of Companies and many entrepreneurs and start-ups showcased their products, and pitched their ideas to the visiting delegates.

Women entrepreneurs, who are being provided assistance in the form of capacity building, access to credit, and market linkages under the “Hausla- inspiring her growth” programme also pitched their models for further investment during the trip, leaving many delegates impressed.

“Some of the women entrepreneurs were very impressive- the way they made their pitch and spoke was just awesome,” said a delegate who did not want to be named.

The event received a word of praise from Prime Minister Narendra Modi.

“Exemplary efforts to draw more investment to Jammu and Kashmir, and ensure greater opportunities for the people,” the PM tweeted.

Exemplary efforts to draw more investment to Jammu and Kashmir, and ensure greater opportunities for the people. https://t.co/ooxWDsD79M

— Narendra Modi (@narendramodi) March 22, 2022

Many reports linked the trip of the business owners from the Gulf countries to the OIC summit being held in Pakistan on March 21-22. Islamabad has repeatedly raised the Kashmir issue at the OIC -- an international organisation of a 57-member Islamic nations group, including the UAE, the reports said.

“J&K is a land of opportunities from an investment point of view,” said Abdulla Alshaibani, a businessman from Dubai, whose businesses are spread more than 27 sectors.

Also, read | How a model school came up in a remote village of Jammu and Kashmir

The Indian members in the delegation include Kamal Puri, Chairman of Skyline International Group Ltd, Manohar Mohanlal Lahori, Chairman and CEO of the Palmon Group, and, Tauseef Chaman, a leading real estate and property developer in the UAE.

Some Emirati investors, however, were not impressed after their names were made public while others had reservations with some political statements made by government officials.

“I wonder why they are criticising their government in the last seven decades,” quipped a delegate.  Another member of the delegation had issues when one of the officials said that the previous governments had treated J&K as a ‘kingdom’. “What is wrong in a kingdom,” asked the UAE-based businessman who did not want to be named.

The UT government representatives told the delegates how in the last seven decades, the cumulative outside investment in J&K was around Rs 15,000 crore, while within a year, the government had cleared investment proposals to the tune of Rs 27,000 crore and allotted them land for their projects.

India has lately established a conducive atmosphere of cooperation with the UAE and other Gulf countries. In August 2015, Prime Minister Narendra Modi became the first Indian PM to visit the UAE. A statement from the office of the L-G said that the outcomes of the UT government’s initiatives will be visible soon.

Also, read | Real estate companies plan to invest Rs 18,900 crore in Jammu and Kashmir

“The industries and commerce department is also making credible efforts to facilitate the access of our unique handicraft and handloom sector to foreign markets and I am sure we will achieve great success in this area soon. J&K is transforming and there will be prosperity, and a host of employment opportunities enabling people to live in peace and harmony,” he said.

On March 23, the last day of the trip, the delegation visited the world famous ski destination, Gulmarg, in Kashmir’s north, before flying back to Dubai.