The Jammu and Kashmir administration has signed a Memorandum of Understanding (MoU) with the Government of Dubai for development of real estate, industrial parks, IT towers, multipurpose towers, logistics, medical college and super specialty hospitals.
This MoU is a milestone following which investment are likely to pour in from other countries across the globe, said Commerce and Industry Minister Piyush Goyal adding that different entities from Dubai had shown keen interest in making investments.
Goyal added that the signing of the MoU also gave out a “strong signal” to the world that J&K was playing a significant role in the transformation of India into a global power. The recent industrial package of ₹28,400 crore announced for J&K was a testimony towards ensured development, the Minister said.
On 5 August 2019, the Centre revoked the temporary special status, or autonomy, granted under Article 370 of the Indian Constitution to J&K and divided it into two federally governed territories – J&K and Ladakh. It also allowed outsiders to purchase property in the newly created Union Territory.
Prime Minister Narendra Modi had said that the move would lead to import-export, food processing, health care and other businesses to flourish in the State.