Jammu and Kashmir to host first investors’ summit in October

The event will take place from October 12 to October 14 in Srinagar.


Jammu, August 13:

Jammu and Kashmir will hold its first summit for prospective investors in October, said NK Chaudhary, 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.

Chaudhary 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 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.

The summit will help trade and industry organisations know about government policies, infrastructure, natural resources and raw material available in the state, Chaudhary said.

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.

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