Indian Prime Minister Narendra Modi met with a delegation from the UAE during his visit to Jammu and Kashmir to launch several large development projects.
“A short while ago, I got an opportunity to meet a delegation from the UAE and I had discussions with them,” Modi said in a speech at Palli village in Samba district of J&K adding that the delegation was very excited about the investment.
Modi said Jammu and Kashmir is in the process of attracting private investment worth Indian US$4.97 billion.
“During the seven decades since India’s independence, only Rupees 17,000 crores (US$2.22 billion) in private investments were made in Jammu and Kashmir,” the Indian Prime Minister said. “But within the last two years, this figure has reached 38,000 crore Rupees (US$4.97 billion). Private companies are coming here for investments.”
In August 2019, New Delhi revoked Article 370 of India’s constitution that lent Jammu and Kashmir its semi-autonomous status within the Indian Union, divested the then state of its statehood and downgraded it into two Union Territories, Ladakh and Jammu and Kashmir.
A Union Territory is a federally administered area ruled directly by the government of India.
In a statement released in New Delhi, the government confirmed that Modi met the delegation from the UAE before speaking to the people.
“The Prime Minister said that a new story of development is being written with many private investors showing interest in Jammu and Kashmir. Tourism also is thriving once again,” the statement asserted.
The government release said that the total value of development projects launched by Modi in the Union Territory today would be US$2.62 billion.
Earlier a business delegation from the UAE had visited Srinagar, summer capital of the Union Territory.
“India’s relationship with Gulf countries is being translated into a vibrant, revitalised economic partnership with Jammu and Kashmir that will not only diversify our export basket, but will also create a conducive environment for expansion of the existing trade,” according to the Lieutenant Governor.