Dubai Govt to build infrastructure in J&K, first investment MoU post Art 370 abrogation

In a key development, the United Arab Emirates (UAE) government signed a Memorandum of Understanding (MoU) with India to build infrastructure in Jammu and Kashmir (J&K). This is the first time that an investment MoU for J&K has been signed between India and a foreign government since the abrogation of Article 370 and the bifurcation of the UT in August 2019. 

According to the Union Government, several entities from Dubai have shown an interest in investment in the region. The signed accord will see the Dubai government building several pieces of infrastructure in J&K including industrial parks, IT towers, multi-purpose towers, logistics centres, a medical college and a speciality hospital. 

J&K traversing on development bandwagon: Piyush Goyal

In an official statement, Union Minister for Commerce and Industry Piyush Goyal highlighted the significance of the MoU with the Dubai Government and stated that the world was recognizing the pace with which Jammu and Kashmir was traversing on the development bandwagon.

Piyush Goyal said, "This MoU gives out a strong signal to the entire world that the way India is transforming into a global power, Jammu & Kashmir is having a significant role into that as well. It is a milestone after which the investment will pour in from entire globe and is a big developmental push. Different entities from Dubai have shown keen interest in investment. Development has to be aspired on all fronts and we are on track."

Thanking Prime Minister Narendra Modi and Union Home Minister Amit Shah, Piyush Goyal remarked that their focus and commitment towards the development of UT, including the recent industrial package of Rs 28,400 Crore had paved the way for its development. On the other hand, Jammu and Kashmir Lieutenant Governor Manoj Sinha hoped that this development journey would help the Union Territory scale new heights in Industrialization and sustainable growth. No figure for the value of the accord between India and Dubai was given by the Centre.

Notably, Dubai's MoU for scaling up infrastructure in J&K comes at a time when the region is gripped with targeted killings. In the last 2 weeks, 11 civilians have lost their lives across the UT in several terror attacks.