Dubai Signs Deal With Indian-Administered Kashmir For Industrial Sector Investment

Dubai and the government of Indian-administered Jammu and Kashmir signed a Memorandum of Understanding (MoU) Monday aimed at developing the industrial sector and various business enterprises in the territory, said a statement by the Indian government.

"With the signing of the MoU with the Dubai government, the world has started to recognize the pace with which Jammu and Kashmir is traversing on the development bandwagon," said Commerce and Industry Minister Piyush Goyal.

The agreement was signed at a time when unrest has peaked in Kashmir in recent days, particularly with a spike in attacks on religious minorities.

Kashmir, a Muslim-majority Himalayan region, is held by India and Pakistan in parts and claimed by both in full.

According to several human rights organizations, thousands have reportedly been killed in the conflict since 1989.

"It is a milestone after which the investment will pour in from the entire globe and is a big developmental push. Different entities from Dubai have shown keen interest in investment," said Goyal.

Jammu and Kashmir Lieutenant Governor Manoj Sinha in a statement said "the MoU is aimed at developing various economic activities including industrial parks, information technology (IT) towers, multi-purpose towers, logistics, a medical college, super specialty hospital and many other projects."

He also said that Jammu and Kashmir has received a proposal worth $4 billion in just a few months after the second wave of the coronavirus pandemic.

"We hope to get the proposals of around $8 billion in the coming times," Sinha added. -