FICCI identifying areas with investment prospects in Kashmir

The Federation of Indian Chambers of Commerce and Industry (FICCI), one of the leading industry bodies in the country, has said that it will create a mechanism for businesses from across the country to look at Jammu & Kashmir (J&K) as well as Ladakh as attractive investment destinations.

“The idea is to promote extensive sharing of potential business opportunities,” said FICCI president Sandip Somany on Wednesday. Horticulture and floriculture, hydro-power, information technology and IT-enabled Services are some of the areas where J&K can attract big investments, according to FICCI’s analysis. It is one of the few industry bodies to already have a state council in place in Kashmir, and has already done work on promoting areas like tourism, food processing and skill development. The chamber now not only plans to enhance the level of activities in these areas going ahead, but also expand its domain to the new prospective sectors that are looking at openings in the two union territories.

“FICCI has been supporting the industries in J&K, and is committed to the industrial growth of J&K and Ladakh. We will support and bolster all the initiatives taken by the government for the industrial development of the two Union territories and will also play a major role in channelising fresh investments in J&K and Ladakh,” added Somany. 

The FICCI president congratulated Prime Minister Narendra Modi and Home Minister Amit Shah for initiating the move to scrap the special status to J&K under Article 370 of the constitution, and bifurcation of the state into two Union territories, saying the move “will bring in greater stability and improved governance in the region, which will support fresh investments".

FICCI is also an organising partner, along with CII, for the J&K investor summit scheduled to take place in October.