Jammu and Kashmir: The Jammu and Kashmir (J&K) government last week signed an agreement with UAE’s leading financial services company Century Financial for an investment of $100 million in the union territory. The investment includes construction of three hotels and a residential complex in Jammu and Kashmir. Bal Krishna, owner of Century Financial, originally hails from Doda district of Jammu and has been supporting development in Jammu and Kashmir.
In an exclusive interview to Stuff Unknown from Dubai, Krishna said that this is the right time to invest in the Union Territory. He said that this is the first time in 30 years that the head of government in J&K visited the UAE and invited corporate houses to invest in J&K. Krishna said that around 700 direct and thousands of indirect jobs will be created with these upcoming hotels and residential complexes in the Union Territory.
excerpts from the interview
Question: Are you going to invest in Jammu and Kashmir. Your company has also recently signed an MoU with the government there. But why only Jammu and Kashmir? Why did you choose J&K in so many states?
Answer: UAE and Dubai are my work land but Jammu and Kashmir is my birthplace. Even though I have been living in Dubai for 30 years, my heart is still in J&K. That’s why I chose Jammu and Kashmir for investment.
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Question: Your company is going to invest about $100 million, due to which three hotels will be built in the union territory. What is the meaning of this agreement in terms of development and employment for Jammu and Kashmir?
Answer: We are bringing 3 hotels and one residential/commercial project in Jammu and Kashmir. I belong to a small village ‘Par Shula’ in Doda. After this trip from Doda to Dubai, I have thought that we should also give something back to the society. There is a great need of employment in Jammu and Kashmir and for this every individual and corporate house should give their support in the development of J&K.
If there is development in Jammu and Kashmir, employment will be created, many issues will be solved by this. If everyone cooperates in the development of J&K, then Jammu and Kashmir can become the most favorite tourist destination in the world. For this we should not depend only on the government, every single corporate house and individual should come forward and become a partner in the development of J&K.
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Question: The three hotels that you are going to build will be built in which city in Jammu and Kashmir, has the place been decided regarding the hotel. How soon will these projects work?
Answer: As PM Modi has been saying that India lives in villages, I like this very thing. The first hotel will be built in my district Doda. The second hotel will be built in Jammu and the third hotel can be built in Srinagar or Gulmarg in Kashmir.
Looking at the situation of Kovid, the foundation of all three of our projects will be laid at the end of the first quarter, or at the beginning of the second quarter. Within the next two-and-a-half to three years, all three of our projects will be completed. The residential building we are going to build will be built in Jammu and land has been acquired for it. After the construction of hotel and residential complex in J&K, about 700 new jobs will be created directly, while thousands of jobs will be created indirectly.
Question: Questions are often raised regarding the security situation in J&K. So regarding this investment, did you take the decision keeping in mind the security situation and what assurances have been given to you from the government side regarding the security?
Answer: I was born and brought up in Jammu and Kashmir only. The merchant has only one religion that he should increase business and create employment. It is the job of the government to pay attention to the security situation. We have seen the tenure of Lieutenant Governor Manoj Sinha, many good works have been done. Many investors have expressed their desire that they also want to invest in J&K. I would like to thank Lt Governor Manoj Sinha and Industrial Secretary for taking this step and coming to Dubai. Lieutenant Governor Manoj Sinha has told the investors that first you come to Kashmir, meet the people, then take a decision regarding investment.
Question: Do you think this is the right time to invest in J&K and companies from other countries should also invest in J&K?
Answer: According to me this is the best time to invest in J&K because our young generation in J&K is very talented. They are educated hardworking and honest children. Businessmen need a lot of talent for their business right now.
Tags: Jammu kashmir, Jammu Kashmir Election, UAE