- Thursday, April 25, 2024
By: Shubham Ghosh
THE administration of the northern Indian union territory (UT) of Jammu and Kashmir on Wednesday (5) signed a memorandum of understanding (MoU) in Dubai with the United Arab Emirates-based LuLu Group to set up a food-processing and logistics hub in Srinagar, the UT’s summer capital.
The MoU was signed in the presence of Jammu and Kashmir lieutenant governor Manoj Sinha and LuLu Group chairman Yusuff Ali MA.
Sinha on the occasion also inaugurated the Jammu and Kashmir promotion week at the LuLu Hypermarket in the UAE city.
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Speaking at the occasion, he said, “Relations between India and UAE are long-standing and deep rooted. People-to-people contact and trade have seen momentum in the recent years under the leadership of prime minister Narendra Modi.”
Inaugurated J&K Promotion week at Lulu Hypermarket. The world-famous GI-tagged saffron has been launched at Lulu Hypermarket, which is a major step towards boosting Jammu Kashmir and Dubai trade ties. pic.twitter.com/5RRr8qKImu
— Manoj Sinha (@manojsinha_) January 6, 2022
“The world-famous GI-tagged saffron has been launched at LuLu Hypermarket, which I see as a major step towards boosting Jammu Kashmir and Dubai partnership. LuLu group is already importing apples from Jammu and Kashmir.
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And with saffron, we are adding Kashmir’s finest spice to the basket. I am certain that this new beginning will take our trade to unprecedented levels,” he added.
The lieutenant governor said the MoU with LuLu Group will expand the collaboration between the UT and Dubai.
“Trade between Jammu and Kashmir and Dubai has remained steady, despite COVID-19 challenges and it reflects the resilience of our deep economic linkages. The MoU will further expand Jammu Kashmir-Dubai collaboration and Jammu Kashmir-LuLu Group partnership,” Sinha said.
Jammu and Kashmir ranks first in India in production of saffron, apple, walnut and almond.
The MoU with the LuLu group will help the UT to reach out to shoppers at 190 LuLu hypermarkets across the Gulf Cooperation Council nations and Egypt.
“In the first phase, we will be investing Rs 200 crore (£19.8 million) and subsequently another Rs 200 crore has been earmarked for further expansion. I am sure these projects will not only provide considerable employment opportunities to the local youth but also benefit the Agri sector and farmers immensely,” Yusuff Ali said, according to The Economic Times.
Lulu Group’s investment in Jammu and Kashmir comes on the backdrop of the company’s chairman’s meetings held with Indian prime minister Narendra Modi.
