Srinagar, March 19 : J&K Lt. Governor Manoj Sinha laid the foundation stone of a mega-mall on Sunday in Sempora area of Srinagar district which is the first direct foreign investment project in the UT. The construction of the mega-mall will cost Rs 250 crore, Sinha told reporters. "The Mall of Srinagar and allied projects with the Government of Dubai will fuel the economic growth of J&K and bring us closer to achieving the shared vision of strengthening bilateral trade and investment ties between India and UAE. "This is a new dawn of limitless possibilities. We are taking forward Hon'ble PM's vision for development of J&K. Mall of Srinagar will have transformative impact on UT & boost infrastructure, employment generation and ease of living. "This is to be one of the largest malls in the region, the mall will have over 500 shops," Sinha said while congratulating the people of J&K on the historic occasion. He said the credit for the strong ties between UAE and India goes to the strenuous efforts of the Prime Minister. The Lt Governor highlighted the progressive reforms introduced under the guidance of Hon'ble Prime Minister to create a favourable environment for Industries and Business to flourish in J&K. "Unprecedented Industrial investment & economic growth of J&K is laying the foundation for a stronger and more prosperous future for the people of Union Territory. "Within 22 months of implementation of New Industrial Policy, we have received investment proposals from more than 5,000 domestic and foreign companies. Every day, eight companies have expressed their willingness to invest in J&K, the Lt Governor noted. "A new industry is becoming operational in the UT every day. Last month, 45 industries started their operations", he added. He further said that the Prime Minister has already done the groundbreaking ceremony for projects worth Rs 38,000 crore. "Those who raised questions on employment post August 2019, should introspect what they have done for J&K in the past decades. Only Rs 14,000 crore industrial investment came to J&K since Independence till 2019. "In the last three years, we have registered phenomenal growth in different sectors and in terms of knowledge, physical and digital connectivity, Jammu and Kashmir has performed exceptionally well in the entire country," he added The Lt Governor invited the Industry leaders from across the world to be a part of the new industrial revolution of Jammu Kashmir. "We have broadened the economic and social base of development and are offering best incentives across the country, land for industries, skilled labour, technical support, market connectivity, national and international air cargo facilities, raw materials, cheapest power, lowest crime rate, single window clearance, ease of doing business, he observed. "One lakh crore rupees worth highways and tunnels projects are going on in J&K UT. Kashmir will be connected to Kanyakumari this year. The flight operations in both Jammu & Srinagar airports have increased and international flight connectivity has been strengthened," observed the Lt Governor. Today, peace is prevailing in Jammu Kashmir. Days of Hartals have become history now. World has witnessed the youth and people of Pulwama, Tral, Shopian coming out of their houses in huge numbers with national flags in their hands, he noted. Jammu Kashmir has everything to offer to maximise the immense potential of the business. This decade belongs to Jammu Kashmir, the Lt Governor said. Amit Jain, CEO Emaar said the Mall of Srinagar is one of our milestone projects and we are excited about the potential of it. "As Emaar group, we bring along strong relationships with leading retail brands of UAE, most of which will be launching their presence in India through this initiative," he added. It was informed that Emaar Group will develop One IT tower at Jammu and One at Srinagar. The mega-mall is the first significant FDI investment in Jammu and Kashmir to facilitate investments in marquee projects as per the MOU signed between the governments of the UAE and India. Launched by Emaar and Magna Waves Buildtech, the mall is set to become operational by 2026. In January 2022, during the Investor meet at Dubai, the J&K government entered into a bilateral agreement with various stakeholders and the Government of UAE to deliver over a billion dollars worth of projects in the valley. These projects include the development of industrial parks, a medical college, a specialty hospital, logistics centres, IT towers, and multipurpose towers, in addition to the Mall of Srinagar by Emaar. "Some people have a negative mindset in J&K and continue to criticize the government policies as they can't digest the huge development taking place in the UT. J&K has witnessed a huge sea change post August 5, 2019. The government land was kept under illegal possession by some people that was retrieved. The land retrieved will be used for setting up industries, playgrounds for youth...," he said. /IANS