KCCI-SGCCI pact kindles hopes of global foray for Kashmir Inc

Srinagar, May 5: A day after the Kashmir Chamber of Commerce and Industry (KCCI) and The Southern Gujarat Chamber of Commerce & Industry (SGCCI) signed a pivotal Memorandum of Understanding (MOU), Kashmir's business leaders are hopeful the collaboration will boost the Valley's horticulture exports and economy.

Speaking to Greater Kashmir, KCCI President Javid Tenga expressed optimism that the agreement will significantly benefit Kashmir's Rs 13,000 crore fruit industry by improving market accessibility through SGCCI's global presence.

"SGCCI has assured us they will help bridge the gap in market access for our fruit produce," Tenga said. "With their worldwide reach, this pact could unlock new opportunities for our horticulturists."

The MOU also aims to facilitate increased tourism and trade between the two regions. Tenga revealed that SGCCI has agreed to pursue the introduction of two daily direct flights between Gujarat and Kashmir, a move expected to bolster both tourism inflows and business ties.

Furthermore, the chambers are exploring potential joint ventures in the education sector to stem the outflow of capital as Kashmiri students travel outside the region for higher and professional studies.

"Each year, we witness a capital flight of around Rs 2500 crore due to students pursuing education elsewhere," Tenga noted. "This collaboration could pave the way for quality local education options."

As the contours of the partnership take shape, industry leaders in Kashmir are cautiously optimistic about the economic prospects unlocked by this cross-regional synergy with the business powerhouse of Gujarat.

KCCI and SGCCI signed a Memorandum of Understanding (MOU) on Friday, at the KCCI office in Srinagar. The MOU was inked during a special executive meeting of the KCCI and SGCCI office bearers, graced by the presence of Commissioner Industries and Commerce, Vikramjit Singh, as the Chief Guest, and Mehmood Ahmad Shah, Director of Handicrafts, Kashmir.

The Presidents, Javid Ahmad Tenga (KCCI) and Ramesh Vaghasia (SGCCI), signed the MOU on behalf of their respective chambers, paving the way for mutual cooperation in encouraging trade activities, exchange of trade delegations, participation in trade fairs and exhibitions.

The MOU outlines provisions for effective consultation, cooperation, and exchanging information on trade. Both chambers shall jointly organise conferences, meetings, seminars, workshops, and presentations for their members to strengthen commerce and explore new trade opportunities.

They shall exchange information on the economy, trade, publications, trade regulations, industrialization, economic legislation, and business practices enforced within their respective chambers, extending cooperation and support where applicable.

Highlighting the significance of the MOU, the SGCCI President stated that under the GLOBAL CONNECT MISSION 84, it would open doors for KCCI to connect with 84 Chambers of Commerce in India and 84 chambers abroad, 84,000 entrepreneurs in India and 84,000 entrepreneurs abroad, 84 embassies in India, and 84 embassies of foreign nations in India.