Earlier this week, Parliament approved the resolution abrogating special status to Jammu and Kashmir under Article 370 of the Constitution and bifurcation of the state into two union territories - Jammu & Kashmir and Ladakh. Speaking about the industrial growth in the region, Sandip Somany, President, FICCI said, "We expect this move will bring in greater stability and improved governance in the region, which will support fresh investments."

"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 channelizing fresh investments in J&K and Ladakh," added Somany.

FICCI is already working to promote areas like tourism, food processing and skill development in J&K and the chamber will not only enhance the level of activities in these areas going ahead, but also expand its domain to new sectors which are looking at openings in the two UTs.

"The idea is to promote extensive sharing of potential business opportunities. We will focus on creating an effective mechanism for the businesses across the country to look at J&K and Ladakh as an attractive investment destination," said Somany.

Horticulture and Floriculture, Hydro-power, Information Technology and IT enabled services are some of the areas where J&K can attract big investments.

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