FCIK and FOIJ sign a MOU for the development of industry in J&K
FCIK and FOIJ sign a MOU for the development of industry in J&K

Srinagar, September 6: The Federation of Chambers of Industries Kashmir (FCIK) and the Federation of Industries Jammu (FOIJ) today signed a Memorandum of Understanding (MoU) to enhance cooperation and coordination between the two leading industrial chambers in an effort to revitalise struggling industrial units and advance overall industrial and economic development.

According to a release, President FCIK Shahid Kamili, Chairman FOIJ Tejwant Singh Reen, and Former Presidents of FCIK Shakeel Qalander, Mohammad Ashraf Mir, Meraj Ahmad Qureshi, and Zahoor Ahmad Bhat all witnessed the signing of the MoU.


A group from FOIJ arrived in Srinagar to have further talks and give the MOU a final form after the two Chambers had a series of virtual sessions over the last several weeks to plan out their mutual collaboration.

In a joint statement made available to the media, both organisations expressed regret for the continued suffering, difficulties, and problems faced by the industrial units that were already in operation because the industrial policies had not been implemented in letter and spirit, which had an impact on how well those units were operating and threatened their very survival.

Two chambers regrettably noted that “the 3% turnover incentive announced and promised to the existing industrial units in the current industrial policy was substantially being withdrawn for lack of funds, casting doubt on government commitments.”

The two groups charged the government with eliminating all marketing incentives during the implementation of the strategy, leaving all those units without employment since they were dependent on government purchases.

The two chambers asked, “How can the manufacturing units of Jammu and Kashmir compete on the GeM portal with their counterparts from industrially advanced states with a slew of disadvantages without being provided with any protection?” They added that the removal of price and purchase preference as well as the delay in releasing due payments had wreaked havoc on these units.

The resurrection and rehabilitation of ill units was another topic covered by the two chambers, and they urged the government and other institutions to handle them in accordance with the established policies and plans in addition to creating a flawless system for their rehabilitation. Additionally, the chambers emphasised the necessity for a unique plan for the modernization and growth of current industrial units.

The two groups have agreed on the following 6-point strategy after fully acknowledging that the industrial difficulties in Jammu or Kashmir were typically of a similar character.

“To develop efficient communication, debate, consultation, collaboration, and information sharing between the two federations.to first organise and argue the case of business in regards to industrial policy, marketing, late payments, and financial concerns. to conduct frequent gatherings in person or virtually to encourage discussion of diverse topics.

“To organise joint news conferences when necessary on certain industry-related matters. to periodically examine and mutually adjust the extent of collaboration with the consent of both federations. to limit all discussions and acts between the two parties to topics exclusively related to business and the economy.

The MOU was signed by two organisations, and the industrial fraternity from all over Jammu and Kashmir has expressed satisfaction with it in the hopes that it will contribute to the welfare and long-term development of businesses in the manufacturing and service sectors in both of Jammu and Kashmir.



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