Jammu, Aug 14 (KNN) Jammu and Kashmir (J&K) state administration announced a three day Global Investors' Summit to be held in Srinagar from October 12.

This was the first such announcement for such a global event in the state days after the end of its special status under Article 370.  The centre's decisions to scrap special status and Article 35A, which banned outsiders from owning land in Kashmir, would open the floodgates of investment in the state, Principal Secretary (Industries), Naveen Choudhary, told reporters.

The meet will provide Jammu and Kashmir with an opportunity to showcase its strengths, strategies and potential and would help allay fears of the business community outside the proposed Union Territory, he added.

The Confederation of Indian Industries (CII) will be the national partner for the investors meet. A MoU has been signed by J&K Trade Promotion Organization (JKTPO) and CII for organization and management of the event, the official said.

Trade and industry organizations will come to know firsthand about the business- friendly policies of the government, assess infrastructure, natural resources, raw material and skill and un-skilled manpower available and identify business opportunities in the state, he said.

It will present immense opportunities to develop contacts between the state and business community and between local and outside business communities, he said.

With effect from October 31, J&K will be bifurcated into two Union Territories, Jammu and Kashmir, and Ladakh, as a bill in this regard was passed by Parliament and given Presidential assent.