The Hindu : National : Stone laid for J&K trade centre

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Tuesday, Mar 18, 2008
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National

Stone laid for J&K trade centre

Special Correspondent

PAMPORE (KASHMIR): Trade in Jammu and Kashmir is set to get a boost with the laying of the foundation stone for a Rs. 115.84-crore International Trade Centre (ITC) here.

To be completed in two years, the ITC will be the first of its kind in the State with state-of-the-art exhibition halls, facilitating international exhibitions in the Valley during summer. The Centre had allocated Rs. 30 crore initially for the project, said Chief Minister Ghulam Nabi Azad who, along with Union Minister of State for Commerce Jairam Ramesh, laid the foundation stone.

Mr. Ramesh said the ceremony was a dream-come-true for traders in the Valley as the process for the project had begun 25 years ago.

The Minister said 40,000 carpet weaving looms in the State would be modernised over the next five years. For this, the Centre would extend a financial assistance of Rs. 17 crore annually.

Every year, 8,000 looms would be modernised with 75 per cent government assistance.

Mr. Ramesh asked the Jammu and Kashmir Bank to explore the possibility of providing soft loans to artisans.

Later addressing a press conference, he said groundwork for trade across the Line of Control had been completed but it could not be taken forward owing to the political situation in Pakistan.

He expressed the hope that an agreement on LoC trade would materialise in three months. Lists had been exchanged and in principle both countries were willing to open the LoC for trade.

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