CPEC to transform GB into investment haven’

Islamabad—GB Chief Minister Hafiz Hafeezur Rehman Saturday said China-Pakistan Economic Corridor (CPEC) would have a positive impact on the country as it would transform Gilgit-Baltistan (GB) into an investment haven. He asked the private sector to take interest in investment in the region and assured that they would be provided all the facilities possible. He was talking to FPCCI President Abdul Rauf Alam here. FPCCI Vice President Johar Ali Raki and others were also present on the occasion.

“We are planning to establish an investment board, boost tourism, generate additional power, and improve law and order situation to trigger economic activities which will reduce poverty and raise standard of living of people”, the chief minister said. Speaking on the occasion, Abdul Rauf Alam said the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Gilgit-Baltistan with its around 50,000 megawatt hydropower potential could help the country overcome the energy crisis. He said thermal energy was costly while hydel power the offered the cheapest source of energy for long term and permanent solution to the energy crisis.

The FPCCI President said hydro energy was environment-friendly, low-cost and economically viable and it could save billions of dollars required to import fuel for power generation that resulted in costly agricultural and industrial production. The potential of run-of-the-river projects in GB, he said, was phenomenal; 7,400 megawatt of energy could be generated at a power plant in Bunji with two additional projects of 2,000 megawatt each upstream from this location.

He said the government as well as the private sector must exploit the enormous power production potential in GB. Moreover, he said the 72,000 square miles area with around 1.3 million people had the potential for rapid development based on tourism, hospitality, mining, food processing, dry fruits, gems and jewellery and farming. He noted that the number of tourists could be doubled with little effort while establishing tax-free zones can attract investment while new policies should be evolved to facilitate local and foreign investments. Abdul Rauf Alam said that FPCCI wanted to establish a regional office in Gilgit-Baltistan for which it was looking forward for cooperation by the government.—APP