Gilgit-Baltistan has a potential to produce 40,000-mega watt hydro electricity and thus offers a huge opportunity to the local investors. This was the upshot of the briefing given by Chief Secretary Gilgit-Baltistan Baber Yaqoob to 16-member delegation of the Lahore Chamber of Commerce and Industry (LCCI) headed by its President Zafar Iqbal Chaudhry, says LCCI spokesman.
Gilgit-Baltistan has also marvellous and matchless potential for tourism, minerals and mines, communication and food industry that needs to be tapped, the Chief Secretary said. The Chinese investors were already working on various hydropower projects, but there was a need to motivate the local investors as well. This would not only be fulfilling gap between demand and supply, but would also be available for export, he added.
The briefing was also attended by the secretaries of all the government departments. Giving the details on infrastructure development in the area, the LCCI team was briefed that a three-lane road from Gilgit to Sust Border was being constructed that would be completed by the year 2011. The new road would also help expedite business activity in the region, besides opening up of new avenues for potential investors.
"The government is also setting up an industrial zone on an area of 10,000-12,000 kanals, which would provide all industrial related infrastructure and facilities to investors. Uplift of the area and generation of new jobs is linked with this venture, which would prove win-win situation for both investors and local population", he added.
The LCCI President Zafar Iqbal Chaudhry promised to hold an exhibition of precious stones at the Lahore Chamber of Commerce and Industry to highlight the potential of the area. The objective of visiting the area was to have first hand knowledge about the available opportunities for future investments.
He was surprised to find out that potential of Gilgit-Baltistan for the food industry was matchless and any investment in this particular sector could earn rich dividends for the investors, he added. In the Northern Areas, the production of varied dry fruits is in abundance. Unfortunately, a great quantity of the fruits grown goes wasted due to lack of post-harvest preserving technology. There is an urgent need to set up a processing and packaging system as well food storage to avoid the losses and increase the exports of Dry Fruit treasures.
"Tourism, mining and hydel-power potential of Gilgit-Baltistan would change the fate of the region, if it is properly harnessed and local and foreign investors are invited and offered incentives", he said. More importantly, the development of human resource is a key to successful tapping of the rich resource-base present in the Northern Areas on faster pace, he added.
The LCCI delegation consists of Mian Shafqat Ali, Engr Sohail Lashari, Yaqoob Tahir Izhar, Mudassar Masood Chaudhry, Mian Adil Mahmood, Umair Jalil, Muhammad Riaz, Mian Maqsood Ali, Syed Mahmood Ghaznavi, Dr Shahid Raza, Malik Mohammad Javaid, Sheikh Muhammad Ayub and Muhammad Pervez Lala. They also showed a keen interest in putting up various projects in Gilgit-Baltistan, the spokesman said.