ISLAMABAD: Rupani Foundation in collaboration with Reenergia, Pakistan Institute of Development Economics (PIDE), and Karakorum International University (KIU), has formally launched the Gilgit-Baltistan (G-B) Invest Initiative costing $105 million, here on Monday.
An initiative for bringing in investments worth $105 million for sustainable development across Gilgit-Baltistan region, which will focus on six major areas, tourism, technology, agribusiness, renewable energy, mineral/mining, and trade/commerce.
Speaking on the occasion, Vice-Chancellor PIDE Nadeem Haque said that this was the first step by private sector in the G-B to uplift the area, adding that the federal government and the G-B government must also play their active role. He said that the success of the project will not only help the locals but can become a role model for the rest of the country.
He said Pakistan was facing serious investment-related challenges and active participation of the expat Pakistanis in this regard could greatly help the country to create job opportunities for the locals, which will encourage other investors and boost their confidence.
Economic future of Giglit-Baltistan
It was said that this private sector-led G-B investment initiative aims to mobilize private sector impact investments in Gilgit-Baltistan, supporting equitable and sustainable development for the region’s people and the local economy, while preserving the unique ecosystem.
Around USD 105 million will be channeled from 2022 to 2023 by connecting G-B’s private sector with investors from resident and overseas Pakistani communities, as well as with stakeholders from global corporate, financial, development, and public-sector organizations. The G-B Invest Initiative will also attract and facilitate investments to channel socially-inclusive, environmentally-responsible, and economically-viable growth across the following key sectors of investment, e.g. tourism, renewable energy, minerals and mining, trade and commerce, agribusiness, and technology.
A large number of representatives of print and electronic media were present on the occasion.
Addressing the media, representatives of the four partnering/collaborating organizations mentioned that the G-B Invest Initiative will globally invite all stakeholders from public and private sectors.
Copyright Business Recorder, 2021
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