Govt working on policy to encourage foreign investment: CM

GILGIT: Chief Minister (CM) Gilgit Baltistan, Hafiz Hafeez-ur-Rehman here on Thursday said the GB government is working on a comprehensive policy with prime focus to encourage foreign investment, enhance scope of economic activities and fulfill people’s future requirements.

Addressing an international delegation of investors led by CEO TOTAL PARCO Petroleum Olivar Sabir, he said private sector was being encouraged by providing all possible incentives and facilities to the investors in the province.

He asked petroleum companies to expand and increase storage capacity in the province.

To facilitate investors and encourage private sector, the CM said Board of Investment (BOI) has been setup in the province that would provide an appropriate platform to the investors to invest at their priority sectors.

He said all possible cooperation would be extended to the petroleum companies for increasing storage of petroleum products in the province.

The CM said a comprehensive policy was being prepared keeping in view the future needs of people and economic activities in the province under which all possible facilities would be provided to the investors.

He said the government was working on a policy for construction of different projects with assistance of international donours and investors with prime focus to expedite pace of economic development and improve socio-economic conditions of people.

The CM said GB was an attractive place for tourism and Gilgit-Chitral-Chakdara Expressway was being constructed besides Karakuram Highway and Babsir that would help promote tourism sector, enhance inter-provincial connectivity besides expediting pace of economic development here.

He said his government wanted provision of better facilities to people including recreational facilities and for this purpose mountaineering, adventure tourism sector is being promoted. The holding of Rama festival and Safrnaga Desert Rally in GB was a significant step towards this end.

Karakuram Highway was being improved and expanded with an estimated cost of Rs100billion that would reduce the distance between Gilgit and Islamabad to only eight hours by 2019-20, and better communication facilities would attract a large number of tourists through the year.

“My government has accorded highest priorities to communication and infrastructure development and Gilgit-Naltar Expressway, which was being constructed with an estimated cost of Rs3 billion would promote industrialization, agriculture, infant industries and commerce activities in the province that would have direct positive effects on people’s economy.”

He said reconstruction and expansion of Skardu-Gilgit Road has been started and this project was significant for development of the province.