ISLAMABAD: The
federal government has decided to declare Gilgit-Baltistan (G-B) as a free
trade zone to promote business activity in the area, according to Minister for
Commerce Khurram Dastgir.
Talking to a group of journalists,
the federal minister said G-B had paramount importance in making the China-Pakistan
Economic Corridor (CPEC) project a success due to its geographical location and
in that regard, the government had decided to declare the area as a free trade
zone.
A big trade
processing zone would be established under the CPEC near the Gilgit city,
Dastgir elaborated.
Gilgit-Baltistan is
a gateway between China and Pakistan and the region links the two countries at
Khunjerab Pass. The area also holds immense importance as far as the CPEC is
concerned, as a 450km chunk of the corridor route will pass through the
territory.
The people of G-B
have already demanded establishment of industrial zones in the region.
Additionally, they demanded that offices of the Chinese investment company
should be established so that business and job opportunities for the local
people could be created.
The minister said
G-B had as much importance for the CPEC as Gwadar and it would be facilitated
to the maximum extent. He said the federal government had asked the G-B chief
minister to submit a plan in this regard.
The minister said
the free trade zone status would attract local and foreign investment in the
area. “This project will change the fate of the area and its resources will be
tapped once investments start coming to that area,” the minister said.
The mineral and
hydroelectric power sectors have much potential for foreign investment. He said
state-of-the-art infrastructure in G-B under the CPEC would result in
attracting huge investments in addition to providing a shorter route for
traders in China to access the sea for shipping their goods.
Additionally, he
said, the area’s geography was strategically important since G-B bordered
Central Asian states and the region would be the focal point for any trade
corridors with these states.
Dastgir said after
receiving cold shoulder from Afghanistan regarding a transit trade agreement
with Tajikistan, since a narrow strip of Afghanistan’s land stands between
Tajikistan and Pakistan, Islamabad was now considering accessing Central Asian
States via China. However, he said efforts to bring Afghanistan on the transit
trade fold would continue.__Tribune.com
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