Investment conference creates awareness for tapping potential

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LAHORE -- Nasir Abbas, senior production supervisor, Rupani Foundation, Gilgit, was enthusiastic during the Gilgit-Baltistan (GB) Investment Week January 4-8 at the Lahore Chamber of Commerce and Industry (LCCI).

There, he met investors, and learned about local market needs and increasing market exposure – a core issue in the gems business.

“We experienced how to enhance and improve already established facilities and to provide training [carving and engraving] on modern lines”, he told Central Asia Online.

LCCI organized the conference to try to help the region alleviate economic suffering the populace has been facing for decades.

It also built awareness of how the business community can invest in GB – the administrative capital of the northern areas of the North West Frontier Province (NWFP) – as a national service.

“GB is a prospective region to expand into an investment haven for (local and foreign) investors”, Qamaruz Zaman Kaira, federal information minister and GB’s acting governor, said at the opening ceremony.

For development of the area, Kaira urged industrialists to invest and pledged that the government would provide cooperation and assistance.

“The area has been brought into the national mainstream and would be developed now with an emphasis on benefitting and changing the fate of inhabitants of the region”, Kaira said.

Mian Shafqat Ali, advisor on investment to GB’s governor, told Central Asia Online why so little consideration had been given in the past to that part of the country. Disinformation about the northern areas of Pakistan being under the siege of terrorism made investors reluctant in the past.

“Also, investors were hesitant that natives of GB, due to their conservative nature, might avoid embracing foreign investment, but after the GB elections the situation is quite encouraging today”, he said. “The business community understands that the ongoing phase of militancy will be over very soon, that GB is a peaceful area where crime rate is low and prospects are massive”.

He said there is no need for foreign investment for the next two to three years since ample domestic investment in desired sectors is available. Later, foreign opportunities will open, he said.

GB offers investment opportunities in agriculture and therapeutic herbs as the area has an immense capacity for investment in form of production, vegetable seeds, quality fruit preservation and marketing. It also has well-established infrastructure to supply the produce to China and the Central Asian States.

LCCI members stressed that the private sector could play a role in taking advantage of investment prospects for things like power generation, cement, tourism, communication, minerals and mines and food industry, particularly preservation of fruits.

Rahat Kareem, Tourism promotion officer, Tourism Department Northern Areas, Gilgit said he got a lot out of the conference. “Billions of dollars could be earned by highlighting only the tourism potential of this area but unfortunately never ever in the past a due attention was given toward this sector”, he said.

“Organic farming has a huge potential because of availability of hard-working human resources”, Shafqat said. “The availability of trained farmers, well-established tissue culture laboratories, storage and certification services create opportunities for investment”.

Baber Yaqoob Fateh Mohammad, GB chief secretary, gave a presentation focusing on renewable energy, food processing and gems and jewellery.

He also assured businessmen of the availability of soft loans for establishing modern horticulture business enterprises while expansion of Karakoram Highway and opening of Babusar-Naraan Road, expansion of new air links are added advantages.

Syed Nasir Bokhari, representative of Telenor Pakistan, said that “Telenor Pakistan being the first company to start its mobile operation in the area has already made an investment of $2 billion in the region and under their outdoor leadership program discovered micro-hydel and geothermal potential for the village of Tatu to support tourists going to Nanga Parbat Base Camp”.