By Ayesha Saba

ISLAMABAD, July 15 (INP-WealthPK): The importance of Gilgit-Baltistan (GB) region has increased immensely due to its distinctive location at the entry point of China-Pakistan Economic Corridor (CPEC), a flagship project of the Belt and Road Initiative (BRI).

The CPEC is rapidly improving Pakistan's infrastructure, particularly in Gilgit-Baltistan. Gilgit-Baltistan connects both China and Pakistan territorially, and has served as an important outpost for regional and international developments.

The border area where the GB region is located serves as a hub for South Asia, Southeast Asia, and Central Asia. Due to its shared borders with three neighbourly countries, this region has a very significant geo-strategic position.

According to CPEC Authority, among the nine special economic zones (SEZs) planned across Pakistan as part of CPEC, one is proposed for GB, for which over 250 acres of land has been selected. The area around Moqpondass SEZ is naturally rich in valuable stones and fruits. The planned SEZ will be connected to the closest airport (35 kilometres), Sost Dry Port (200 kilometres), and the CPEC route (four kilometres) on the Gilgit-Skardu Road.

It is planned that Diamer-Bhasha Dam, which lies on the Indus River in GB and is a component of CPEC Phase-II, will generate 4,500MW energy and serve as a major water reservoir. The CPEC Authority said two hydro energy projects for GB are also under review, including 100MW Gilgit KIU Hydropower Project and 80MW Phandar Hydropower Project located in the Ghizer district. Similarly, work on GB Expressway, Havelian-Thakot Motorway, Shonter-Astore Road, Gilgit-Shandur Road, and Chitral-Chakdara Road is close to completion. The improved connectivity through this transportation infrastructure will contribute to the social and economic wellbeing of the local people.

A research officer in the Planning Commission, who wished to remain anonymous, told WealthPK that CPEC will link the entire region to the Gwadar Port, making Gilgit an international trade hub that will assist both the local industry and the region as a whole.

“It offers huge opportunities for human resource development, cash crops and fruit exports, freshwater reservoirs, biodiversity, gemstones, and mineral resources,” he stated.

According to the Asian Development Bank (ADB), GB produces tons of organic apples, cherries and apricots. If these are exported to China, which is a huge international market, the profits of the local agro-industry will double and thus the economy of Pakistan will improve.

“In GB, the tourism industry has assumed utmost importance. A good chunk of the corridor passes through GB. Domestic tourism is expanding quickly as a result of the CPEC's improved communication infrastructure, which includes the opening of the Karakoram Highway and construction of motorways,” the research officer pointed out.

He said CPEC projects will pay full dividends with foreign investment, which will promote trade activities.

“The government of Pakistan should focus more on the region and facilitate investment across key sectors including tourism, renewable energy, minerals and mining, trade, commerce, agri-business, and technology. The CPEC upon completion will massively boost he region’s economy,” he stated.

Credit:

Independent News Pakistan-INP