ISLAMABAD: Gilgit-Baltistan Chief Minister Advocate Khalid Khursheed Khan called on Federal Minister for Economic Affairs Omar Ayub Khan at the Ministry of Economic Affairs and sought funds for the socioeconomic development of the area.
The two leaders also discussed priority areas and ongoing development initiatives in Gilgit-Baltistan.
The Gilgit-Baltistan chief minister briefed the minister on various initiatives taken by the GB government and their future development needs and priority areas.
During the meeting, it was agreed to establish a state-of-the-art technical training university in Gilgit-Baltistan. The development of technical skills can contribute to structural transformation and economic growth by enhancing employability, competitiveness and labour.
In this regard, the Economic Affairs Division will explore foreign technical and financial support, whereas the government of Gilgit-Baltistan will provide around 800 to 1,000 kanal land for the construction of the university.
The government of Gilgit-Baltistan also requested for upgradation of infrastructure in road and health sectors, improvement in power generation, transmission and distribution system, expansion of health facilities and the capacity-building of the public sector, especially in governance, finance and revenue, local government, public health, police and disaster management.
It was also discussed to develop an alternative road network for connectivity between Punjab and Gilgit-Baltistan through Azad Jammu and Kashmir, which will not only reduce the traveling time and distance significantly but also promote tourism and boost economic activities in the region.
On the invitation of the Gilgit-Baltistan chief minister, it was agreed that the minister will visit the area soon to discuss the development needs and priority areas in detail.
It was also decided that the Economic Affairs Division will hold a donors conference with bilateral and multilateral development partners at the beginning of the next year to explore foreign technical and financial assistance for Gilgit-Baltistan.
Earlier, a high-level delegation of the International Finance Corporation of the World Bank Group, headed by Stephanie Von Friedeburg, senior vice president (Operations), also called on the minister for economic affairs.
The minister appreciated the IFC’s commitment and its continuous support to boost the business activities in Pakistan.
It was highlighted that IFC is providing $1.2 billion to 47 companies in Pakistan. Omar Ayub Khan expressed that the government of Pakistan is taking extensive reforms to improve the business environment in the country and encourage the private sector to lead growth. The government is facilitating both domestic and foreign investors with various incentives and policy reforms, including ease of doing business.
Stephanie von Friedeburg appreciated the efforts of the government of Pakistan for improving the investment climate and ease of doing business rankings and achieving the Universal Financial Access targets.
She said at present, the IFC is supporting infrastructure, natural resources, manufacturing and agribusiness in Pakistan. It is also providing advisory services for enhancing finances, improving investment climate, providing public-private partnership solutions and designing environmentally and socially sustainable practices.
The minister assured full support to the IFC for enhancing its operations in Pakistan, adding that the provision of basic services, including education, health, safe drinking water and sanitation are the top most priorities of the government.
The government is especially focusing on the socioeconomic uplift of the underprivileged and remote areas across the country.
The government is encouraging innovative financing models to leverage the private sector investment in infrastructure and social sector.
