Chief Minister Gilgit Baltistan (GB), Hafiz Hafeezur Rehman Wednesday said that reason for establishment of Board of Investment (BoI) was to provide a platform to the business community under which protection and opportunities would be provided to them for investment in the province.
Talking as Chairman of BoI in a meeting here, he said establishment of industry was vital for encouraging economic activity in the area. The manpower of GB, he said would be sent to abroad so that foreign exchange could be received for the development of the province.
He said special incentives would be given to the investors for establishing industries in the area adding keeping in view the future needs, introduction of IPPs would also be strongly considered.
He said vast opportunities of investment and business were available in GB and with establishment of Board of Investment these prospects would further boosted. In past, he said millions were spent in the name of conferences for Board of Investment but it did not give any result owing to which, he added a new investment policy was being sorted out.
The Chief Minster said the reason to include Chamber of Commerce in Board of Investment was to take it on board in policy making. BoI would be an independent institution linked with CM Secretariat, he added.
He said for the first time, Land Reforms Commission was established and on its recommendations, a ban on allotment of land was imposed for the six month.
The land for Chamber of Commerce would be provided and the first industrial zone of the province would be made functional, he added.
The CM GB further said that a revolution would take place in agriculture sector of the province with an investment of Rs 13 billion and added that some important decision had been taken to make the province self reliable.
To provide business opportunities to the youth, he said interest free loan from CM loan scheme and Rs 500,000 to 800,000 from PM Loan Scheme would be provided to the youth. He said steps were being taken to upgrade infrastructure and provide best possible facilities to the tourists.—APP