Gilgit Baltistan: The Gilgit-Baltistan (GB) government has signed 25 agreements worth over USD 2 billion to attract foreign investment in the province, news sources reported. The Memorandum of Understanding (MoU) was signed during the GB month at Pakistan Pavilion in Dubai Expo 2020.
Reportedly, the funds will be utilised to construct infrastructure and promote hospitality and tourism in the region. Furthermore, investors from various European and Middle Eastern countries, including the United Arab Emirates (UAE), the United States (US), Europe, and Saudi Arabia, have pledged to invest in tourism zones, power generation, the information technology sector, and food processing zones throughout the region. Addressing the conference, Additional Secretary Planning and Development Department (P&D) Gilgit-Baltistan Aziz Ahmad Jamali said that the government has managed to sign more MoUs than expected. He believed that Gilgit-Baltistan will develop into a potential worldwide tourism hub.
Meanwhile, Pakistan’s Ambassador to the United Arab Emirates, Afzal Mahmood, stated that the diplomatic mission will follow through on these Memorandums of Understanding and would absolutely fulfil its investment commitments. He also said that over one million people had visited the Pakistan Pavilion since the start of the Dubai Expo 2020. During the five months of the Dubai Expo, he claimed, more than 100 MoUs were inked between the federal, provincial, and Gilgit governments.
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