In an exciting development for local businesses, around 50,000 Chinese investors are keen to make their mark in Gilgit-Baltistan (GB). Their goal? To boost cross-border trade and kickstart economic development in the region. This influx of interest comes after a series of agreements were made between GB traders and authorities at the Pak-China Border Trade Zone in Tashkurgan, as highlighted by local officials.
Raja Mir Nawaz Mir, who heads the Ghizer Chamber of Commerce and Industry, shared some insightful details during a chat with Gwadar Pro. A few weeks ago, a dedicated group of traders from ten districts in Gilgit-Baltistan embarked on a six-day visit to the bustling Tashkurgan Border Trade Zone. Following this visit, a delegation of Chinese investors, led by Border Trade Zone Chairman Chen Hao, met with Hunza’s Chamber of Commerce and Industry to finalize several Memorandums of Understanding (MoUs).
One of the standout achievements from these discussions is an agreement designed to cultivate Chinese investment in GB. Raja explained that local Pakistani traders will identify promising projects and provide the necessary land and infrastructure. Meanwhile, the Tashkurgan Border Trade Zone will serve as a bridge, connecting interested Chinese investors with these promising opportunities. It’s encouraging to note that the Trade Zone already has a list of 50,000 eager investors ready to invest in Gilgit-Baltistan.
This initiative aligns well with China’s broader strategy to strengthen relationships along the China-Pakistan Economic Corridor (CPEC). Raja emphasized that Pakistani investors need to secure backing from reputable chambers of commerce in GB, while the Trade Zone will ensure that Chinese investors feel secure in their commitments. Anticipated joint ventures could even allow local GB chambers to have a stake in these projects, ensuring that the community is actively involved.
In tandem with this investment framework, GB traders have been allocated a dedicated space in the Tashkurgan Border Trade Zone, which includes corporate offices, a display center, and residential apartments for traders and their families. Raja believes that these developments will not only improve trade relations with China but also open up new markets in 18 other regional countries. Additionally, there’s an exciting plan for an agricultural technology park slated to cover 300 kanals of land.
On top of these significant strides, traders from Ghizer successfully signed two MoUs during their visit—one aimed at establishing an oxygen gas plant and another focused on producing building materials. Raja expressed his optimism that this wave of Chinese investment could herald a transformative era of economic prosperity for Gilgit-Baltistan, creating jobs and opportunities for the local population and businesses.
As these developments take shape, many locals are feeling hopeful about the potential for growth and the chance to improve their livelihoods. It’s a moment filled with promise, and the community is eager to see how this partnership unfolds in the near future.
