G-B: MoU inked to establish SEZ under CPEC

GILGIT: The Gilgit-Baltistan Board of Investment (G-B BOI) signed a memorandum of understanding (MoU) with a Chinese firm for the establishment of a Special Economic Zone (SEZ) in the region.

The MoU was signed at the second Pakistan-China B2B Investment Conference in Beijing

“For the first time in Gilgit-Baltistan’s history, an MoU has been signed under CPEC for the establishment of the mega project Gilgit-Baltistan Special Economic Zone.

According to the agreement, well-known Chinese company Iron Brothers International will set up the SEZ in Gilgit-Baltistan,” reads a statement issued by the G-B BOI on Saturday.

The statement noted that the G-B government had been working on this project for a long time, and it has finally been brought to fruition. It added that upon completion, various industries will be established under this project and approximately 10,000 job opportunities will be created.

“An MoU has also been signed with a major Chinese company in the field of drip irrigation, which will bring revolutionary improvements to the region’s agriculture,” the statement added.

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It further stated that initial consultations and the exchange of Letters of Intent (LoI) with two major companies in the energy sector have been completed, after which “large-scale projects will be launched in the region.”

The statement said that in the real estate sector, discussions are also underway regarding the construction of low-cost flats, which will be finalized soon.

“During this conference, the Gilgit-Baltistan Board of Investment provided outstanding representation of the region, with strong support from the provincial government, the Chief Secretary of Gilgit-Baltistan, the federal government, the Federal Board of Investment, the SIFC, and the Pakistani Embassy in China,” the statement concluded.

At the second Pakistan-China B2B Investment Conference, China and Pakistan agreed to continue working closely on the next phase of upgraded CPEC 2.0, with its five new corridors.

At the conference, Chinese and Pakistani companies signed memoranda of understanding worth $7 billion and joint ventures worth $1.54 billion in sectors including agriculture, electric vehicles, solar energy, healthcare, chemicals, petrochemicals, iron, and steel.