MoU inked for construction of international airport in Gilgit

GILGIT: The Gilgit-Baltistan government and the International Investment Consortium (IIC) have signed a Memorandum of Understanding (MoU) for the construction of an international airport in Gilgit among other projects to boost investment in the region.

The MoU, signed during Chief Minister Haji Gulbar Khan’s visit to Dubai, focuses on a range of strategic projects, including the construction of an international airport in Gilgit, expansion of international flights at Skardu Airport, and large-scale investments in power generation, tourism, minerals, and agriculture.

The agreement marks a significant step toward attracting both local and international investors to Gilgit-Baltistan. The International Investment Consortium (IIC), in collaboration with relevant departments of the Gilgit-Baltistan government, will develop a detailed investment plan, adhering to federal and provincial laws. Key areas of focus will include infrastructure development, particularly in aviation, and investments in sectors with high potential for economic growth.

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To streamline the investment process, the Gilgit-Baltistan Board of Investment (GBBI) has been activated, providing a one-window operation for investors. The MoU also ensures that all projects will receive necessary approvals from the provincial cabinet and will involve consultations with all key stakeholders to ensure smooth implementation. The IIC is expected to formally submit a comprehensive investment plan within the next month, which will lead to the signing of further agreements across various sectors.

Chief Minister Haji Gulbar Khan, while speaking at the signing ceremony, highlighted the government’s efforts to create a conducive environment for investors. “We are taking substantial measures to encourage both local and international investments in vital sectors such as minerals, tourism, power, and agriculture. These sectors hold immense potential for the sustainable growth of Gilgit-Baltistan,” he stated. The Chief Minister expressed his optimism that the MoU with IIC will prove to be a vital step in securing international investment for Gilgit-Baltistan’s development.