Like other provinces of the country, Gilgit-Baltistan has also constituted its own Board of Investment (BoI) to attract investment and facilitate the investors in the area within the ambit of the multibillion-dollar project, China-Pakistan Economic Corridor (CPEC).
The newly formed BoI in GB will be headed by Chief Minister Hafeezur Rehman as chairman of the board. The Chief Executive Officer (CEO) of the board, as announced by the regional government recently, will be appointed through a recruitment process.
However, a contractor and a friend of the chief minister has been appointed as the vice chairman of BoI without any selection process. His selection, as per sources, has been made keeping in view his personal relations with some Chinese businessmen and familiarity with the Chinese language. Earlier, it was decided that the minister for planning and development would be the vice chairman of the board.
According to sources, the board will have 18 members, 12 from the public sector (mostly secretaries), and six from the private sectors. The board will be headed by the chief minister himself. Secretaries of the departments of Planning and Development, Finance, Law, Water and Power, Minerals, Industries, Trade and Labour, and Tourism will be members of the Board, along with Chief Secretary GB. Managing Director of Northern Areas Transport Organisation (NATCO) and the CEO of the Board will also be members from the public sector.
Karakoram Cooperative Bank, GB Chamber of Commerce, Pakistan Gems and Minerals Association, Agha Khan Rural Support Program (AKRSP) and Northern Areas Trade Cooperative (Pvt) Ltd. will also be members of the board, representing the private sector. The chairman will be able to appoint members at his own discretion.
The board will work essentially to explore investment opportunities, create an enabling business environment and promote the opportunities to attract investors. The BoI will also be responsible for ‘matters related to Industrial Zone and Special Economic Zones’ planned under the CPEC.  The Board will also advise the government on legislation related to trade and business. The Board of Investment is working on evolving a tax-free policy for investors.
Though the people in GB are yet to witness and remarkable investment by foreigners especially Chinese, the regional government is expecting investment in the sectors of mining, minerals, gems, tourism, water and power, hoteling and hospitality. Huge investment opportunities also exist in agriculture and medicinal herbs sectors. Climate and abundant water resources make it ideally suitable for marvellous growth of both these sectors. The private sector has the ability to write new success stories in Gilgit-Baltistan, where an immense potential is yet to be exploited.
Prospects for foreign investment are equally high and the investors could launch ventures in different alluring sectors. Agriculture is one of the potential areas for investment in the shape of production, preservation. Organic farming has a huge potential for investments because of the availability of a very hardworking human resource. Hydro energy, dry food, and precious stones are the actual treasures, which if thoroughly tapped, will change the fate of Gilgit-Baltistan and its natives as well.
According to government officials, GB has all the opportunities to become an investment hub and the present government is evolving new policies to facilitate both the local and foreign investments.
An era of development has been ushered in Gilgit-Baltistan with serious work on Bhasha Dam, detailed engineering of Bonji Dam and the extensive expansion of Karakorum Highway.
Last month, Securities and Exchange Commission of Pakistan Chairman Zafar Hijazi had claimed to have instructed an SECP team to prepare a comprehensive plan in the shortest possible time for the promotion of investment activities in GB.
