The China Pakistan Economic Corridor (CPEC) is transforming the remote Gilgit-Baltistan into a lucrative business hub of Pakistan.
Gilgit-Baltistan was once known as the Northern Areas and was the part of erstwhile Jammu and Kashmir region at the confluence of the world’s greatest mountain ranges the Karakoram, the Himalaya, the Hindukush, and the Pamir, and now people have started investing in this region. GB is highly rich with natural beauty, culture and its history is well known worldwide. This region has been the center of historical conflicts among Chinese, Russians, and the British.
Moreover, as many investors are trying to establish their business in this area, 46 years of man Hasan Nasar returned from Thailand and established a business of precious and semi-precious stones in Gilgit. Many investors, banks, food chains, and many other businesses are moving into the mountainous region since the region became the gateway for multi-billion-dollar CPEC. Big and small business persons are availing this opportunity well that CPEC has offered.
A big market is flourishing in GB that is about 600 kilometers (372 miles) from the Pakistani capital of Islamabad. CPEC is proving to be a game-changer and is brightening many people’s fortune in the Gilgit-Baltistan region. CPEC worth $64 billion is a network of railways, pipelines, and roads. It aims to connect China northwestern Xinxiang province to the port of Gwadar in Balochistan province.
Nasar, owner of Gems Gallery located in the beautiful city market in Gilgit said, “I have moved here [Gilgit] from Bangkok in April this year and invested a hefty sum because this city is the future business hub after the CPEC becomes fully operational,”
However, the government is keen on developing the infrastructure to attract more tourists. It has been more than five years since the government is working to woo investors to invest here, said the former Chief Minister of GB Hafiz Hafeezur Rehman while speaking to Anadolu Agency.