The Pak-China Border Trade Zone, Tashkurgan has agreed over a mechanism with Gilgit-Baltistan (GB) traders to step up Chinese investment in the region and enhance exports from the border areas to China.This was stated by Raja Mir Nawaz Mir, President Ghizer Chamber of Commerce and Industry, in an interview with Gwadar Pro.

Raja said that in April, a delegation of traders from 10 districts of GB paid a 6-day long visit to Tashkurgan Border Trade Zone, followed by a visit of Chinese investors led by the Border Trade Zone Chairman Chen Hao to Hunza Chamber of Commerce and Industry.

During the visits, several MoUs were signed including an important agreement between GB traders and the Border Trade Zone authorities to streamline Chinese investment in the region, Raja, who led the delegation, said.

Raja said that under the agreement, investors from GB and other regions of Pakistan will identify viable projects in GB for joint venture with Chinese investors; provide land and other facilities, while the Border Trade Zone will connect them with Chinese investors for potential projects.

“The Tashkurgan Border Trade Zone has a list of 50,000 Chinese investors willing to invest in GB”, Raja said. He added that it is part of a broader plan of the Chinese government to uplift the cross-border communities along the China-Pakistan border.

Raja said that Pakistani investors will require guarantee from any chamber of commerce in GB while the Border Trade Zone will provide guarantee of the Chinese investors. The potential JVs will also have shareholding by GB chambers, he added.

Moreover, the GB traders have been allocated a separate section with a corporate office, display centre and residential apartment in the Border Trade Zone. This will enhance trade with China as well as 18 other regional countries, who also have a separate section in the Zone, he said.

During the visits, traders from Hunza signed four MoUs with the Chinese investors in different areas including an agricultural technology park on 300 kanals land already approved by the respective Chinese partner, he said. Ghizer traders also signed two MoUs for an oxygen gas plant and building material production, Raja added. Raja said that this will usher in a new era of development in GB with investment from China.

Credit: Independent News Pakistan (INP) Pak-China