French firms eye building ski resorts in Gilgit Baltistan

ISLAMABAD: French investors on Tuesday voiced a deep interest in building ski resorts in Gilgit Baltistan, finding the region ideal for developing ski tourism, which has a multi-billion dollar international market.

The Board of Investment (BoI) in coordination with the Gilgit Baltistan government organised the visit of a French delegation to five districts including Ghizar, Phandar, Astore, Nagar, and Skardu.

Upon their return, the delegation will also meet representatives from the minister of Information & Technology and National Incubation Center (NIC) to discuss areas of mutual cooperation.

The delegation led by Federico Juan Tomas Espana, Honorary Investment Counselor (HIC), France, held a meeting with the Secretary BOI Ms Fareena Mazhar.

Espana and the French delegates expressed keen interest in investing in the tourism sector of Pakistan, particularly setting up ski resorts in Gilgit Baltistan region.

During the interaction with the French delegation, Secretary BOI said the board had signed an memorandum of understanding with Business France for investment cooperation and facilitation, exchange of information and knowledge sharing.

As follow-up, various webinars were held and detailed presentations on investment opportunities, incentives, and policies were delivered by BoI, she added.

“However, there is a dire need to enhance investment cooperation and coordination between the two IPAs,” Mazhar added.

She also apprised the delegation on the new Investment Strategy 2020-23, launched recently to attract foreign investment in different sectors of the economy.

“The strategy provides comprehensive investment cycle, consisting of policy advocacy, market research, investment facilitation, promotion, protection including investors tracking, sector scanning and after-care services to investors and projects,” she said.

The secretary also informed the investors about the 22 Special Economic Zones (SEZs) and invited French companies to establish businesses in the already established SEZs or opt for establishing an exclusive SEZ for French companies.

She further said that in order to facilitate international investors in Pakistan, BOI had developed an online database of available 120 projects with federal/ provincial governments worth $60 billion, available on the organisation’s website.