ISLAMABAD: The Pakistan Institute of Economic Development (PIDE) in partnership with Reenergia, Rupani Foundation and Karakorum International University (KIU) on Monday inaugurated the GB Invest Initiative.

The launching ceremony was held at National Press Club, Islamabad.

According to a statement, the private sector-led GB Invest Initiative aims to mobilise private sector impact investments in Gilgit-Baltistan, supporting equitable and sustainable development for the region’s people and the local economy while preserving the unique ecosystem.

Around $100 million will be channeled from 2022 to 2023 by connecting GB’s private sector with investors from resident and overseas Pakistani communities as well as with stakeholders from global corporate, financial, development and public sector organisations.

The initiative will also attract and facilitate investments to channel socially inclusive, environmentally responsible and economically viable growth across the key sectors of investment such as tourism, renewable energy, minerals and mining, trade and commerce, agribusiness and technology.

Representatives of the four partnering/collaborating organisations said the GB Invest Initiative will globally invite all stakeholders from public and private sectors and Pakistan’s civil society to participate in a series of partner outreach programmes, including webinars and roadshows, shortly after the brand launch leading to a GB invest conference in March 2022 at the KIU.

The event will set the spotlight on GB’s unique feasibility for harnessing responsible investments into equitable economic opportunities for social prosperity.

Published in Dawn, November 30th, 2021