Peshawar : The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday said hydro power potential of Gilgit-Baltistan (GB) can change the fate of country by resolving energy crisis with its capacity estimated to be fifty thousand megawatt.
Thermal energy is costly while hydel power offer cheapest source of energy for long term and permanent solution to the energy crisis, said Abdul Rauf Alam, President FPCCI.
He said this while talking to Chief Minister Gilgit-Baltistan Hafiz Hafeezur Rehman. Vice President FPCCI Johar Ali Raki and others were also present on the occasion.
Rauf Alam said that hydro energy is environment-friendly, low-cost and economically viable; it can save billions of dollars required to import fuel for power generation that result in costly agricultural and industrial production.
The potential of run-of-the-river projects in GB is phenomenal; 7,400 megawatt of energy can be generated at a power plant in Bunji with two additional projects of 2,000 megawatt each upstream from this location, he added
He said that government as well as the private sector must exploit the enormous power production potential in GB which can help us not only overcome energy crisis but also export electricity.
Moreover, the 72,000 square miles area with around 1.3 million people has the potential for rapid development based on tourism, hospitality, mining, food processing, dry fruits, gems and jewellery and farming, he said.
He noted that the number of tourists can be doubled with little effort while establishing tax-free zones can attract investment while new policies should be evolved to facilitate local and foreign investments.
Abdul Rauf Alam said that FPCCI wants to establish a regional office in Gilgit-Baltistan for which it is looking forward for cooperation by the government.
On the occasion, Chief Minister Gilgit-Baltistan said that economic corridor will have a positive impact on every person in the country while it will transform Gilgit-Baltistan into an investment haven.
He asked the private sector to take interest in investment in the region and that they would be provided all the facilities possible.
He said that we are planning to establish an investment board, boost tourism, generate additional power, and improve law and order situation to trigger economic activities which will reduce poverty and raise standard of living of people.