Speakers at a conference urged the government to take immediate action to address the ongoing energy crisis in the Gilgit-Baltistan (GB) region, saying it is a serious problem.
Speakers at a conference urged the government to take immediate action to address the ongoing energy crisis in the Gilgit-Baltistan (GB) region, saying it is a serious problem.
The Karakoram International University (KIU) and the Pakistan Institute of Development Economics (PIDE) highlighted the legal framework issues that are causing delays in receiving government approvals, leading to a lack of new investors and impeding development in Gilgit. An independent legal framework is needed to address this issue.
In order to guarantee that the projects are developed in a responsible manner, this framework should prioritise proper management transparency. In addition to the energy crisis in GB, Gilgit is also dealing with demand-side issues, infrastructure problems, and political problems. It is critical to develop neighborhood-based initiatives that can aid in resolving these problems.
Lire Ersado, a World Bank representative, spoke at an event and presented the “World Bank: State of Human Capital in Pakistan” report. He said that by investing in human capital, Pakistan can turn around 40 years of slow growth and become a growth leader.
He also said that although Pakistan’s human capital complex is lower than expected, it is still possible to boost GDP growth by up to 144% by slowing population growth, ensuring children attend school, and providing for their basic nutritional needs.
Dr. Nadeem ul Haque emphasizes the importance of societal inclusion and female entrepreneurship for sustainable development. He also emphasizes the importance of democratic principles and sound governance, including all levels of institutions.
Organisations must be open, responsible, and receptive to the needs of the people they serve, and the development process benefits from conversations.
Better results can be achieved through dialogue and community engagement, which also helps to build trust between communities and development organisations. To ensure sustainable development in G-B, extensive restructuring is required.
Dr. Ahmed Waqas moderated a panel discussion on “Markets, Regulations and Border Trade” to go over how these three factors can affect the economy. According to Aziz Ali Dad, the West has largely adopted the liberal model. prioritises minimal government involvement in markets and permits market growth.
Government control over Pakistan’s economy makes it challenging to explore the country’s potential resources due to high regulatory costs and travel restrictions.
G-B is a promising region for development, but in order to strengthen the economy and encourage growth, it needs to reduce the role of the government and promote private sector involvement.
The lack of a proper market concept and stringent government regulations are discouraging new business owners from entering the market. Government regulations have made it difficult to develop the land. The speakers are dedicated to addressing these issues in order to create a more prosperous business environment.
Dr. Ahmed Waqas emphasised the need for Gilgit Baltistan to pay particular attention to construction, tourism, and education. According to Dr. Shujaat Farooq, Dean of PIDE, nations that invest in education typically experience faster rates of economic growth and social advancement. A significant barrier to Pakistan’s development is the fact that 40% of children do not have access to basic education.
The labour market in Gilgit, Pakistan, is contracting. The leisure industry, horticulture, trade and commerce, minerals, and education are four potential areas where the area can excel. Unfortunately, these areas are not supported by any definite education policies that are in place.
As a result, educational reforms are required in Gilgit to raise the standard of instruction and give students the tools they need to be successful in these fields.