TIMES REPORT
Gilgit: In a major economic breakthrough for Gilgit-Baltistan, leading Chinese state-owned enterprise PowerChina has announced an initial investment of USD 100 million in the region’s mining sector, marking a significant step toward unlocking its vast mineral potential.
The development is widely attributed to the sustained efforts and strategic facilitation of Raja Asif Yaqoob, a recognized figure in Pakistan’s private mining sector known for advancing foreign investment initiatives. His engagement played a key role in connecting international investors with opportunities in Gilgit-Baltistan.
The announcement was made during a high-level meeting attended by senior officials, including the Minister for Minerals, Secretary Minerals, Director Minerals, and other representatives of the Gilgit-Baltistan government. Speaking on the occasion, PowerChina’s Vice President, Mr. Hu Yang, stated that the company’s decision reflects confidence in the region’s mineral prospects and was made possible through effective coordination led by Raja Asif Yaqoob.
He added that the initial phase of investment will focus on developing mineral resources, enhancing operational capacity, and generating employment opportunities, while contributing to broader economic growth in the region.
Welcoming the development, Gilgit-Baltistan’s Minister for Minerals, Syed Surooshah, expressed appreciation for the efforts of Raja Asif Yaqoob and the Chinese company. He reiterated the government’s commitment to ensuring full facilitation, institutional support, and comprehensive security measures to enable smooth implementation of the project.
Economic observers note that this investment is likely to open new avenues for the mining sector in Gilgit-Baltistan and further strengthen economic ties between Pakistan and China, particularly under ongoing regional development initiatives.
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