The Special Investment Facilitation Council (SIFC) and the Government of Gilgit-Baltistan (GB) have joined forces to breathe new life into 44 state-run guest houses in GB as part of the “Green Tourism” project. The collaboration, formalized through a Memorandum of Understanding (MoU), is poised to reshape the tourism landscape in the region and unleash a wave of economic opportunities.
With the primary goal of invigorating the tourism sector, the initiative aims to not only attract more visitors but also to create a surge in employment opportunities and bolster revenue streams for the region. By leveraging the potential of these guest houses, which have long been a financial burden with minimal public benefit, the project seeks to transform them into vibrant hubs for tourists and locals alike.
The Green Tourism Company’s commitment to inject an initial investment of Rs. 3 billion into modernizing the guest houses marks a significant turning point. This infusion of capital is anticipated to usher in a new era of prosperity, breathing fresh life into an underutilized sector while also uplifting the local community through job creation.
Moreover, the groundbreaking agreement outlines a sustainable model for reinvestment, with the company pledging to allocate 20% of its annual profits toward furthering tourism in GB. Additionally, a substantial 35% of the annual revenue generated will be channelled back to the GB government to fuel the province’s overall development.
As a result, this forward-looking endeavour is set to position Gilgit-Baltistan as a premier destination, showcasing its awe-inspiring natural beauty and rich cultural heritage to a global audience. The ripple effects of this transformative initiative are poised to leave an indelible mark, heralding a new chapter of growth and prosperity for the region.
