ISLAMABAD  -  Bestowed with marvellous bounties of nature, snow-covered peaks, enchanting valleys and gushing rivers, Azad Jammu and Kashmir offer ample opportunities to develop the different sectors for the welfare, well-being, and socio-economic uplift of local people.

If tapped properly, its hydropower generation, tourism, forests and trade and industrial potential besides massive contribution in foreign exchange by Kashmiri Diaspora can really turn around things to make the region a hub of massive economic activity.

Although respective governments of AJK had launched integrated socio-economic uplift plans under Annual Development Programs, there is still ample room for private sector growth to ameliorate the lot of people in three divisional headquarters and 10 districts of Azad Jammu and Kashmir.

In order to give an impetus to already-determined and new development projects, the AJK government has prioritised a set of incentives during the fiscal year 2023-24 including the promotion of state’s income resources like hydel power, minerals exploration, tourism, farming of fruits and grains for rural populace, development of roads and telecommunications and promoting technical education.

Moreover for creating a congenial environment for business activities, the government is also strengthening linkages and mutual harmony among all sections of society to promote national cohesion, tolerance, moderation and feelings of mutuality, humility and humanity.

Azad Jammu and Kashmir is enriched with at least 10,000-megawatt hydropower generation projects at present besides billions of dollars tourism industry if foreign tourists are properly attracted and they are provided facilities and environment of international standards.

“We can enhance power generation to 30,000 MW by attracting investment and opening up vistas for billions of dollars economic activity within the next decade,” remarked Zulfiqar Abbasi, a leading entrepreneur and former president Azad Jammu Kashmir Chamber of Commerce and Industry.

Abbasi was of the view that AJK could enhance the annual taxes revenue to over Rs100 billion from the present Rs. 42 billion with the formal operation of Mirpur Dry Port. “Its construction is awaited since the last two when its foundation stone was laid the AJK Prime Minister.”

Given the hydropower potential, the AJK is currently producing at least 3700-megawatt hydropower from various public and private sector projects including 1120MW from Mangla Dam in Mirpur, 969MW from Neelam-Jhelum and 148MW from Chattar projects both in Muzaffarabad, 200MW from Kotli- based Gulpur and 840MW from Azad Pattan based Karote Hydropower poject.

Moreover, there is 130 MW Muzaffarabad-based Jagran Hydropower project as 45-MW power is to be generated from the under-construction Jagran-II power project. Other than that tourism, fishing and farming, the youth populace also provide for a potential resource in the Information Technology sector as the state government is diligently pursuing its agenda under the annual development programs to achieve the set targets of prosperity and economic growth.

Therefore, to achieve the targets of an overall socio-economic uplift of the state, the AJK Government has recently announced over Rs232.47 billion tax-free budget for fiscal 2023-24 allocating Rs42 billion for development projects.

Total estimated non-development expenditure for the new fiscal is Rs190.047 billion including Rs7.5669 billion for Services and General Administration, Rs1.672 billion for Board of Revenue, Rs0.044 billion for stamps, Rs51.300 million for Land Record and Settlement, Rs1,992.200 million for relief and rehabilitation, Rs35 billion for pension, Rs3.0114 billion for Judiciary, Rs8.1372 billion for police, Rs6.2067 billion for Communication and Public Works department, Rs40.133 billion for Education, Rs17.526 billion for public health, Rs14.53 billion for State Trading, Rs10.64 billion for Energy and Water Resources, Rs278.2 million for industries, labour and mineral resources and Rs176.9 million for tourism and archaeology.

Although experts believe that AJK territory is on the road to progress and prosperity yet allocations for tourism and minerals seem meagre when compared to potential in these sectors.

Because these sectors have prospects for speedy growth, therefore the amount of money spent in this area today can bring back manifold dividends in the future.

Only if the state preserves properly its natural beauty and tourism spots, this land of tall pines and snow-covered peaks presenting a serene environment for the tourists can attract the bulk of tourists from within the country and abroad to flourish it further as well as other businesses like hotels, cuisine, transportation and sale of local products.

The state can also earn billions of rupees through parking fees and tolls from thousands of vehicles entering the state every summer and winter seasons. When you have marvellous destinations like Neelum Valley, Toli Peer, Banjosa Lake, Pir Chanasi, Ratti Gali, Saran Lake, Arang Kel, Kuttan Waterfall, Gnga Chit and much more, there is no reason that properly highlighting this potential could not bring revenue worth billions of rupees.

Then there is also potential for summer and winter activities like Shendur Mela, Polo tournament and Chilam Joshi as in vogue in our Northern Areas as such activities would prove to be a source of attraction for tourists and bread earning for local people.

Therefore, the state government in collaboration with local investors must evolve a comprehensive plan to materialise the dreams of earning more and spending it on ameliorating the lot of local people.