Pakistan set roadmap to boost trade, investment with Bahrain
Pakistan and Bahrain would increase economic partnership under China-Pakistan Economic Corridor (CPEC) through mega projects of regional connectivity. The government of Pakistan had laid the foundation of economic engagements with Pakistan and Bahrain, which would be converted in 21st century economic partnership for increasing the trade and investment opportunities.
Pakistan is getting excellent support and cooperation from Bahrain government. Bahrain is now going through economic reforms envisioned by current leadership.
Bahrain is gateway for all GCC countries to give access to all six countries including Kingdom of Saudi Arab. Private sector would play a pivotal role for enhancing the trade volume between both of the countries.
The Government of Pakistan has vowed to support and facilitate the private sector from Pakistan and Bahrain to build long term investment and trade ties.
The business growth of Al Baraka Bank is an example in Pakistan that has grown from four branches to 240.
Pakistan is coming out of the dark days of terrorism. The maintenance of peace in Balochistan, Karachi and other areas of conflict provide better environment for development and prosperity of the country.
Pakistan and Bahrain are committed for trade liberalization and promotion of bilateral trade and business relations.
Pakistan-Bahrain Second Business Opportunities Conference was milestone to promote the mutual business activities between both of the countries. Bahrain government had followed the policy of trade liberalization to open the country’ economy for foreign trade and investment.
Pakistan has a clear focus to trade and economic cooperation with Bahrain. The processes of mutual trade negotiation between both of the countries are fully supported by the leadership of both sides.
Federation of Pakistan Chamber of Commerce and Industry said CPEC would provide huge business opportunity for investors from all over the world. Bahrain Business Opportunities Conference held on March 30 is considered a milestone in economic and trade relations between two countries.
ICCI and Bahrain Chamber of Commerce and Industry have signed the Memorandum of Understanding (MoU) for enhancing the business-to-business relations and trade volume between the both countries.
GCC countries had huge potential to emerge as a new economic block and would play vital role in regional and global trade. Initial frame work on Free Trade Agreement (FTA) with Pakistan and GCC country was completed and in coming months it would be finalized.
The conference was a landmark for enhancing confidence of the business community from both countries.
Bahrain would provide a platform to Pakistan for improving trade relations with GCC states and also promote investment opportunities.
Pakistan and Bahrain will build economic partnership under the China-Pakistan Economic Corridor (CPEC) with mega projects of regional connectivity.
Pakistan has laid the foundation of economic engagement with Bahrain, which will be transformed into 21st century economic partnership to step up trade and investment opportunities for the two countries.
Pakistan gets excellent support and cooperation from Bahrain government. Bahrain is now going through economic reforms envisioned by its leadership.
Bahrain is committed to enhancing trade and business relations with Pakistan. There is a clear instruction from the leadership to increase cooperation and investment opportunities.
Bahrain is negotiating free trade agreements with the US and regional countries for opening up trade and business opportunities.
It is the right time for promotion of trade and economic relations with Pakistan. Bahrain hopes that the private sector would play an important role in enhancing the trade volume between the two countries. Pakistan has huge opportunity for exporting rice, fruit, vegetable and Agro- processing to Bahrain.
Bahrain Minister for Commerce and Industry Zayed Rashid Alzayani, who visited Pakistan said his country is committed to enhance its trade, business and investment relations with Pakistan.
The private sector will play an important role in enhancing the trade volume between the two countries.
He invited Pakistan to conclude FTAs with GCC countries to boost trade. During the bilateral talks, Bahrain was also invited to join the CPEC.
Alzayani expressed keen interest in several high-dividend infrastructure and energy projects introduced by Prime Minister Sharif.
Sharif and Alzayani also talked at length about the oil, gas and oil pipeline projects which will feed the huge Chinese demand for energy to be provided by Saudi Arabia and UAE.
The CPEC corridor, originating from the Pakistani port of Gwadar, will reduce the distance between Saudi Arabia and the UAE to mainland China. It will benefit Chinese consumers with lower oil prices.
He said Pakistan was open for business and there were over 1,000 multinational companies profitably operating in Pakistan.
The prime minister said the foreign direct investment (FDI) was protected under law through the acts of parliament and the law of special economic zones had been made to meet the global challenges of competitiveness to attract FDI.
The law allows creating industrial cluster with liberal incentives, infrastructure, investor facilitation services to enhance productivity and reduce cost of doing business for economic development and poverty reduction.
The PM assured the delegation that Pakistan was a land of unlimited opportunities and offered investment opportunities in various sectors such as the energy, agriculture, food processing, infrastructure, information and communication technology, textiles, apparel, surgical instruments and leather products.
He said that Pakistan welcomed the initiative of establishing the Pakistan-Bahrain Joint Holding Company by Bahraini businessmen. “We are confident that it will be successful in increasing bilateral trade and investment,” he added.
The leadership of Pakistan and Bahrain was fully committed to enhance the bilateral trade and business relations.
Priority of both sides was promoting private sector to enhance business contacts and increase trade volume.
Pakistan is negotiating for export of rice, meat, fruits. It is also negotiating investment in agro-processing unit in Pakistan.
In 2015-16, bilateral trade between Pakistan and Bahrain was US$ 143.10 million including US$ 66.47 million exports from Pakistan and US$ 76.63 million imports from Bahrain, which needed to be increased.
Bahrain had opportunity to concentrate on Tourism, manufacturing and services sector of Pakistan.
Pakistan and Bahrain agreed to increase the volume of trade between the two countries during Pakistan-Bahrain 2nd business opportunities conference in federal capital Islamabad. Both sides have achieved considerable progress during their meeting on Free Trade Agreement with Gulf Cooperation Council.
Moreover, the Minister said that both countries will soon start the dialogue for a draft agreement which will pave the way for enhancement of investment and trade. He noted that the two countries already have closer cooperation in different fields, saying that the people of Pakistan have demonstrated unique resilience and strength in facing the challenge of terrorism and that the government is committed to maintaining peace, which is vital for economic progress and development.