Federal Commerce Minister Engineer Khurram Dastgir has announced that 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,” Dastgir said at the Second Pakistan-Bahrain Business Opportunities Conference.
Minister for Commerce and Industry of Bahrain Zayed Rashid Alzayani and business leaders of both countries were present at the huddle.
“We get excellent support and cooperation from Bahrain government. Bahrain is now going through economic reforms envisioned by its leadership,” Dastgir said.
Bahrain has an important geographical location which provides a gateway to member countries of the Gulf Cooperation Council (GCC). The conference was aimed at reviving trade and investment ties as well as enhancing confidence of business community of the two countries.
The minister vowed government support and facilitation for the private sector of Pakistan and Bahrain in forging long-term investment and trade relationship.
He particularly highlighted the business growth of Bahrain’s Al Baraka Bank in Pakistan, which grew from four to 240 branches.
Dastgir announced that Pakistan would steer out of the energy crisis by mid-2018, adding many foreign companies, including a Netherlands company, would invest in the dairy sector in Pakistan.
Alzayani said Bahrain was committed to enhancing trade and business relations with Pakistan. “We have clear instructions from the leadership to increase cooperation and investment opportunities,” he said.
Alzayani pointed out that Bahrain government had followed the policy of trade liberalisation in order to open up the country’s economy for foreign trade and investment.
“We are negotiating free trade agreements with the US and regional countries for opening up trade and creating business opportunities; it is also the right time for promotion of trade and economic relations with Pakistan,” he added.
He expressed the hope that the private sector would play an important role in enhancing the trade volume between the two countries. He asked Pakistan to conclude free trade talks with the six-nation GCC to pave the way for boosting trade. (APP)
