ISLAMABAD: The second session of the Pak-Bahrain Joint Ministerial Commission (JMC) Wednesday started to initiate dialogue for enhancing the cooperation in different sectors of the economy and bilateral trade.
Pakistan and Bahrain would sign an agreement for enhancing the bilateral trade and economic connectivity to further boost the relations between the two countries during the ongoing session, said a Board of Investment (BoI) press release.
The memorandum of understanding (MoU) between BoI and Economic Development Board would be signed on July 28 to 29 in Manama.
The Bahraini side would be chaired by Minister of Foreign Affairs Dr Abdul Latif Bin Rashid Al Zayani and co-chaired by his Pakistani counterpart Makhdoom Shah Mahmood Qureshi.
The delegation from Pakistan would comprise several high officials from the BoI, Petroleum Division, Ministries of commerce, economic affairs and overseas Pakistanis.
The objective of the accord is to provide a framework within both countries where it can develop and undertake collaborative activities and projects; share knowledge and have integrated technical exchange and assistance in areas of mutual interest.
The meeting would focus on bilateral cooperation in various sectors including political, defense, economic, commerce, finance and banking, industry, public health, overseas employment, higher education, science and technology, information, culture and arts, agriculture and livestock, cultural cooperation and parliamentary exchanges.
In regards to promoting trade and business development, some sectors of interest included manufacturing, financial services, tourism, healthcare and education, logistics, information and communication technology and vocational training.
The BoI being the premier investment promotion agency of Pakistan working under the administrative control of the Prime Minister Office was mandated to promote and facilitate both local and foreign investment and also initiated the MoU.
Previously, the first session of the Pakistan-Bahrain JMC was held on February 5 to 6, 2017, in Islamabad.
During the first session, there was a consensus that the volume of bilateral trade is much below the potential of both countries and future prospects.
Pakistani side also proposed to offer Special Economic Zones in Pakistan for investors of Bahrain, which was well received by the Bahraini side.
The volume of bilateral trade between the two countries stood at $117.23 million in 2019-2020. Pakistan’s exports to Bahrain include rice, cotton yarn, textured yarn, printing ink etcetera. Whereas, major imports from Bahrain include ferrous waste and scrap, iron or steel and petroleum bitumen.
This meeting would be a major breakthrough in terms of showcasing Pakistan’s lucrative investment opportunities to Bahrain.
Pakistan has adopted a very liberal and investor’s friendly investment policy which provides no restriction on remitting capital.
All sectors are open for investments and equal treatment is given to local and foreign investors.