PM invites Bahrain to benefit from CPEC opportunities

ISLAMABAD: Prime Minister Nawaz Sharif has said the China Pakistan Economic Corridor (CPEC) is a corridor of energy, roads, motorways, pipelines, rail networks and optic fibre that will have an investment outlay of over $51 billion.

The prime minister was talking to a high-level delegation of prominent businessmen and investors from Bahrain here at the Prime Minister’s Office (PMO) on Wednesday. He told the members of the delegation about CPEC and said that it is not only a framework of regional connectivity but a game changer for the region. He said the government as well as business community of Bahrain can benefit immensely from the opportunities and prospects offered by the corridor.

The prime minister reminded that the economic outlook of Pakistan has altogether changed in the last three years, which is being acknowledged by independent financial rating institutions. “My government after coming into power started making best efforts to put the economy on the path of sustained long-term economic growth. In this context, focus remained on public-private partnership in the development process, improved productivity in agriculture sector, removal of energy shortage, enhanced industrial competitiveness, better service delivery system and upgraded human capital formation,” he said.

Bahrain’s Minister for Industries, Commerce and Tourism Zayed R Alzayani was also present on the occasion. The delegation was led by Khalid Almoayed, Chairman Bahrain Chamber of Commerce and Industries (BCCI). While warmly welcoming the business delegation, Nawaz said Pakistan welcomes 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 said.

The Bahraini businessmen appreciated the prime minister’s policy of welcoming foreign investment and said that they are keen to play an active role in expanding the volume of trade between both countries. The Bahraini delegates expressed their keen interest to take part in Pakistan's emerging economy and highlighted their interest in further expanding exports from Pakistan for Gulf counties.

Nawaz said that Pakistan is open for business. He said there are over 1,000 multinational companies profitably operating in Pakistan. “They enjoy a level playing field with the domestic investors and do not face any barriers to entry or exit. They can expand capital and infrastructure without hindrance,” added the premier. He said the Foreign Direct Investment (FDI) is protected under law through the acts of parliament and the law of special economic zones has been made to meet the global challenges of competitiveness to attract FDI. He said 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.

He assured the delegation that Pakistan is a land of unlimited opportunities and offers investment opportunities in various sectors such as energy, agriculture, food processing, infrastructure, information and communication technology, textiles, apparel, surgical instruments and leather products. “I am confident that investors from Bahrain will benefit from opportunities arising from the economic growth of Pakistan leading to further growth of our trade relations,” said the premier. 

The BCCI delegation thanked the prime minister for his warm welcome to Pakistan

 and expressed hope to further strengthen trade ties with Pakistan. The Business delegation of Bharian comprised of Khalid Al Zayani, Vice Chairman BCCI, Sheikh Mohamad Bin Isaac, Senior Member BCCI, Muhammad Sajid, Executive Board Member BCCI, Muhammad Usman, Chairman Joint Council BCCI, Ahmed Bin Hindi, Executive Board Member, Ali Ahmed Bufarson, Member Parliament, Ahmed Al Saloom, Chairman SME Council, Ferial Nas, Chairwoman of Business Council, Suhair Bokhammas, Member BCCI, and others. Federal Ministers Senator Ishaq Dar, Khurram Dastagir Khan and other senior officials were also present during the meeting.

Meanwhile, talking to Zayed R Alzayani, Nawaz invited Bahraini investors to explore investment opportunities in commercial and tourism sectors of Pakistan.  The prime minister said cooperation between the two countries in economic field will further strengthen brotherly ties. He said Pakistani diaspora in Bahrain acts as a human bridge between the two brotherly countries.  The Bahraini minister said he came with a special mandate to expand the scope of economic ties between the two counties.