‘Pak-Bahrain economic partnership to grow under CPEC projects’

ISLAMABAD: The economic partnership between Pakistan and Bahrain would grow through mega projects of regional connectivity under the China-Pakistan Economic Corridor (CPEC), Minister for Commerce Khurram Dastgir Khan said on Friday.

The government had laid the foundation of economic engagements with Bahrain, which would increase trade and investment opportunities, the minister said, while addressing the second Pakistan-Bahrain business opportunities conference along with Minister for Commerce and Industry of Bahrain Zayed Rashid Alzayani and business leaders from the two countries.

"We get excellent support and cooperation from the Bahrain government, Dastgir said, adding that Bahrain is now going through economic reforms envisioned by the current leadership.” Bahrain has important geographical location, as it is a gateway for six Gulf Cooperation Council (GCC) countries and also provides excess to all countries, the minister said.

The conference has been a milestone in reviving trade and investment, and would also enhance the confidence level between the business communities of the two countries. The minister vowed the government would support and facilitate the private sectors of the two countries to build long-term investment and trade ties.

Dastgir appreciated the business growth of Al-Baraka Bank in Pakistan that had grown from four branches to 240. Pakistan would overcome the energy crisis by the middle of 2018, he said, adding that several foreign companies, including The Netherlands investment group would invest in the dairy sector.

Pakistan and Bahrain are committed for trade liberalisation and promotion of bilateral trade and business relations, he said.

According to the vision of Prime Minister Nawaz Sharif, the two brotherly countries are entering in new an era of economic partnership. Minister for Commerce and Industry of Bahrain Zayed Rashid Alzayani said Bahrain is committed to enhance trade and business relations with Pakistan.

"We have clear instructions from the leadership of both the sides for enhancing cooperation and investment opportunities,” he added.

The Bahrain government has followed the policy of trade liberalisation to open the country's economy for foreign trade and investment, he added.

Rashid said, "We are negotiating on free trade agreement with the United States and other regional countries for trade openness and create business opportunities.

"This is the right time for the promotion of trade and economic relations between Pakistan and Bahrain, he added. The private sector would play an important role in enhancing the trade volume between the two countries, he said and invited Pakistan for concluding FTA with GCC countries to boost trade.

Later, Islamabad Chamber of Commerce and Industry (ICCI) and Bahrain Chamber of Commerce Industry signed a memorandum of Understanding (MoU) to enhance mutual cooperation.

In his address of welcome, Pakistan’s Ambassador to Bahrain, Javed Malik said that Pakistan has a focus on trade and economic cooperation with Bahrain.

Pakistan has open policy of trade and investment and easy visa process for the business community of Bahrain, he added.

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) president Zubair Tufail said that the China-Pakistan Economic Corridor would provide huge business opportunities for investors from across the world.