ISLAMABAD: Pakistan and Bahrain have signed a memorandum of understanding to promote businesses between the two countries by working jointly towards economic growth and greater business harmony.
The memorandum of understanding was signed between the Board of Investment (BoI) and the Bahraini Economic Development Board at the end of the second session of the Joint Ministerial Commission’s meeting in Manama.
The MoU will remain enforced for two years with the option to be renewed subject to mutual approval by both parties, according to details announced by the Board of Investment on Thursday.
Chief Executive Officer of Bahrain Economic Development Khalid Ebrahim Humaidan and BoI Director General Jamil Ahmed Qureshi signed the memorandum on behalf of their respective governments.
Sectors focused in agreement include manufacturing, IT, tourism, healthcare
According to the BoI, the sectors specifically focused in the MoU include manufacturing, tourism, logistics, information and communication technology, financial services, healthcare and education and vocational training.
The foreign ministers of Pakistan and Bahrain led their respective delegations at the joint ministerial commission’s meeting.
Both sides highlighted the importance of regular meetings of established bilateral mechanisms and high-level bilateral visits.
About economic cooperation, the countries recognised great potential for further developing sectors of mutual interest with special focus on promoting trade and business development.
Consensus to invite each other to participate in relevant activities related to the MoU, including conferences, symposiums, road shows, workshops, discussion courses, forums, exhibitions and business delegations, was also reached during the meeting.
The two sides also concurred to start negotiations on a comprehensive economic partnership agreement. The Pakistani side shared a list of Pakistani exporters of auto parts as part of possible cooperation in the sector.
The two countries agreed to develop cooperation between the various textile associations of the two countries and welcomed cooperation at the parliamentary level, emphasising the need for exchange of bilateral visits.
Meanwhile, Mr Qureshi had a meeting with Crown Prince and Prime Minister of Bahrain Prince Salman Bin Hamad Bin Isa Al Khalifa, adds APP.
Published in Dawn, July 30th, 2021