AL-KHOBAR (Saudi Arabia), Sept 17: Pakistan and Bahrain have agreed to set up a joint business council.The agreement to set up the council was signed by Pakistan’s ambassador in Manama Iftikhar Hussain Kazmi on behalf of the Federation of Pakistan Chambers of Commerce Industry (FPCCI) and Dr Esam Fakhro, chairman of the Bahrain Chamber of Commerce and Industry (BCCI).
The deal would pave way for establishment of a 24-member Bahrain-Pakistan Joint Business Council (JBC) with 12 members each from the two countries.
“The signing of this agreement at the start of Ramazan emphasises the good intention between the two chambers that we have had and will have in the future,” Dr Fakhro emphasised at the signing ceremony.
“The agreement will aid strong economic and social ties between Bahrain and Pakistan creating a mechanism to increase bilateral trade,” he said.
The agreement stipulates that the council will focus on development of human resources, information and communications technology, development of small and medium-sized businesses, development of opportunities in agri-business, tourism, education and healthcare services among others.
“It is a great honour to be here to sign this agreement,” said the Pakistani envoy in Manama. “Our exports to Bahrain have been increasing in the past few years. Bahrain is the third largest importer within the GCC of Pakistani goods.
“In the upcoming months, the Bahraini Economic Development Bank and the Board of Investment of Pakistan aim to establish a joint investment public sector company with a shared capital of $100 million,” Mr Kazmi told the press.
As per the agreement, the two chambers have also agreed to provide assistance to visiting trade and economic delegations and support organisation of trade fairs and exhibitions, so as to promote trade between the two countries.
As per the agreement, the respective chambers also agreed to provide legal and other consultation services to each other in their respective countries.
The council will also hold a joint meeting alternatively in Bahrain and Pakistan, once every two years.
The volume of Bahrain-Pakistan trade has been estimated at $100m over the past few years. Both chambers consider this to be less than the sectors true potential.