Board of Investment, Bahrain’s EDB to sign deal to boost trade

ISLAMABAD: The Board of Investment (BoI), Pakistan will sign a memorandum of understanding with the Economic Development Board of Bahrain during the second session of the Pakistan-Bahrain Joint Ministerial Commission, a statement said on Monday.

Under the agreement, the two countries can develop and undertake collaborative activities and projects; share knowledge and have integrated technical exchange and assistance in the areas of mutual interest, it added.

Being the premier investment promotion agency of Pakistan, the Board of Investment is mandated to promote and facilitate local and foreign investments.

The second session of the Pakistan-Bahrain Joint Ministerial Commission is scheduled to be held on July 28 to 29, 2021, in Manama, Bahrain, it said.

The Bahraini side will be led by Minister of Foreign Affairs, Dr Abdul Latif Bin Rashid Al Zayani, while Foreign Minister Shah Mehmood Qureshi would co-chair the session.

The Pakistani delegation will comprise several high officials from the Board of Investment, Petroleum Division, Ministry of Commerce, Ministry of Economic Affairs and the Ministry of Overseas Pakistanis and Human Resource Development.

The meeting will focus on bilateral cooperation in various sectors, including political, defence, 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.

Regarding the promotion of trade and business development, some sectors of interest include manufacturing, financial services, tourism, healthcare and education, logistics, information and communication technology and vocational training, the statement said.

The first session of the Pakistan-Bahrain Joint Ministerial Commission was held on February 5 to 6, 2017, in Islamabad.

During the first session, the meeting had reached a consensus on the low volume of bilateral trade, while it also discussed the future prospects. The Pakistani side had also proposed to offer Special Economic Zones to the Bahraini investors.

The volume of bilateral trade between the two countries stood at $117.23 million in 2019/20. Pakistan’s exports to Bahrain included rice, cotton yarn, textured yarn, printing ink, etc, whereas the major imports from Bahrain included ferrous waste and scrap, iron or steel and petroleum bitumen.

The second session would be a major breakthrough in terms of showcasing Pakistan’s lucrative investment opportunities to Bahrain.

Pakistan has adopted a very liberal and investor-friendly investment policy, which provides no restriction on remitting capital.

All the sectors are open for investment and equal treatment will be given to local and foreign investors, it added.