MANAMA: The Kingdom of Bahrain and Pakistan on Sunday inked multiple memoranda of understandings (MOUs) enhancing the scope of co-operation in the trade and investment sectors.
This came as Mr. Zayed R. Alzayani, the Minister of Industry, Commerce and Tourism told an audience of 300 businessmen, investors and government officials that the Kingdom of Bahrain can be choice of investment not only for investment climate but also because of its geo-strategic position.
The Kingdom of Bahrain is an ideal investment destination, thanks to the reforms backed by excellent infrastructure and regulatory regime, according to Minister.
In his opening address of first Pakistan Bahrain Business Opportunities Conference 2016 said that Bahrain is a strong investment base for Pakistani businesses that exceeds $1 billion. “These investments, ranging from Pakistani companies who have chosen to set up manufacturing or trading operations in Bahrain, stressing to capitalize existing base and cultivate further growth of trade as well as create more investment opportunities between the two countries,” Mr. Al Zayani said, adding that the existing $104million trade figure was not reflective of the existing potential on both sides.
“With the participation of the largest Pakistani economic delegation Mr. Khurram Dastgir Khan, Pakistani Ambassador to the Kingdom of Bahrain Mr. Javed Malik, Mr Khalid al Moayyed, Chairman Bahrain Chamber of Commerce and Industry said that excellent ties were the culmination of the implementation of the directives of the wise leadership and the government aimed at further enhancing the ties between the two sides.
“We have been working diligently with our colleague at Bahrain Economic Board as well as Bahrain Chamber of Commerce and Industry over the past 18 months to overhaul our investment landscape,” Mr. Al Zayani said.
“We started analyzing procedures and policies and reengineered them to streamline business set up in Bahrain. We automated our company registration process and celebrated that success in producing a company registration in 93 seconds.”
The Minister noted that four laws with a direct economic impact was redrafted and approved and we moved to liberalise 97% of our sectors to allow foreign ownership including almost 60% of then allowed as 100% foreign ownership.
“Last week at the Government Forum, HRH prince Salman bin Hamad Al Khalifa the Crown Prince Deputy Supreme Commander and First Deputy Prime Minister, announced that the time has come for the private to take the lead in Bahrain’s economy. HRH added that government role would shift from being the major contributor in the GDP to an enabler, regulator, facilitator and partner for the private sector,” the Minister said.
A number of MOUs was signed as follows:
• MOs between the Federation of Pakistan Chamber of Commerce and Industry and Bahrain Chamber of Commerce and Industry.
• MOU between Economic Development Board and PUNJAP Board of Investment and Trade.
• MOU between Economic Development Board and SINDH Board of Investment
• MOU between Bahrain Business Council and Pakistan Business Council.
