MANAMA, Bahrain: A Memorandum of Understanding (MoU) was signed between the Board of Investment of Pakistan and the Economic Development Board of Bahrain for cooperation between the two promotion agencies.
The signing of the MoU was a key feature of the Second Session of Pakistan Bahrain Joint Ministerial Commission (JMC) held in Manama.
The MoU was signed by Mr. Jamil Ahmed Qureshi, Director General, Board of Investment and H.E. Mr. Khalid Ebrahim Humaidan, CEO Bahrain Economic Development Board.
The MoU shall remain enforced for a period of two years and maybe renewed later subject to mutual approval by both parties.
Pakistan and Bahrain have fostered a climate of innovation and advancement and foresee opportunities for strength and synergies to be cultivated, thereby creating successful and prosperous business relationships.
The Countries have expressed the desire to harness and enhance collaborative and cooperative business initiatives emanating from the Board of Investment and Economic Development Board.
In his opening remarks, His Excellency, Dr. Abdullatif Bin Rashid al Zayani warmly welcomed the Pakistani delegation and expressed appreciation to the Pakistani co-chair for his keen interest to enhance and build upon the deep-rooted relationship between the two countries.
The Head of the Pakistani delegation, H.E. Makhdoom Shah Mahmood Qureshi thanked the Bahraini side for the warm welcome and hospitality extended to His Excellency and his delegation. Both sides highlighted the importance of regular meetings of established bilateral mechanisms and high-level bilateral visits.
In regards to economic cooperation, the countries recognized the great potential for further developing sectors of mutual interest with a 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, business delegations etc. was also reached during the meeting.
The two sides also concurred to start negotiation towards a Comprehensive Economic Partnership Agreement (CEPA).
The Pakistani side shared a list of Pakistani exporters of auto parts as part of possible cooperation in the sector.
Furthermore, Pakistan and Bahrain have agreed to develop cooperation between the various textile associations in the two countries and have strongly welcomed cooperation at parliamentary level, emphasizing the exchange of bilateral visits.
The two Countries have decided to hold the third meeting of Pakistan Bahrain Joint Ministerial Commission in Islamabad in 2022 on mutually agreed dates to be communicated through diplomatic channels.