Pakistan, Kuwait forge deeper ties in Joint Ministerial Commission

BusinessPakistan, Kuwait forge deeper ties in Joint Ministerial Commission

KUWAIT City: The 5th Session of the Pakistan-Kuwait Joint Ministerial Commission (JMC) convened from May 28-30, 2024 in Kuwait, marking a significant stride in strengthening the ties between the two nations.

Chaired by the Minister for privatization of the Islamic Republic of Pakistan Abdul Aleem Khan and the Minister for Commerce & Industry of the State of Kuwait Omar Saud Al-Omar, the session underscored a shared commitment to enhance collaboration across various sectors.

   

A high-level delegation from Pakistan, representing key Ministries including Economic Affairs, Foreign Affairs, Commerce, Overseas Pakistanis and Human Resource Development (HRD), Interior, Board of Investment (BOI), Petroleum Division and Special Investment Facilitation Council (SIFC), engaged in fruitful discussions aimed at fostering mutual prosperity.

The Under-secretary of the Ministry of Trade & Industry Ziad Abdullah Al-Najem extended a warm welcome to the Pakistan’s delegation, highlighting the pivotal role of the session in advancing bilateral relations.

The Federal Minister for Board of Investment, Privatization, and Communication Abdul Aleem Khan expressed contentment regarding the convening of the 5th Session of the Pakistan-Kuwait Joint Ministerial Commission and highlighted the focal points of bilateral discussions.

Aleem Khan underscored the significance of private sector engagement in strengthening economic ties and urged Kuwait to streamline visa procedures for Pakistanis, a crucial step in advancing economic partnership and facilitating meaningful interaction, given Pakistan’s abundant pool of skilled professionals in diverse fields.

The federal minister extended an invitation to Kuwaiti investors to leverage Pakistan’s FISC and identified key sectors ripe for investment.

The minister commended the positive outcomes including the establishment of Joint Working Groups and the successful conclusion of Memoranda in the fields of Industry, Engineering, and News Exchange.

Abdul Haleem Khan further conveyed appreciation to the Kuwaiti counterparts for their hospitality and to the experts for their dedication in advancing mutual interests.

The Secretary at the Ministry of Economic Affairs Dr. Kazim Niaz and head of delegation at technical level, emphasized the potential of the JMC in augmenting trade and fostering cooperation in education, science, and culture, laying the groundwork for a robust partnership.

Dr. Kazim Niaz also lauded Kuwait’s investment in Pakistan strategic sectors, expressing optimism for mutual economic and cultural benefits.

The deliberations during the session encompassed a wide spectrum of sectors including Commerce and Trade, Food Security & Livestock, Maritime & Ports, Industries & Production, Investment, Energy, Oil & Natural Resources, Overseas Employment, Visa, Higher Education, Science & Technology, Banking & Finance, Taxation, Arts and Culture, Sports & Tourism, Health, Information & Broadcasting and Development Cooperation.

The key outcomes of the session included the agreement to sign a loan agreement US$ 25 million on June 3, 2024 for the Mohmand Dam, with assurances of support from the Kuwait Fund for engaging the Arab Coordination Group in financing the Diamer Bhasha Dam.

Additionally, the Fund expressed its willingness to consider the financing request from the government of Pakistan for the Kachhi Canal project.

During the JMC proceedings, significant strides were made with the signing of Memorandum of Understanding (MoUs) and agreements in the fields, such as Industrial cooperation, Engineering Councils, and News Exchange.

Additionally, consensus was reached to formalize MoUs for collaboration in Agriculture, Maritime & Ports, Avoidance of Double Taxation, Quality & Safety Standards and high Education Commission.

Both sides also agreed to establish Joint Working Groups (JWGs) to address matters pertaining to Trade & Investment as well as Visa & Consular Affairs.

In conclusion, Abdul Aleem Khan expressed gratitude to Kuwait for hosting the 5th Session of the Pakistan-Kuwait JMC, acknowledging the diligent efforts of experts from both nations.

The minister looked forward to the 6th Session of the JMC in Islamabad, anticipating significant progress in all areas of mutual interest.

The Minister for Commerce & Industry of the State of Kuwait Omar Saud Al-Omar reiterated Kuwait’s unwavering commitment to implementing the discussed measures, reaffirming the mutual determination to foster a dynamic partnership between Pakistan and Kuwait

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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