MANAMA: Industry and Commerce Minister Dr. Hassan Fakhro on Sunday highlighting the salient aspects termed HM King’s 1st visit to Pakistan as exhilarating and result oriented.
“We believe that Pakistan is on the verge of a new wave of development, a development which Bahrain, as a close friend and trading partner, can assist with by cooperating with our Pakistani friends especially in food security to stimulate joint trade and investment,” Dr Fakhro told the participants of the Forum.
“It is not Governments that undertake trade; it is the people and businesses that make up our respective economies. It is our job as Governments, to facilitate commercial exchange by ensuring that there are no legal, regulatory or physical impediments and through our political channels, create a dialogue which is conducive to bringing our respective private sectors together,” he said.
The 1st Pakistan-Bahrain Investment Forum was opened at the Ritz Carlton Hotel under the auspices of The Forum was organized by the Ministry of Industry and Commerce and the Embassy of Islamic Republic of Pakistan in Bahrain.
During the opening ceremony Dr. Fakhro delivered a speech welcoming all to ‘Pakistan-Bahrain Investment Forum’, and thanking Ambassador Saleem and his staff at the Embassy of the Islamic Republic of Pakistan, for their energy and efficiency in organizing this event.
Dr. Fakhro confirmed that he timing of this Forum could not be more appropriate, coming few days after the historic visit of His Majesty King Hamad Bin Isa Al-Khalifa to the Islamic Republic of Pakistan, and thus providing us with the opportunity of building on the most positive dialogue and results of His Majesty’s visit.
He added that His Majesty’s foresight and proactive approach to international relations and building political, economic and social ties will turn a new Chapter in the relations between our two brotherly countries, and this Forum will allow us, if you will, to strike whilst the iron is hot.
“I believe that we already have a head-start, our relations go back long before 1971, when official diplomatic relations were established, there are some 100,000 Pakistan nationals living and working in Bahrain, in all walks of life, and in both the public and private sectors. Our mutual trade and investment is growing, and in fact our non-oil trade increased by more than 65% in the period between 2006 and 2011 to reach US$157 million in 2011, and the overall trade volume that includes both oil and non-oil trade is up over 100% at US $ 400 million over the same period. I would say that this is a clear indication that we have an excellent foundation on which to build future cooperation.”
He added that the Ministry of Industry and Commerce holds an annual “Invest in Bahrain” event, in which we highlight key sectors and sub-sectors of the economy which, through careful analysis, we have determined to offer the potential for successful Direct Foreign Investment or Joint Ventures. These events always attract a huge audience, and over the years have garnered significant new investment, and which I am sure would be helpful for Pakistani investors, in order to get a heads-up on burgeoning opportunities in the country, and by providing a networking opportunity.
“Whether it be Islamic banking, manufacturing or commercial services, to name but a few, we have numerous complementarities, which can lead to new joint investment opportunities both in Bahrain and in Pakistan. There are actually over 400 companies currently operating in Bahrain which are either wholly owned by Pakistani investors or where Pakistani nationals are in joint venture, and these companies, together with those Bahraini companies operating in or trading with Pakistan, could well act as the nucleus for our joint effort to expand mutual relations on all fronts.”
“Bahrain welcomes all investors, and we pride ourselves on our business friendly environment. Establishing a business in Bahrain can be achieved very quickly, and practically all sectors are opened for 100% foreign investment. We do not believe in requiring national sponsors for foreign businesses; we do not characterize businesses established by non-nationals as being ‘foreign’ companies, in Bahrain all companies are regarded as Bahraini companies, and are treated as such,” the Minister said.
“Our continuously high ranking in many international business friendly indices, including the Heritage Foundation’s Index of Economic Freedom, is I believe clear evidence that Bahrain is ‘open for business’ , and we are attracting significant business, not necessarily only targeting our domestic market, but the Greater Middle East Region; using Bahrain’s central geographic position, and excellent communications as an operating base. His Majesty’s reforms and modernisation and confronting extremism and terrorism are extended, run deep and continue.”
“It is also worth drawing attention to our Free Trade Agreement with the United States, which allows companies in Bahrain to use the duty free benefit offered by the FTA to manufacture products in Bahrain for the US market,” he said.
Dr. Fakhro reaffirmed that holding such event is to explore ways of enhancing our bi-lateral relations, and in the process expanding our mutual trade and investment.