Manama: Mahmood Rafique, Editor: The latest initiatives and reforms undertaken by the Government of Pakistan have created immense investment opportunities for Bahraini and Gulf investors.
HE Mohammed Ayub, Ambassador of the Islamic Republic of Pakistan in Bahrain during an interview with The24X7News (www.twentyoursevennews.com) while highlighting the incentives available to foreign investors said the Government of Prime Minister Imran has undertaken transformational and infrastructural reforms to facilitate investors and ensure Ease of Doing Business.
“World Bank in its Annual Report on ‘Doing Business 2020’ has ranked Pakistan, among the ‘most improved economies’ in Ease of Doing Business in the world and elevated its position by 28 places. A pro-business investment policy ensures 100% equity ownership, full repatriation of capital, tax breaks, and customs duty concessions on the import of plant, machinery, and raw materials.”
“Pakistan and Bahrain enjoy a long history of friendship and cooperation for mutual benefit. The two countries help each other in different areas of mutual interest and closely consult each other at the international fora. The friendship between our two nations is exemplary and going from strength to strength. The Prime Minister of Pakistan paid a state visit to Bahrain on 16 December 2019 as a Guest of Honour on the National Day of Bahrain. He came on the special invitation of His Majesty King Hamad bin Isa Al Khalifa. Foreign Minister Shah Mahmood Qureshi visited Bahrain on 28 July to co-chair the Joint Ministerial Commission meeting. The current year is a landmark year in the history of Pakistan-Bahrain bilateral relations. We are celebrating the year 2021 as the 50th anniversary of diplomatic relations, enduring friendship and centuries-old fraternal ties,” he said.
“Pakistan is a market of 220 million consumers with a middle-income class of over 80 million people. Pakistan is the 2nd youngest population in the world,” he said, adding that Prime Minister Imran Khan’s vision is to turn Pakistan into a knowledge-based economy and innovation hub by utilizing the energies of the youth.
“Pakistan’s unique geo-strategic and geographic location at the confluence of South Asia, Central Asia, West Asia and Northwest China makes it a natural regional economic hub and energy corridor. Pakistan is connected to Western China through the China-Pakistan Economic Corridor (CPEC) under the umbrella of the Belt Road Initiative (BRI). Prime Minister Imran Khan’s vision is focused on economic security and regional connectivity. Therefore, peace and stability in Afghanistan is in Pakistan’s interest.”
While referring to investment opportunities under CPEC, he said, CEPC is a flagship project of China’s Belt and Road Initiative. “With an outlay of more than US$ 62 billion under CPEC, huge investments are underway in infrastructural projects. CPEC provides many investment opportunities for businesses and investors from friendly countries. In this regard, we are very keen to work closely with Bahrain and other regional countries.”
HE Ambassador mentioned two sectors with a huge potential for Bahraini investors i.e., tourism and food security. “We are inviting foreign investors, including Bahrainis to benefit from the vast untapped potential of investments in tourism infrastructure projects such as hotels, resorts and parks etc. Likewise, food insecurity is a major global issue. Climate change, soil erosion, water scarcity, and most recently the Covid- 19 pandemic are adversely impacting the food security and supply chains. Pakistan’s fertile land and the four seasons of Pakistan make it suitable to grow almost every type of fruit, vegetable and food grain,” he said.
“Pakistan is the fourth largest producer of milk in the world, and one of the leading producers of high quality Hilal meat and dairy products, at a low price. Bahraini investors can make profitable investments in food supply chain projects such as building capital-intensive food storage facilities, processing, packaging and transportation to ensure sustainable food supply,” HE said.
The untapped tourism sector, he said, could be attraction for Bahraini tourists. “Pakistan is a land of great ancient civilizations, sacred religious places, highest mountains, wild deserts, green fields and pristine beaches. We have taken number of steps to encourage tourism including reduction in visa fees and introduction of online visa system. Pakistan International Airline and Gulf Air are operating flights to almost all major cities of Pakistan to boost our fraternal relations and extensive interaction between our two nations. To bring our people further closer, the Government of Pakistan has extended visa on arrival facilities to citizens of Bahrain. The tourism sector of Pakistan is steadily opening after easing the COVID-19 situation, and I welcome Bahraini friends to explore the scenic beauty, rich culture and hospitality of our country.”
“We are very keen to further expand trade and economic relations with the Kingdom of Bahrain. Joint Ministerial Commission (JMC) is a strong institutional mechanism between Pakistan and the Kingdom of Bahrain for the promotion of economic cooperation. The Commission held its 2nd meeting on 28-29 July in Manama. Foreign Minister Makhdoom Shah Mahmood Qureshi and Foreign Minister Dr. Abdullatif bin Rashid Alzayani reviewed the entire spectrum of bilateral economic relations. Pakistan and Bahrain signed an MoU at the conclusion of the JMC. The MoU will promote businesses between the two countries by working jointly towards business growth and greater business harmony. We see Kingdom of Bahrain as ideal gateway to GCC market. As to the potential areas of cooperation, I see lot of mutually beneficially opportunities in the areas of trade and investment, food security, energy sector, tourism, education, training and development.”
“Pakistan has historically been home to great educational and training institutions. According to QS International Universities Ranking of 2021, Pakistan had four universities in top 700 Universities of the world with National University of Science and Technology (NUST) at the top in Pakistan. These universities offer internationally accredited courses in Engineering, IT, Finance, Management and Humanities. Moreover, Pakistan offers state of the Art Medicine education and training which is not only globally recognized but also provides highly qualified doctors across the world. In addition, Pakistan’s Chartered Accountants Certifications also are highly sought after. Pakistan can be a hub for the Gulf students including Bahrain for its globally acclaimed educational institutions and training centers.”
