Islamabad ready to enhance economic cooperation with Manama in fields including AI, IT and agriculture
BAHRAIN, NOV 27 /DNA/: Prime Minister Shehbaz Sharif on Thursday said that the Gulf Cooperation Council Free Trade Agreement (GCC FTA) has been “nearly finalised” and is expected to be signed soon, adding that the pact would significantly boost Pakistan’s trade with GCC member states, particularly Bahrain.
The premier made these remarks while addressing the business community in Manama, a day after arriving in the Bahraini capital, where he held delegation-level talks with the country’s leadership at Al Qudaibiya Palace.
Addressing the gathering, the prime minister said the agreement would open new avenues for economic cooperation, investment and market access. He urged Bahraini investors to explore opportunities in Pakistan’s industry, agriculture, IT and fintech sectors.
“This will enhance trade between Pakistan and the GCC countries, particularly with Bahrain,” he said, inviting Bahraini businesses to form partnerships with Pakistani firms.
“I address you not just as the Prime Minister of Pakistan but as the CEO of a nation eager to partner with Bahraini entrepreneurs ready to support joint ventures, facilitate your investment plans and assist in the mutually-rewarding journey ahead of us… Whether you are a Bahraini investor exploring Pakistan or a Pakistani entrepreneur contributing to Bahrain’s great progress, let this moment be your launching pad for a bold and meaningful collaboration,” he added.
Expressing gratitude to King of Bahrain Hamad bin Isa Al-Khalifa and Crown Prince and Prime Minister Salman bin Hamad Al Khalifa for their warm hospitality to him and his delegation, he said the relationship between the two countries was based on cultural, religious, mutual respect and trust, with both having strategic cooperation for decades.
“Now we have to convert these wonderful relations into economic cooperation,” he said, and vowed to convert Pakistan’s challenge of youth bulge into a great opportunity by training them in IT, AI, vocational training, and skill training.
The premier appreciated the Pakistani community of over 100,000 in Bahrain for their contribution to the host country as well as their own homeland by sending their hard-earned remittances worth $484 million last year.
“Let me assure you that Pakistan’s doors and my own door will always remain open to all of you,” he assured and appreciated Bahrain’s visionary leadership, making the country emerge as a “beacon” of economic growth, financial innovation and human-centred development, also serving as inspiration for Pakistan.
Earlier, in his remarks, Bahrain’s Finance Minister Salman bin Khalifa Al Khalifa, said that the generations of Pakistanis had played a vital role in Bahrain’s growth, with many having made the kingdom their second home.
He said that Pakistan’s financial institutions had been important contributors to Bahrain’s financial sector for over half a century.
The minister said that Bahrain was witnessing a generational transformation as the region was becoming a centre of innovation, sustainability, and technological excellence, in which Bahrain was playing a leading role.
Similarly, in digital technology, Bahrain’s high-capacity subsea cables and expanding digital infrastructure were positioning it as a regional center for data and connectivity, opening opportunities for Pakistani firms in software engineering, artificial intelligence, cybersecurity, and next-generation digital services.
The finance minister said that as Bahrain was advancing Vision 2030 and laying the foundations for Vision 2050, it saw Pakistan as a partner in a shared economic future.
DPM Dar meets Bahrain’s finance minister
Pakistan and Bahrain on Thursday decided to establish joint teams of relevant officials to chalk out a roadmap for future collaboration in the fields of finance, banking, commerce and economy.
The bilateral ties and cooperation were discussed in a meeting between Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar and Bahrain’s Minister for Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa, the Foreign Office said.
The meeting was held as a follow-up to the discussion between Prime Minister Shahbaz Sharif and Prime Minister and Deputy Supreme Commander of Bahrain, Prince Salman bin Hamad Al Khalifa.
The discussion between DPM Ishaq Dar and Shaikh Salman focused on enhancing cooperation in the finance sector.
Citing their significant progress in Fintech, Bahraini side offered to share its expertise with the Pakistani banking sector.
The two ministers also discussed avenues of cooperation between the central banks of the two brotherly countries.
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