The Board of Investment (BoI) arranged a business forum Monday for the facilitation of Kuwaiti investors, businessmen who are on a visit to Pakistan along with the Prime Minister of State of Kuwait. The Prime Minister of State of Kuwait is visiting Pakistan from November 10-11, 2013 on the invitation of Prime Minister Nawaz Sharif.
On the sidelines of the visit, the BoI organised Pak-Kuwait Business Forum, which was attended by prominent businessmen from both the countries. Pakistan side was led by Mohammad Zubair, Chairman BoI while the Kuwaiti side was led by Bader Mohammad Al-Saad, Managing Director, Kuwait Investment Authority (KIA).
The Chairman BoI said trade between the countries stands at $4 billion, which is not at par with the potential that exists in both the countries. Kuwait is Pakistan''s third largest economic partner in the Gulf Co-operation Council (GCC) countries and a major source of petroleum products. Kuwait has a marvellous potential for Halal food products and a little attention towards this particular sector could give a quantum jump to our bilateral trade.
Similarly, during last five years, Kuwaiti Foreign Direct Investment stood at $154.2 million which also does not reflect the real potential between the two brotherly states. Pakistan is keen to take Pak-Kuwait bilateral trade and investment ties to new heights and I am confident that mutual interaction of businessmen and entrepreneurs of the two countries would help explore new avenues for investment and trade, he added.
Businessmen from both sides discussed various ways and means to further enhance the level of co-operation between the two countries in various areas of mutual co-operation, particularly in the areas of trade and investment along with agriculture, energy, commerce and trade. Various presentations were also made by the senior officers from the Board of Investment, Private Power Infrastructure Board, Petroleum & Natural Resources and Commerce & Textile Industry highlighting the potential for trade and investment in their relevant areas.
Bader Mohammad Al-Saad reiterated the commitment of Government of State of Kuwait to enhance the share of their investment and trade in Pakistan. He said both investment promotion Agencies - Board of Investment and Kuwait Investment Agency - are going to sign a Memorandum of Understanding (MoU) and the main objective is to strengthen joint investment co-operation between the two countries and to create partnerships to promote investment and trade.
Imran Afzal Cheema, Secretary, BoI in his concluding remarks emphasised on Kuwaiti businessmen and investors to explore Pakistan''s enormous economic potential and discover opportunities in various areas particularly in agriculture and energy sector which is backed by investor-friendly policies.
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