ISLAMABAD: Pakistan and Kuwait have agreed to sign a loan agreement of $25 million on 3rd June 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.
Further, the Fund expressed its willingness to consider the financing request from the Government of Pakistan for the Kachhi Canal project.
According to an official statement issued by the Ministry of Economic Affairs, the 5th Session of the Pakistan-Kuwait Joint Ministerial Commission (JMC) convened from 28th to 30th May, 2024 in Kuwait, marking a significant stride in strengthening the ties between the two nations.
Chaired by Abdul Aleem Khan, Minister for Privatisation and Omar Saud Al-Omar, Minister for Commerce and Industry of the State of Kuwait, 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 HRD, Interior, Board of Investment, Petroleum Division and SIFC, engaged in fruitful discussions aimed at fostering mutual prosperity.
Ziad Abdullah Al-Najem, under-secretary of the Ministry of Trade and Industry, extended a warm welcome to Pakistan’s delegation, highlighting the pivotal role of the session in advancing bilateral relations.
Abdul Aleem Khan, Federal Minister for Board of Investment, Privatization, and Communication, Pakistan, expressed contentment regarding the convening of the 5th Session of the Pakistan-Kuwait Joint Ministerial Commission and highlighted the focal points of bilateral discussions.
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. He extended an invitation to Kuwaiti investors to leverage Pakistan’s Special Investment Facilitation Council and identified key sectors ripe for investment.
He 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. He further conveyed appreciation to the Kuwaiti counterparts for their hospitality and to the experts for their dedication in advancing mutual interests.
Dr Kazim Niaz, secretary Ministry of Economic Affairs and head of delegation at the 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 Niaz also lauded Kuwait’s investment in Pakistan’s 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 and livestock, maritime and ports, industries and production, investment, energy, oil and natural resources, overseas employment, visa, higher education, science and technology, banking and finance, taxation, arts and culture, sports and tourism, health, information and broadcasting and development cooperation.
During the JMC proceedings, significant strides were made with the signing of memorandums of understanding (MoUs) and agreements in the fields, such as industrial cooperation, engineering councils, and news exchange. Additionally, consensus was reached to formalise MoUs for collaboration in agriculture, maritime and ports, avoidance of double taxation, quality and safety standards and high education commission.
Both sides also agreed to establish Joint Working Groups (JWGs) to address matters pertaining to trade and investment as well as visa and consular affairs.
Copyright Business Recorder, 2024
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