Prime Minister Mian Nawaz Sharif said on Wednesday that the government of Bahrain as well as its business community could benefit immensely from the opportunities and prospects of China Pakistan Economic Corridor (CPEC). He said the CPEC is a corridor of energy, roads, motorways, pipelines, rail networks and optic fiber with an investment outlay of over US $51 billion. The Prime Minister was talking to a high level delegation comprising prominent businessmen and investors from Bahrain that called on him here at the PM Office, said a press release.
Minister for Industries, Commerce & Tourism, Kingdom of Bahrain Zayed R Alzayani was also present on the occasion. The Bahraini business delegation was led by Khalid Almoayed, Chairman, Bahrain Chamber of Commerce and Industries (BCCI). The Prime Minister further said the CPEC was not only a framework of regional connectivity, but also a game changer for the region.
He said the economic outlook of Pakistan has altogether changed in the last three years, which was being acknowledged by independent financial rating institutions. "My government after coming into power started making best of its efforts to put the economy on a path of sustained long-term economic growth. In this context, focus remained on public-private partnership in the development process, improved productivity in agriculture sector, removal of energy shortage, enhanced industrial competitiveness, better service delivery system and upgraded human capital formation", the press release quoted the Prime Minister as saying.
He said Pakistan was open for business and there were over one thousand multinational companies profitably operating in Pakistan. They enjoyed a level playing field with the domestic investors and did not face any barriers to entry or exit. They could expand capital and infrastructure without hindrance, he added.
"I am confident that investors from Bahrain will benefit from opportunities arising from the economic growth of Pakistan leading to further growth of our trade relations" he added. The prime minister said the Foreign Direct Investment (FDI) was protected under law through the acts of Parliament and the Law of Special Economic Zones has been made to meet the global challenges of competitiveness to attract FDI.
The Law allowed creating industrial cluster with liberal incentives, infrastructure, investor facilitation services to enhance productivity and reduce cost of doing business for economic development and poverty reduction, he added. The Prime Minister assured the delegation that Pakistan was a land of unlimited opportunities and offered investment opportunities in various sectors such as energy, agriculture, food processing, infrastructure, information and communication technology, textiles, apparel, surgical instruments and leather products.
He said Pakistan welcomed the initiative of establishing the Pakistan-Bahrain Joint Holding Company by Bahraini Businessmen. "We are confident that it will be successful in increasing bilateral trade and investment," he added. Minister for Finance Muhammad Ishaq Dar, Minister for Commerce Engineer Khuram Dastagir Khan,Pakistan ambassador to Bahrain Javed Malik, and other senior officials were also present during the meeting. The Bahraini businessmen appreciated the Prime Minister''s policy of welcoming foreign investment and said that they were keen to play an active role in expanding the volume of trade between both countries.