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Thursday, 20 March 2014

Bahrain asked to focus on Islamic banking in Pakistan

KARACHI: Bahrain should look into unmatched business opportunities in Pakistan with a special focus on project-based financing and Islamic banking, said President FPCCI Zakaria Usman while speaking at a meeting of Bahrain-Pakistan Business Council on the eve of three-day official visit of Bahrain’s King Sheikh Hamad bin Isa bin Salman Al-Khalifa to Pakistan.

Bahrain’s Minister of Industries and Commerce Dr Hassan A Fakhro, Bahrain’s Minister of Transport Kamal Muhammad Ahmed, Chairman Bahrain Chamber of Commerce and Industry Khalid Almoayed, Federal Minister of Commerce Khurram Dastagir Khan, former President FPCCI Zubair Ahmed Malik VPs FPCCI Khurram Sayeed, Babar Khan Durrani, Sheikh Imtiaz and Adnan Adeel and large number of businessmen of both the countries were also present on the occasion.

Zakaria Usman said that Pakistan is the closest neighbour of Bahrain in region that has a vibrant economy, 413 financial institution, and facility of low cost of living but bilateral trade remained modest to $400 million which is tilted in favour of Manama.

Almost 400 Pakistani companies are working in Bahrain and the number is rising which prove that the size and economic structure of both the brotherly countries is different but they are sharing many similarities.

The FPCCI chief said that Pakistan is emerging from economic and political turmoil after more than a decade and are experiencing new economic beginning to move Pakistan forward which is a great opportunity for foreign investors.

Zakaria Usman said that Bahrain has central location in gulf with a highly diversified economy and that enhanced linkages will boost flow of investments. Pakistan can learn from Bahrain’s economic diversification and expertise in energy sector.

The business leader said that an early trade treaty between the two countries would benefit each other as Pakistani textiles should find place in US market due to Bahrain’s FTA with America and Manama can explore markets neighbouring Pakistan.

He also stressed that Pakistan is an ideal market for investments, especially in the light of GSP plus status which has been granted for a decade. He also emphasised that Pakistan offers best investment opportunities in the region while is has been introducing new concepts for investments.

Pakistan offer best investment policies as almost 700 foreign companies operating in and making profits in Pakistan, a heaven for investors and a country of four seasons with population of youth standing at 60 percent.

Many MoUs were signed on the occasion including one between FPCCI and Bahrain Chamber of Commerce.

(Daily Times / 20 March 2014)
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