Daily Times

ISLAMABAD: Prime Minister Nawaz Sharif has proposed establishment of a Pakistan Kuwait Joint Business Council for promotion of trade relations between the two countries.

He was talking to Kuwaiti Prime Minister Sheikh Jaber Al Mubarak Al-Hamad at Bayan Palace in Kuwait on Tuesday. The prime minister pointed out that Pakistan and Kuwait have been economic and trade partners for long and Pakistan wished to further enhance its relations with Kuwait in all spheres.

He added that the Joint Ministerial Commission provides the best platform to take stock of bilateral cooperation in various economic sectors and setting new benchmarks to carry this cooperation forward.

Referring to the level of bilateral trade between the two countries, the prime minister reiterated that this needed to be further enhanced to its fullest potential. Encouraging greater private sector interaction could enhance the existing level of trade as well as bridge the imbalance in existing trade patterns.

Nawaz Sharif said over 114,000 Pakistanis live in Kuwait which was evidence of the strong ties existing between the two countries. It also confirmed the immense importance that Pakistan attaches to relations with Kuwait.

He also emphasised the importance of early resumption of GCC- Pakistan Free Trade Agreement negotiations with the support of Kuwait and most importantly spoke of the need for lifting of visa restrictions as it would remove a major hurdle in freedom of movement for the business community.

He stressed that Pakistan was an investment friendly country and an attractive destination for foreign investors, due to its liberal investment policy and high rate of return. There are ample opportunities for investors, with one hundred percent equity or joint ventures in Pakistan. Over 1,000 leading multinational companies are currently successfully operating in various sectors of our economy.

The prime minister said there were a number of energy and infrastructure development projects in Pakistan that could be considered by foreign investors. He said we would welcome further investments from Kuwait in mega infrastructure and energy projects being undertaken in Pakistan. Earlier Nawaz Sharif was accorded a warm welcome upon arrival at the Bayan Palace with a guard of honour.