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Karachi Chamber, Bahrain Chamber ink MoU

Karachi Chamber, Bahrain Chamber ink MoU

ISLAMABAD: Karachi Chamber of Commerce and Industry and Bahrain Chamber of Commerce and Industry have signed a Memorandum of Understanding in order to promote economic relations between the Islamic Republic of Pakistan and the Kingdom of Bahrain.

The MoU was signed by KCCI President Abdullah Zaki and Bahrain Chamber’s Chairman Khalid Al-Moayed during a ceremony held in Islamabad which was attended by Federal Commerce Minister, Khurram Dastgir and other senior officers of Commerce Ministry along with prominent personalities of the business community.

According to MoU, both chambers will regularly exchange market information, business opportunities and economic delegation for promoting trade, investments and commercial exchange between the two countries and also extend cooperation among entrepreneurs and organizations in terms of their membership.

KCCI and Bahrain Chamber have further agreed to foster friendship and understanding between the business communities in both countries and promote cooperation in trade, investment, technology transfer, services, innovation franchise and all industrial sectors.

Both chambers will cooperate between Pakistan and Bahrain SMEs Centres and develop institutional capacity for the inception and growth of SMEs in both countries.

Commenting on MoU, KCCI President Abdullah Zaki said that it will pave way for further strengthening of relations between the two countries and enhance interaction between the business communities, besides help in improving the existing trade volume.

He was of the view that the existing trade volume can be substantially raised to $ 1 billion in the next few years by focusing on potential areas. Bahrain can help Pakistan in meeting its energy related requirements whereas Pakistan can provide agriculture products to different cities of brotherly country through joint projects with Bahraini investors, he added.

Abdullah Zaki was of the view that Bahrain and Pakistan share common faith, culture and values which strengthens the bond between the two countries. Pakistan has contributed in many ways towards the development of the Kingdom of Bahrain and there are over 60,000 Pakistanis working and living in the kingdom as respected individuals.