PM urges Kuwaiti businessmen to invest in Pakistan's mega uplift projects

• Nawaz calls for establishing Pakistan-Kuwait JBC; Calls 
• for early resumption of GCC-Pakistan FTA negotiations
• Wishes to further enhance ties with Kuwait in all spheres;
• Enhanced fraternal ties mutually beneficial for both states

KUWAIT: 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 Prime Minister of Kuwait 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. 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.

Nawaz Sharif also emphasized 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 Guard of Honor. Meanwhile, talking to Speaker of Kuwaiti Parliament Marzouq Al-Ghanim in Kuwait City, the Prime Minister emphasized the need for greater parliamentary exchanges between Pakistan and Kuwait.    

He said these exchanges will enhance relations between the two countries. Speaker Marzouq briefed the Prime Minister about the proceeding of Kuwaiti Parliament. 

Meanwhile, Prime Minister Nawaz Sharif on Tuesday proposed establishing a Pakistan-Kuwait Joint Business Council (JBC) between two apex Chambers of Commerce to address the issues of bilateral trade.

According to a statement, the Prime Minister expressed these views during a meeting and delegation level talks with Prime Minister of Kuwait, Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah at the Bayan Palace, Kuwait. 

PM Nawaz Sharif fondly recalled visit of the Kuwaiti PM to Pakistan in November 2013, coinciding with the 50th Anniversary of establishment of bilateral diplomatic relations.

The PM stated that, "More than 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."

PM 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." 

"The Joint Ministerial Commission (JMC) provides the best platform to take stock of bilateral cooperation in various economic sectors and setting new benchmarks to carry this cooperation forward," added the PM. Referring to the level of bilateral trade between the two countries, the PM 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," stated the PM.

The PM also stated that, "There was great potential for cooperation in the fields of agriculture, construction, poultry, livestock and fisheries and to this end meetings of experts of the two countries  be held to work out a plan of action."

 "There are ample opportunities for investors, with 100 percent equity or joint ventures in Pakistan. Over 1,000 leading multinational companies are currently successfully operating in various sectors of our economy," added the PM.

The PM informed that, "There were a number of energy and infrastructure development projects in Pakistan that could be considered by foreign investors." 

"We would welcome further investments from Kuwait in mega infrastructure and energy projects being undertaken in Pakistan," the PM emphasized.

During the talks, Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi, Minister of State for Foreign Affairs Tariq Fatemi and Chairman Board of Investment Miftah Ismaeel were also present. The Kuwaiti Prime Minister was accompanied by his Minister for Defence, the Minister for Finance, the Minister for Energy and other senior officials. 

Earlier, Prime Minister Nawaz Sharif was warmly greeted by his Kuwaiti counterpart when he reached Bayan Palace for talks.

A smartly turned out contingent of Kuwaiti forces presented guard of honour to Prime Minister Nawaz Sharif. National anthems of the two countries were also played at the welcoming ceremony. 

Prime Minister Nawaz Sharif on Tuesday said that strengthening and developing the fraternal ties between Pakistan and Kuwait through expanding mutual parliamentary visits, would prove mutually beneficial and emphasized on activating the role of the two chambers. According to a statement, the PM made these remarks while talking to Speaker of Kuwait Parliament, Marzouq Ali Al-Ghanim at the National Parliament of Kuwait.

The Speaker of Kuwaiti Parliament welcomed PM Nawaz Sharif and his delegation to the National Parliament of Kuwait and briefed the PM on the structure and functioning of the Kuwaiti Parliament. The PM suggested that parliamentary relations between the two chambers deserve to be raised to an advanced phase of cooperation that would better reflect the excellent relations between the two sides. 

He noted that, "Pakistan was ready to enhance contact and expand mutual visits to reflect the aspirations of the leaderships and peoples of the two countries." - NNI