BE2C2 Report — Pakistan Prime Minister Nawaz Sharif has proposed establishment of a Pakistan Kuwait Joint Business Council for promotion of trade relations between the two countries, particularly in the private sector.
He was talking to Prime Minister of Kuwait Sheikh Jaber Al Mubarak Al-Hamad at Bayan Palace in Kuwait on Tuesday, Radio Pakistan reported.
Referring to the level of bilateral trade between the two countries, the prime minister reiterated the need to further enhance it 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,” Sharif said.
Over 114,000 Pakistanis live in Kuwait and remit a substantial amount annually back home.
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.
The Pakistani 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 under the $56 billion China Pakistan Economic Corridor.
Economic managers of Pakistan last September gave go-ahead to Kuwait Petroleum Corporation for setting up a multi-million dollar oil refinery with storage facilities in the coastal area of Balochistan.
Kuwait is also taking interest in solar energy power in the southern province where Gawadar port will serve as gateway for the Middle East and Africa for China, Central Asian countries and beyond.
The Ener Tech (Kuwaiti investment company) will install from 50 MWs to 500 MWs solar power generation plants in Balochistan province under a phase wise program.