KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) and Bahrain Chamber of Commerce and Industry (BCCI) have signed a Memorandum of Understanding (MoU) in order to promote economic relations between the Islamic Republic of Pakistan and the Kingdom of Bahrain.
The MoU was signed by President Karachi Chamber, Abdullah Zaki and Chairman Bahrain Chamber, Khalid Al-Moayed during a ceremony held in Islamabad which was attended by Federal Commerce Minister, Khurram Dastgir Khan and other senior officers of Commerce Ministry along with prominent personalities of the business community.
According to the 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.
Karachi Chamber 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, President KCCI, Abdullah Zaki, said that it will pave way for further strengthening relations between the two chambers 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 US$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 faiths, cultures and values which strengthen 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.