Manama, Nov. 26 (BNA): His Excellency Muhammad Shehbaz Sharif, the Prime Minister of the Islamic Republic of Pakistan, was honored at a reception organized by Deputy Prime Minister Shaikh Khalid bin Abdullah Al Khalifa.
Deputy Prime Minister holds reception for HE Pakistani Prime Minister
The Deputy Prime Minister, Dr. Abdullatif bin Rashid Al Zayani, Minister of Foreign Affairs, and Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, welcomed HE Prime Minister Sharif to the Arcapita building in Bahrain Bay.
Shaikh Khalid bin Abdullah greeted HE the Pakistani Prime Minister at the reception, pointing out that the visit represents a significant milestone in the two nations’ collaboration and the ongoing growth of their bilateral ties.
He emphasized how the Kingdom of Bahrain and Pakistan’s economic ties have steadily grown and developed into a partnership based on mutual investment opportunities, especially in the financial, digital, and industrial sectors. This partnership benefits from Bahrain’s advanced economic environment and both economies’ capacity to support promising partnerships.
The Deputy Prime Minister also praised the significant role played by Pakistani businesses operating in Bahrain, pointing out their contribution to the country’s economic diversification. He also mentioned that the upcoming period offers more opportunities for boosting investment amid regional economic shifts and new trends in innovation and cutting-edge technologies.
He emphasized the Kingdom’s determination to keep working with Pakistan to investigate new areas that complement both nations’ goals and offer more chances for the private sector on both sides to participate in cooperative projects that enhance economic cooperation and advance the interests of both nations and peoples.
Shaikh Salman bin Khalifa gave a speech at the reception, highlighting the long-standing ties and contributions of the Pakistani community to Bahrain’s development as well as the contribution of Pakistani financial institutions like National Bank of Pakistan, United Bank Limited, and Habib Bank to the development of the Kingdom’s financial sector over more than 50 years.
The Finance Minister emphasized that Bahrain and Pakistan now have a forward-looking engagement built on common goals rather than only traditional cooperation. He clarified that this change was made possible by the Promotion and Protection of Investment agreement that was struck ten years ago, which gave investors the confidence to explore more opportunities. He pointed out that since 2020, bilateral trade has surpassed $1.5 billion, and over the last six years, foreign direct investment from Pakistan to Bahrain has grown by more than 70%. He continued by saying that more than 9,400 Bahraini businesses currently have Pakistani partners, all of which support Bahrain’s economic prosperity.
He emphasized that the first Bahrain-Pakistan Investment Forum earlier this year showed that the focus of economic cooperation is now on capabilities, chances for innovation, and the creation of new collaborative industries.
According to Shaikh Salman bin Khalifa, the Gulf Cooperation Council region is going through a generational shift and developing into a global center for innovation, sustainability, and cutting-edge technology. According to him, Bahrain is leading this change by developing an integrated ecosystem that supports innovation, entrepreneurship, and bold concepts as a basis for long-term, sustainable development.
In terms of particular industries, he noted that Bahrain’s sophisticated regulatory structure, domestic know-how, and flourishing fintech sector offer Pakistani banks and entrepreneurs the perfect platform to grow both domestically and globally. He emphasized that Bahrain’s cloud-first policies, high-capacity submarine cables, and sophisticated digital infrastructure make it a regional center for data and communications, creating opportunities for Pakistani businesses in the fields of software engineering, artificial intelligence, cybersecurity, and contemporary digital services.
In the industrial sector, Bahrain’s competitive manufacturing base, preparedness for Fourth Industrial Revolution technologies, and access to regional markets foster a flourishing environment for industrial partnerships in metals, automotive components, electronics, and advanced technologies, the Finance Minister continued.
He said that Bahrain views Pakistan as a partner in creating a shared economic future built on resilience, innovation, and inclusive prosperity as it looks ahead to its Economic Vision 2030 and lays the groundwork for Vision 2050.
Shaikh Salman bin Khalifa emphasized Bahrain’s aim to develop a cooperation capable of creating new industries, empowering both peoples, speeding technological growth, and improving their contribution to regional and global wealth.
In closing, he expressed gratitude for the progress that has been made thus far, celebrated continued advancements, and looked forward to working with Pakistan’s prime minister to create the future.
The Deputy Prime Minister went with HE Prime Minister Sharif after the reception to discuss Bahrain’s investment benefits, business climate, significant development initiatives, and the Bahrain Economic Development Board’s role in encouraging investment in important industries and bolstering economic diversification.
Direct talks with business executives from both sides were also held during the event to go over potential investment prospects, talk about future collaboration, and figure out how to build on the momentum in bilateral relations to strengthen economic engagement in the future.
