Business Recorder | 15 March 2014
Pakistan, Bahrain to sign BIT: King Hamad due on March 18
Pakistan and Bahrain will sign Bilateral Investment Treaty (BIT) in addition to other pacts during the visit of King of Bahrain Hamad Bin Isa Al-Khalifa, official sources told Business Recorder. Bahraini King is scheduled to visit Pakistan from 18-19 March 2014 along with a high-level business delegation.
The sources said King of Bahrain will have official dialogue with Prime Minister Nawaz Sharif. The visit is being seen as part of a series of high-level visits in recent weeks that included the visit of Saudi Crown Prince and Deputy Prime Minister Prince Salman bin Abdul Aziz.
King of Bahrain would lead a high powered business delegation to explore investment and trade opportunities in Pakistan. "The visit holds significance as it is meant to reciprocate the administration and confidence shown by Bahraini business community in Pakistan," the sources added. On the sidelines, Board of Investment (BoI) will arrange Pak-Bahrain investment seminar (presentation/Business to Business (B2B) meetings" on 19th March. Pakistani officials will highlight investment and trade opportunities in Pakistan.
The visit of King of Bahrain to Pakistan in the backdrop of the regional developments carries conspicuous diplomatic significance as new grouping is emerging in the Gulf Co-operation Council (GCC) member countries with Saudi Arabia, United Arab Emirates (UAE) and Bahrain recalling their ambassadors from Qatar recently. The sources said both countries are also expected to sign a pact regarding export of Pakistani manpower to Bahrain to be recruited in the civil defence forces. A number of Pakistanis are already working in police department. Both countries will also ink a pact on co-operation in the field of small and medium enterprises development.