Pakistan and Kuwait are set to sign a $25 million loan agreement for the Mohmand Dam on June 3.
This was decided at the Fifth Joint Ministerial Commission Meeting held in Kuwait on Thursday, co-chaired by Pakistan's Minister of Privatization and Investment Abdul Aleem Khan and Kuwait's Minister of Commerce Omar Saud Al Omar. The high-level event saw participation from key ministerial sectors of Pakistan.
During the meeting, Abdul Aleem Khan highlighted the importance of easing visa procedures for Pakistanis and invited Kuwaiti investors to take advantage of opportunities within Pakistan's Special Investment Facilitation Council. He emphasized the potential benefits of investing in Pakistan's growing economy.
The commission also discussed assurances of the involvement of Arab Coordination Group for the financing of Diamer Bhasha Dam. The discussions underscored the importance of regional cooperation in addressing Pakistan’s energy needs.
Several agreements and memorandums of understanding (MoUs) were signed to foster cooperation in various sectors. These included:
- Industry
- Maritime and ports
- Avoidance of double taxation
- Higher Education Commission
Additionally, the establishment of joint working groups was agreed upon, aiming to streamline and enhance collaboration between the two nations.
Abdul Aleem Khan expressed optimism about the significant progress made during the meeting and looked forward to further advancements in the sixth meeting, expected to take place in Islamabad.
Ease of doing business
In a related development, the federal minister chaired a special meeting in Islamabad on Friday focusing on improving the ease of doing business in Pakistan. He directed the Board of Investment to streamline the registration process for new businesses by providing one-window and online facilities. He stressed the importance of removing unnecessary regulations to accelerate investment.
Khan outlined the need for a clear and efficient Pakistan Business Portal and urged all relevant departments, including the Federal Board of Revenue (FBR) and the Securities and Exchange Commission of Pakistan (SECP), to cooperate fully in supporting business startups.
He announced plans for a coordinated briefing on ease of doing business to be presented to the prime minister and called for consideration of other models to enhance the business portal.
