Islamabad: Pakistan and Kuwait have inked a US$ 25 million loan agreement during the 5th session of the Pakistan-Kuwait Joint Ministerial Commission (JMC) held in Kuwait.
The key outcomes of the session, as per a press release issued on Friday, included finalizing the loan agreement for the Mohmand Dam, scheduled to be signed on June 3. Additionally, assurances of support from the Kuwait Fund were received for engaging the Arab Coordination Group in financing the Diamer Bhasha Dam.
Convened from May 28th to May 30th, 2024, in Kuwait, the 5th Session of the Pakistan-Kuwait Joint Ministerial Commission marked a significant milestone in strengthening bilateral ties. Chaired by Mr. Abdul Aleem Khan, Minister for Privatization, and Omar Saud Al-Omar, Minister for Commerce and Industry of Kuwait, the session reflected a mutual commitment to bolster cooperation across various sectors.
A prominent delegation from Pakistan, representing key ministries including Economic Affairs, Foreign Affairs, Commerce, Overseas Pakistanis and HRD, Interior, Board of Investment, Petroleum Division, and SIFC, engaged in constructive dialogues aimed at enhancing mutual prosperity.
Mr. Ziad Abdullah Al-Najem, undersecretary of the Ministry of Trade and Industry, extended a warm welcome to Pakistan’s delegation, underscoring the session’s pivotal role in advancing bilateral relations. The Kuwait Fund expressed readiness to consider Pakistan’s financing request for the Kachhi Canal project.
During the JMC proceedings, significant strides were made with the signing of Memorandums of Understanding (MoUs) and agreements in various fields, including industrial cooperation, engineering councils, and news exchange.
Furthermore, both sides agreed to formalize MoUs for collaboration in agriculture, maritime, and ports; avoidance of double taxation; quality and safety standards; and higher education commissions. The establishment of Joint Working Groups (JWGs) to address trade and investment matters, as well as visa and consular affairs, was also agreed upon.
Abdul Aleem Khan, Federal Minister for Board of Investment, Privatization, and Communication, Pakistan, expressed satisfaction with the outcomes of the 5th Session of the Pakistan-Kuwait Joint Ministerial Commission and highlighted the focal points of bilateral discussions.
Dr. Kazim Niaz, Secretary, Ministry of Economic Affairs, and head of the delegation at the technical level, emphasized the potential of the JMC in augmenting trade and fostering cooperation in education, science, and culture, laying the groundwork for a robust partnership. He also lauded Kuwait’s investment in Pakistan’s strategic sectors, expressing optimism for mutual economic and cultural benefits.
In conclusion, Abdul Aleem Khan expressed gratitude to Kuwait for hosting the session, anticipating significant progress in all areas of mutual interest at the 6th session of the JMC in Islamabad. Omar Saud Al-Omar reiterated Kuwait’s commitment to implementing discussed measures, reaffirming the determination to foster a dynamic partnership between Pakistan and Kuwait.
