ISLAMABAD: Pakistan and Kuwait signed agreements on industrial cooperation and engineering on Thursday, as both countries committed to strengthening their economic ties for mutual benefit, according to Pakistan’s Privatization Ministry.
The agreements were signed during the fifth joint ministerial commission meeting between the two countries. Pakistan’s delegation, led by Minister of Communications, Investment Board, and Privatization Abdul Aleem Khan, visited Kuwait for this purpose.
Amidst efforts to attract foreign investment, particularly from Gulf countries such as Saudi Arabia, UAE, Oman, Qatar, and Kuwait, Pakistan is grappling with a macroeconomic crisis characterized by depleted reserves and soaring inflation.
“Pakistan and Kuwait signed agreements in the fields of industrial cooperation and engineering,” stated the privatization ministry.
Federal Minister for Investment Abdul Aleem Khan and Kuwait’s Minister of Commerce and Industry Omar Saud Al-Omar signed the agreements. During the meeting, Khan announced Pakistan’s plan to appoint a commercial consular in Kuwait to boost business activities. He highlighted intentions to enhance bilateral cooperation in pharmaceuticals, engineering, and automotive sectors.
Khan also indicated plans to invest more in food, textile, and energy sectors with Kuwait, expressing hope for relaxed visa restrictions from Kuwait.
“We will soon start visa on arrival for GCC countries,” Khan stated. “We will provide Kuwait with a Pakistani workforce including veterinary staff, doctors, nurses, and other essential sectors.”
During Prime Minister Kakar’s visit to Kuwait in November 2023, various memoranda of understanding were signed to enhance cooperation in manpower, information technology, mineral exploration, food security, energy, and defense. This visit followed the establishment of the Special Investment Facilitation Council (SIFC), a civil-military hybrid body focused on attracting foreign financing, particularly from the Gulf region, in key economic sectors.
