Karachi Chamber of Commerce and Industry, Business and Professional Women Network – Kuwait sign deal which aims at defining framework of cooperation and developing number of actions

Karachi, May 15, 2015 (PPI-OT): The Karachi Chamber of Commerce and Industry (KCCI) and Business and Professional Women Network – Kuwait have signed a Memorandum of Understanding (MoU) which aims at defining a framework of cooperation and developing a number of actions to strengthen bilateral relations between the two countries.

The MoU was inked by President KCCI Iftikhar Ahmed Vohra and Vice President Business and Professional Women Network – Kuwait, Ms. Mashael Alasousi at the Kuwait Chamber of Commerce and Industry during the visit of a KCCI delegation to Kuwait.

According to the MoU, both parties have agreed to establish effective consultation, cooperation and exchange of information on bilateral trade and relationships. In this regard, both parties have agreed to appoint permanent staff to serve as focal point for execution of the MoU.

Karachi Chamber and Business and Professional Women Network – Kuwait will also assist amicable and friendly settlement of trade disputes arising out of business transactions between the members through conciliation, negotiation and arbitration/ mediation wherever necessary, taking into account the international standards and conventions in this regard.

Under the MoU, both parties will also operationalize the Chamber-to-Chamber activities/ meaning liaison to foster bilateral trade and further pave way to establish Joint Chamber of Commerce and Industry.

Referring to a separate meeting with Osama Al-Nisf and Tareq Al-Mutawa who represented Kuwait Chamber of Commerce and Industry, Iftikhar Vohra said that economic cooperation and means of enhancing bilateral trade were discussed at length during the meeting. He said that authorities at Kuwait Chamber assured to support KCCI-recommended businessmen and industrialists in the process of obtaining visas.

President KCCI pointed out that Kuwait and Pakistan had always enjoyed deep friendly, business and cultural ties but Kuwait’s decision to ban visas for Pakistani nationals has strained relations between the two countries.

“We are very grateful to Kuwait for granting us a privilege of the visa to be able to come to Kuwait. However, there are many legitimate businessmen in Pakistan who wish to extend trade activities with Kuwait but are hindered due to visa restrictions”, he mentioned and urged the need to lift ban on visas for Pakistani nationals.

Iftikhar Vohra said that both countries were enjoying good relations and Pakistan seeks to create an attractive atmosphere for foreign investors. “Economic indicators affirm that Pakistan is on the right track amid progress of heavy industries”, he added.
He said that Pakistan’s economy is progressing and there is no crises or war like situation which is sometimes misunderstood due to hype created by the international media. “We feel proud to say that Pakistan army is ranked among the best armies in the world which has been working diligently to ensure peace and security in the country”, he added.

Speaking on the occasion, Osama Al-Nisf, Kuwait Chamber’s representative pointed out that although Karachi is commercial hub to Kuwait, trade exchange between the two sides was below the aspired level.

Osama Al-Nisf noted that Pakistan enjoy huge opportunities of commerce and investment in all fields, especially in the sectors of foodstuffs, building material and textiles. He urged Kuwaiti private sector to take advantage of these opportunities.

He also underlined the importance of strengthening commercial relations between the two sides, calling for providing Kuwaiti investors with required information about investment environment and fruitful projects in Pakistan. Kuwait Chamber was ready for increasing its cooperation with Pakistan, he added.

On the occasion, Tareq Al-Mutawa said that Kuwaiti investors are interested in carrying out investment projects there, urging Pakistan to provide all facilities and privileges to attract foreign investors.

Highlighting the discussions held at various meetings during the visit of KCCI delegation to Kuwait, President KCCI stated apart from meetings with officials of Kuwait Chamber of Commerce and Industry, KCCI delegation also interacted with local business organizations with an intention to look for possibilities of enhancing trade between the two countries.

“The visit surely proved to be very successful in bringing the business communities of the two countries closer as we held numerous Business-to-Business meetings with our Kuwaiti counterparts and also visited different locations of Cooperative Consumer Societies and major trade centers of Kuwait”, President KCCI said, adding that the visit of KCCI delegation, the first from a business Chamber in Pakistan in about a decade, gave a fresh impetus to trade relations between Pakistan and Kuwait.

President KCCI particularly appreciated the support and cooperation extended by Pakistan’s Ambassador in Kuwait, Muhammad Aslam Khan and Commercial Counselor Agha Saeed Ahmed which made the visit of KCCI delegation to Kuwait successful and memorable.

For more information, contact:
Aamir Hassan
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk