Pakistan and Azerbaijan have agreed to increase the volume of bilateral investment to 2 billion dollars.
While holding a joint press conference with the President of Azerbaijan Ilham Aliyev in Islamabad, Prime Minister Shehbaz Sharif said that both sides have agreed to invest 2 billion dollars in projects of mutual interest.
The prime minister expressed hope that the volume of investment between Pakistan and Azerbaijan is likely to increase in the coming years, hoping that the two sides will sign agreements worth $2 billion during his visit to Azerbaijan in November this year.
Prime Minister Shahbaz Sharif said that bilateral investment of less than 100 million dollars does not reflect the strength of brotherhood and friendship between the two countries. Agreed to increase bilateral trade.
President of Azerbaijan Ilham Aliyev said in a press conference with Prime Minister Shehbaz Sharif that the brotherhood between the two countries is a reflection of the deep feelings between the people of both countries, both sides will invest 2 billion dollars on various projects.
“We have reviewed several projects in the fields of energy, infrastructure, and defense industry. We will have a strong partnership on economic and commercial investment.”
During the official visit of the President of Azerbaijan to Pakistan, the official delegations of both countries sat for a meeting with each other. The Azerbaijan side was headed by the Minister of Energy Mr. Parviz Shahbazov accompanied by Mr. Sahib Mammadov, Deputy Minister of Economy, Mr. Yusif Abdullayev Executive Director Export and Investment Promotion Agency – AZPROMO, Mr. Ulvi Mansurov Executive Director of Azerbaijan Investment Company, Mr. Elchin Advisor to Minister of Digital Development and Transport, Mr. Togral Kocharli Head of GBd SOCAR Trading and Mr
The official delegation of Pakistan included Dr. Musadik Malik, Federal Minister for Petroleum and Water Resources, Mr. Awais Leghari, Federal Minister for Power, Mr. Abdul Aleem Khan, Federal Minister for Communication and Privatization, Mr. Jam Kamal Khan, Federal Minister of Commerce while Lt. General Sarfaraz Ahmed it’s National Coordinator SIFC along with federal Secretaries.
Dr. Musadik Malik received the delegation and reminded them about relations between the two countries based on Islamic solidarity and respect and cultural similarity that is visible as soon as one drives across Baku. Multan Karvansarayi clearly shows that relations existed for centuries.
Members of the delegation identified prospects for the development of trade and investment ties between the two nations. Dr. Musadik Malik. The Federal Minister for Petroleum delivered a PowerPoint presentation on available investment options. Dr Musadik Malik stressed that there was a dire need to enhance economic diplomacy to diversify the relationship. Currently Pakistan, is eyeing the diversified/markets in the region and is keen to partner with economic corridors right from central Asia to Europe.
He dwelled on the large investment prospects in mines and minerals especially in gold and copper. Azerbaijan had mining expertise. It could extend cooperation with Pakistan. Another item on the discussion was cooperation in the sphere of the oil and gas sector. Pakistan was a major demand point for energy. They could also jointly unlock the osspossibilitiesspecially artificial intelligence, machine learning, and training human resources. Federal Minister for Power Sardar Awais Khan Leghari highlighted the areas of investment in the power sector for Azerbaijan where it will get high returns. Mr Jam Kamal, Federal Minister for Commerce welcomed it and referred to the agreements signed during the visit of the President of Azerbaijan to Pakistan from 11-12 July 2024. In particular, he stressed that for the two sides’ private sectors, it is necessary to hold large briefings at an early stage.
Proposing an active interaction on new proposals, the Azerbaijani side stated its desire to begin working on it and, in this regard, decided to intensify the work of the working groups of both countries. Mr. Parviz Shahbazov also appreciated the Pakistan side for giving detailed information on various investment fields in Pakistan. He stressed the need to convene the working groups’ meetings at an early date.
The Pakistan delegation while acknowledging the commitment towards Azerbaijan’s investment in Pakistan and fast track on the option re-emphasized its total support on the same. Concerning the activities for both sides, it was agreed that focal persons be appointed, projects be short-listed, and presented to the leadership at an early date for consideration.
