Pakistan and Azerbaijan explored avenues to enhance bilateral investments up to $2 billion in mutually beneficial projects during President Ilham Aliyev’s official visit to Islamabad.
President Aliyev arrived in Islamabad for a two-day official visit from July 11-12, at the invitation of Prime Minister Shehbaz Sharif.
In a joint press stakeout with President Aliyev, after witnessing the signing of agreements and Memorandums of Understanding (MoUs) in various sectors, Prime Minister Shehbaz Sharif announced, “We have discussed an initial figure of $2 billion investment in areas of mutual beneficial projects.”
The prime minister expressed optimism that by his planned visit to Azerbaijan in November this year, the two countries would be ready to formalize agreements worth $2 billion, noting the potential for this figure to multiply in the future.
“In today’s in-depth conversation, we have agreed to enhance our bilateral trade besides discussing areas of joint cooperation and joint investments,” he added.
Prime Minister Shehbaz emphasized that the current bilateral investment volume of less than $100 million does not reflect the strong brotherhood and friendship between the two nations in the field of joint investments. He expressed satisfaction with the bilateral discussions, highlighting the mutual trust and commitment to achieving higher levels of cooperation in trade and investment.
The discussions between the two leaders included several projects in energy infrastructure and defense, according to President Aliyev. Reflecting on Prime Minister Shehbaz’s visit to Azerbaijan last year, President Aliyev described it as a breakthrough, paving the way for practical cooperation in trade, energy, investment, and transportation corridors.
Pakistan and Azerbaijan Sign 15 MoUs
In addition to these discussions, Pakistan and Azerbaijan signed 15 MoUs and agreements to bolster bilateral cooperation in various fields, including trade, commerce, tourism, mines and minerals, science and technology, law and justice, and cultural exchange programs. The signing ceremony, held at PM House, was witnessed by both leaders.
Key agreements included:
– A Memorandum of Understanding (MoU) on consular affairs signed by Deputy PM and Foreign Minister Ishaq Dar and Azerbaijan’s Deputy Minister of Foreign Affairs Samir Sharifov.
– A preferential trade agreement signed by Commerce Minister Jam Kamal Khan and Deputy Minister of Economy of Azerbaijan Sahib Mammadov.
– An MoU on state property privatization signed by Minister for Privatization Abdul Aleem Khan and Deputy Minister of Economy of Azerbaijan Sahib Mammadov.
– An agreement on transit trade between the two countries.
– A Memorandum of Cooperation (MoC) on legal matters signed by Minister for Law Azam Nazeer Tarar and Azerbaijan’s Minister for Defence Industry Vugar Mustafayev.
– An MoU on cooperation in mineral resources and geology signed by Petroleum Minister Dr Musadik Malik and Azerbaijan’s Minister of Energy.
– A Cultural Exchange Program for 2024-2029 signed by Minister for Heritage and Culture Attaullah Tarar and Azerbaijan Minister of Foreign Affairs Samir Sharifov.
– An MoU on information and communication technologies signed by the Ministry of Digital Development and Transport of Azerbaijan and the Ministry of Information Technology and Telecommunication of Pakistan.
– An MoU between Azerbaijan Television and Radio Broadcasting (CJSC) and Pakistan Television Corporation (PTVC) signed by Secretary Information Shahera Shahid and Ambassador of Azerbaijan Khazar Farhadov.
– Agreements to establish twin city links between Baku and Islamabad and between the Small and Medium Business Development Agency of Azerbaijan and SMEDA Pakistan.
– Agreements for scientific and technological cooperation and cooperation in tourism signed by Secretary IPC Nadeem Irshad Kayani and Azerbaijan’s Minister of Defence Industry.
– An MoU on literary cooperation signed by Chairman Pakistan Academy of Letters Prof Dr Najeeba Arif and Ambassador of Azerbaijan Khazar Farhadov.
– The Air Services Agreement between the two countries.
This visit and the subsequent agreements mark a significant step forward in strengthening the ties between Pakistan and Azerbaijan, paving the way for increased investment and cooperation across multiple sectors.
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