Pakistan, Azerbaijan to expand investment to $2bn

February 24, 2025 (MLN): Pakistan and Azerbaijan have agreed to expand bilateral investment up to $2 billion in mutually beneficial projects.

The decision was made during talks between Prime Minister Shehbaz Sharif and President of Azerbaijan Ilham Aliyev at the Presidential Palace in Baku.

Addressing a joint press conference, Prime Minister Shehbaz Sharif stated that all political parties in Pakistan are united in strengthening the friendship between the two nations.

He emphasized the need to extend their cordial relations to the economic sphere as well.

He expressed confidence that the Memorandums of Understanding signed today, along with the agreements set to be finalized in April, will yield significant benefits in the future.

The Prime Minister stressed the importance of enhancing defence ties between the two countries, highlighting the commitment to joint manufacturing of defence equipment and its far-reaching impact.

Shehbaz Sharif endorsed President Aliyev’s proposal for an international infrastructure corridor, stating that Pakistan's Gwadar Port could serve as a key hub for imports and exports.

He noted that this initiative would have a transformative impact on the region and reaffirmed Pakistan’s full support for Azerbaijan’s vision, according to the press release issued today.

Expressing gratitude for the warm hospitality extended during his visit, the Prime Minister reaffirmed Pakistan’s commitment to strengthening bilateral relations and brotherhood through mutual efforts.

He reiterated Pakistan’s unwavering support for Azerbaijan on the Karabakh issue and acknowledged Azerbaijan’s consistent support for Kashmir without any political conditions.

Regarding the Palestine issue, Shehbaz Sharif underscored the urgent need for a permanent ceasefire in Gaza, stating that the temporary pause should transition into a lasting resolution and the realization of a two-state solution.

He also thanked President Aliyev for sending a delegation to Islamabad to contribute to the beautification of the federal capital.

President Ilham Aliyev, in his remarks, highlighted discussions on key bilateral, regional, and international issues, reaffirming the strategic significance of cooperation between the two nations at both governmental and people-to-people levels.

He emphasized the commitment to supporting each other on all international matters, including sovereignty and territorial integrity.

Discussing economic and trade relations, President Aliyev noted that the current trade turnover between the two countries remains in the millions, despite significant potential for growth.

He stressed the need to boost trade and finalize agreements on international connectivity, energy, economy, and mining within a month.

He confirmed that ten MoUs were signed, providing a strong foundation for future cooperation.

He also highlighted progress in defence collaboration, affirming that Azerbaijan is satisfied with the quality of defence equipment procured from Pakistan and intends to continue and enhance this partnership.

Both sides explored joint manufacturing opportunities in the defence industry, along with projects in transportation and connectivity.

President Aliyev praised Prime Minister Shehbaz Sharif’s leadership and the reforms being implemented in Pakistan, acknowledging their positive impact on economic growth and political stability.

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