Pakistan, Azerbaijan to invest $2bn in joint ventures

July 12, 2024 (MLN): Pakistan and Azerbaijan have discussed to enhance investments worth $2 billion in areas of mutually beneficial projects, the Information Ministry reported.

Addressing a joint press stake-out in Islamabad this evening, Prime Minister Shehbaz Sharif said teams of both countries will further exchange views on this matter tomorrow, and hopefully, both countries will be ready to ink an agreement during his upcoming visit to Azerbaijan.

He said Pakistan and Azerbaijan have immense investment potential worth billions of dollars in years to come.  He said the two countries have agreed to enhance bilateral trade as well.

Shehbaz Sharif said Pakistan has always supported Azerbaijan's stand on Nagorno-Karabakh.

At the same time, the latter has extended similar support for the cause of Kashmiris, who have paid huge sacrifices to achieve their right of self-determination as per UN Security Council resolutions.                  

The Prime Minister also conveyed his best wishes to the Azerbaijan President and its people as the country is prepared to host the COP29 in Baku. It will be significant international event for all developing countries, including Pakistan.

He said we are quite confident that under your leadership COP29 will deliver on the Climate Change related issues of developing countries like Pakistan.     

Speaking on the occasion, the Azeri President said his country looks forward to build a strong partnership with Pakistan at economic and trade level.  

Expressing satisfaction over the existing level of political ties between the two countries, he said we will increase our bilateral trade volume.

The Azeri President said we have identified nine initial priority areas for preferential trade.    

He said we have discussed several projects in areas of energy infrastructure and defence industry.

Referring to Shehbaz Sharif's last year visit to Azerbaijan, lham Aliyev said the visit was a breakthrough and the two countries have always supported and cooperated with each other.

He said we now engage in practical elements of cooperation like trade, energy, investment and corridors of transportation.

The two sides also agreed to increase flights between Baku and Pakistan.

Prime Minister Shehbaz Sharif expressed gratitude to the Azeri President for the decision to export duty free Pakistani rice to Azerbaijan.

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