Pakistan and Azerbaijan have agreed to boost their bilateral investment to up to $2 billion in mutually beneficial sectors. During a joint press conference with Azerbaijani President Ilham Aliyev, Prime Minister Shehbaz Sharif announced discussions about an initial $2 billion investment in various cooperative projects.
The leaders witnessed the signing of several agreements and MoUs across diverse fields. PM Shehbaz expressed hope that by his visit to Azerbaijan in November 2024, both nations would be ready to sign agreements worth $2 billion, with the potential for further increases in the future.
“In our detailed talks today, we have agreed to enhance our bilateral trade and explore areas of cooperation and joint investments,” PM Shehbaz noted. He highlighted that the current bilateral investment of less than $100 million does not reflect the strong brotherhood and friendship between Pakistan and Azerbaijan.
The prime minister expressed satisfaction with the meeting, noting both parties’ commitment to advancing their trade and investment relationship based on mutual trust and confidence. He also praised Azerbaijan’s support for Pakistan on the Kashmir issue, recalling President Aliyev’s visit in 2017 during Nawaz Sharif’s tenure.
PM Shehbaz expressed confidence that COP29, to be hosted by Azerbaijan in Baku, would be a significant event for developing countries, including Pakistan, in addressing climate change issues. He admired the beautification of Baku and mentioned plans to replicate it.
President Aliyev emphasized the strong brotherhood between the two nations, highlighting their mutual support on international issues. He reiterated Azerbaijan’s support for Pakistan’s stance on Jammu and Kashmir, stressing the need for adherence to UNSC resolutions.
President Aliyev mentioned ongoing analyses of several projects for the initial $2 billion investment in areas such as energy, connectivity, infrastructure, and the defense industry. He underscored the commitment to building strong economic and trade partnerships in addition to their established political ties.
