Pakistan, Azerbaijan vow to boost bilateral investment up to $2bn

• PM Shehbaz says discussed $2bn investment with President Ilham.
• Says will visit Azerbaijan in November this year.
• President says discussed several projects in multiple sectors.

Pakistan and Azerbaijan on Thursday discussed ways to enhance bilateral investments up to $2 billion in mutually beneficial projects during President Ilham Aliyev official visit to Islamabad.

Azerbaijan President Aliyev arrived in Islamabad on Thursday on a two-day official visit from July 11-12, at the invitation of PM Shehbaz.

In a joint press stakeout along with Azerbaijan President Ilham Aliyev, after witnessing signing of agreements and MoUs in diverse areas between the two countries, Prime Minister Shehbaz Sharif said: “We have discussed an initial figure of $2 billion investment in areas of mutual beneficial projects”.

The prime minister hoped that when he will visit Azerbaijan in November this year, the two sides would be ready to ink agreements worth $2 billion to start with, as there was great potential in both sides to multiply this figure in years to come.

“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.

The prime minister said, “The bilateral investment volume of less than $100 million does not reflect the strength of our brotherhood and friendship in the field of joint investment in areas which are mutually beneficial”.

Expressing satisfaction over the bilateral meeting, the prime minister said discussions were held on mutual trust and confidence where both sides expressed their unwavering commitment to move forward and touch higher levels of achievements in the fields of trade and investment.

The two sides have discussed several projects in the areas of energy infrastructure and defence, the visiting dignitary said.

Referring to PM Shehbaz's last year visit to Azerbaijan, President Ilham said the visit was a breakthrough and the two countries have always supported and cooperated, adding the two countries now engage in practical elements of cooperation like trade, energy, investment and corridors of transportation.

Pakistan, Azerbaijan sign 15 MoUs

Additionally, the two countries today signed 15 Memorandums of Understanding (MoUs) and agreements to promote bilateral cooperation in a range of fields including trade, commerce, tourism, mines & minerals, science and technology, law and justice, and cultural exchange programs.

PM Shehbaz and President Ilham witnessed the signing ceremony held at PM House.

Deputy PM and Foreign Minister Ishaq Dar and Azerbaijan's Deputy Minister of Foreign Affairs Samir Sharifov signed a Memorandum of Understanding (MoU) between the Ministry of Foreign Affairs of Azerbaijan and the Ministry of Foreign Affairs of Pakistan on Consular Affairs.

The preferential trade agreement between the government of Azerbaijan and the government of Pakistan was signed by Commerce Minister Jam Kamal Khan and Deputy Minister of Economy of Azerbaijan Sahib Mammadov.

Similarly, an MoU on cooperation between the Ministry of Economy of Azerbaijan and the Ministry of Privatization of Pakistan in the field of privatisation of state property was signed by Minister for Privatisation Abdul Aleem Khan and Deputy Minister of Economy of Azerbaijan Sahib Mammadov.

Another agreement on transit trade between the governments of Azerbaijan and Pakistan was also signed between the two countries.

The two sides also agreed on a Memorandum of Cooperation (MoC) between the Minister of Justice of Azerbaijan and the Minister of Law and Justice of Pakistan. The MoC was signed by Minister for Law Azam Nazeer Tarar and Azerbaijan's Minister for Defence Industry Vugar Mustafayev.

A Memorandum of Understanding (MoU) on cooperation in mineral resources and geology was signed by Petroleum Minister Dr Musadik Malik and Azerbaijan's Minister of Energy.

The Cultural Exchange Program between Pakistan and Azerbaijan for 2024-2029 was signed by Minister for Heritage and Culture Attaullah Tarar and Azerbaijan Minister of Foreign Affairs Samir Sharifov.

Additionally, the Ministry of Digital Development and Transport of Azerbaijan and the Ministry of Information Technology and Telecommunication of Pakistan signed an MoU on cooperation in information and communication technologies.

An MoU on cooperation between Azerbaijan Television and Radio Broadcasting (CJSC) and Pakistan Television Corporation (PTVC) was signed by Secretary Information Shahera Shahid and Ambassador of Azerbaijan Khazar Farhadov.

The two sides also signed an MoU on establishing twin links between the cities of Baku and Islamabad, and another MoU between the Small and Medium Business Development Agency of Azerbaijan and SMEDA Pakistan.

The governments of the two countries also signed an agreement for scientific and technological cooperation. Another agreement on cooperation in the field of tourism was signed by Secretary IPC Nadeem Irshad Kayani and Azerbaijan's Minister of Defence Industry.

An MoU on cooperation in the field of literature between an institute of literature named after Nizami Ganjavi of Azerbaijan National Academy of Sciences (ANAS) and the Pakistan Academy of Literature (PAL) was signed by Chairman Pakistan Academy of Letters Prof Dr Najeeba Arif and Ambassador of Azerbaijan Khazar Farhadov.

The Air Services Agreement was also signed between the two countries.