Business

Pakistan, Azerbaijan sign $2billion investment deal at ECO summit

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Digital Desk

1 year ago

ISLAMABAD: Pakistan and Azerbaijan on Friday signed an agreement for investment worth $2 billion in diverse sectors of Pakistan’s economy on the sidelines of the 17th Economic Cooperation Organization (ECO) summit, state-run Radio Pakistan reported.

The agreement was signed by Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar and Azerbaijan’s Minister for Economy Mikayil Jabbarov in Khankendi, Azerbaijan.

The pact was finalised in the presence of Prime Minister Shehbaz Sharif, Deputy Prime Minister and Foreign Minister Ishaq Dar, and Azerbaijan’s Economy Minister Mikayil Jabbarov.

The agreement was signed after a cordial bilateral meeting between PM Shehbaz and President of Azerbaijan Ilham Aliyev.

The agreement will take investment and trade relations between the two countries to a historic level and will prove to be a catalyst for further promotion of their brotherly relations and strengthening of trade partnership.

The prime minister described the deal as a historical milestone in Pakistan-Azerbaijan relations and said the two nations had agreed to expand cooperation in trade, investment, water resource management, and glacier conservation.

“We are thankful to the President of Azerbaijan for investing in Pakistan,” the premier told reporters in Shusha after the signing ceremony.

He said all ECO member states agreed today to strengthen their bond of fraternity through cooperation across multiple fields, including trade, investment, culture, education, health, and water resources.

Digital Desk