BAKU: Prime Minister Shehbaz Sharif and President of Azerbaijan Ilham Aliyev on Monday decided to enhance the scope of bilateral investment by up to two billion dollars in areas of mutually beneficial projects.
Both leaders reaffirmed their commitment to boost trade turnover and increase cooperation across various sectors including defence, transportation, and connectivity, the state-run APP reported.
The announcement came as the premier met with Azerbaijan’s President Ilham Aliyev in Baku, where he had arrived yesterday along with a high-level delegation on a two-day official visit.
During the bilateral meeting earlier today, Azeri President Ilham Aliyev expressed his willingness to visit Islamabad in April 2025 to formalize agreements for $2 billion worth of investment projects in Pakistan, the APP said in a report.
Following the meeting and documents exchange ceremony, a joint press stakeout was held where the two leaders emphasized the importance of unlocking the full potential of bilateral trade and investment in a range of mutually beneficial areas.
Prime Minister Shehbaz said a US$2 billion investment in Pakistan announced by the Azerbaijan President will bring dividends to both countries.
He said that a one-month time had been given to finalize all the projects and agreements in various sectors to be signed in April this year during the visit of the Azerbaijan President to Pakistan.
“This will be the first quantum jump in our trade and investment relations and will be a huge reflection of our fraternal ties,” the prime minister said adding that “Our business, trade, and investment ties were not reflecting the true strength of our relations but today we have achieved that target and in a months’ time we will celebrate this great decision into action”.
President Aliyev regretted that the bilateral trade turnover was only several tens of millions of US dollars that needed to be increased.
“We need to increase our trade turnover. We have a way to do it, especially considering Azerbaijan’s plan to invest up to $2bn in Pakistan’s economy, which I announced during my state visit to Pakistan last summer,” he said during the press conference.
The leader’s press conference came after the two held a bilateral meeting earlier today.
After both leaders held a high-level bilateral meeting, they also witnessed a ceremony to sign multiple Memorandums of Understanding (MoUs) and agreements.
Prime Minister Shehbaz Sharif and Azerbaijan President Ilham Aliyev witnessed the documents exchange ceremony to boost bilateral cooperation in different fields including trade, energy, tourism, and education.
The two countries signed an MoU between the State Oil Company of Azerbaijan Republic (SOCAR) and Pakistan’s Frontier Works Organization (FWO) and PSO for collaboration in the Mathe chike-Thallian-Tarujabba White Oil Pipeline Project.
Prime Minister Shehbaz Sharif arrived at the Presidential Palace in Baku, Azerbaijan on Monday to hold talks with Azerbaijan President Ilham Aliyev.
Upon arrival at Zagulba Presidential Palace, the President of Azerbaijan accorded a warm welcome to the Prime Minister and was presented with a guard of honour by the contingents of the Azerbaijan armed forces.
This visit marks the prime minister’s second visit to the country since assuming office in March 2024.
PM Shehbaz will spend a busy day in Baku today where he will meet Azeri President to hold high-level bilateral as well as delegation levels talks.
Both leaders will also attend the signing ceremony of Memorandums of Understanding (MoUs) and agreements to promote cooperation between the two countries.
“The two sides will engage in wide-ranging discussions on areas of mutual interest to further strengthen bilateral cooperation, particularly in energy, trade, defence, education, and climate sectors,” the Foreign Office earlier said in a statement.
Later in the day, Shehbaz Sharif will visit the Victory Monument of Heroes and Martyrs of the 44-Day Nagorno-Karabakh War.
The Premier will attend and address the Pakistan-Azerbaijan Business Forum organised in collaboration with the Export and Investment Promotion Agency of the Republic of Azerbaijan (AZPROMO).
Azerbaijani President will host a dinner in honor of Prime Minister Shehbaz Sharif.
The premier was warmly received by senior Azerbaijani officials, including First Deputy Prime Minister Yaqub Abdulla oğlu Eyyubov, Deputy Minister of Foreign Affairs Yalchin Rafiyev, Ambassador of Azerbaijan to Pakistan Khazar Farkhadov, Pakistan’s ambassador to Azerbaijan Qasim Mohiuddin and other senior dignitaries.
The Prime Minister is accompanied by a high-level ministerial delegation, including Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Minister for Commerce Jam Kamal Khan, and Minister for Investment & Privatization Abdul Aleem Khan.
Moreover, Minister for Overseas Pakistanis & Human Resource Development Chaudhry Salik Hussain, Minister for Information & Broadcasting Ataullah Tarar, and Special Assistant to Prime Minister Syed Tariq Fatemi are also the part of delegation.
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