Pakistan

Pakistan and Azerbaijan Set to Boost Investment to $2 Billion

Pakistan and Azerbaijan have affirmed their commitment to significantly boost bilateral investments up to US$2 billion, marking a new chapter in their longstanding friendship. The agreement was announced today by Prime Minister Muhammad Shehbaz Sharif and Azerbaijan President Ilham Aliyev following a series of high-level meetings and signings aimed at enhancing cooperation across various sectors.

Prime Minister Shehbaz Sharif expressed optimism about the potential for expanding mutual beneficial projects during his upcoming visit to Azerbaijan in November. “We have discussed an initial figure of $2 billion investment in areas ranging from energy to infrastructure,” he stated during a joint press briefing.

Highlighting the historic ties between nations of Pakistan and Azerbaijan, Prime Minister Shehbaz Sharif emphasized the need to elevate bilateral trade and investments, underscoring that the current investment volume of less than $100 million does not reflect the true potential of their relationship.

President Ilham Aliyev echoed these sentiments, affirming that Azerbaijan views Pakistan as a close ally and friend. “Our partnership extends beyond politics; it’s a bond rooted in deep respect and support,” President Aliyev remarked. He reiterated Azerbaijan’s steadfast support for Pakistan on international platforms, particularly regarding the issue of Jammu and Kashmir.

The discussions between the leaders encompassed potential collaborations in energy, connectivity, infrastructure, and defense industries. “We are committed to building a robust partnership that spans political, economic, and trade sectors,” President Aliyev affirmed.

Both leaders also acknowledged the upcoming COP29 conference to be hosted by Azerbaijan in Baku, underscoring its significance for addressing climate change issues affecting developing countries like Pakistan.

The meeting concluded on a note of optimism for future collaborations, with both sides expressing confidence that their enhanced cooperation will yield substantial benefits for their economies and peoples.

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