Pakistan and Azerbaijan have agreed to enhance their bilateral investment to up to US$2 billion in sectors beneficial to both countries.
During a joint press conference with Azerbaijan President Ilham Aliyev, Prime Minister Shehbaz Sharif announced that they discussed an initial investment figure of US$2 billion in mutually beneficial projects.
The two leaders also witnessed the signing of agreements and Memorandums of Understanding (MoUs) in various areas between the countries.
Prime Minister Sharif expressed hope that by his visit to Azerbaijan in November 2024, the two nations would be ready to sign agreements initially valued at US$2 billion, with the potential to increase this amount in the future.
“In today’s in-depth conversation, we have agreed to enhance our bilateral trade and discussed areas of cooperation and joint investments,” PM Shehbaz stated.
He noted that the current bilateral investment volume of less than US$100 million does not reflect the strength of the brotherhood and friendship between Pakistan and Azerbaijan in joint investments.
The prime minister expressed satisfaction with the bilateral meeting, emphasizing that both parties reaffirmed their commitment to progress and achieve higher levels of success in trade and investment, based on mutual trust and confidence.
PM Shehbaz highlighted Pakistan’s consistent support for Azerbaijan’s stance, just as Azerbaijan has championed the cause of millions of Kashmiris seeking self-determination in accordance with UN Security Council resolutions.
He also recalled President Aliyev’s visit in 2017 during Nawaz Sharif’s tenure, noting that history was repeating as Nawaz Sharif’s younger brother now welcomed him along with the people of Pakistan.
PM Shehbaz expressed optimism that COP29, to be hosted by Azerbaijan in Baku, would be a significant international event for developing countries, including Pakistan. “We are confident that under your wise stewardship, COP29 will address climate change issues faced by developing countries like Pakistan.”
He praised the beautification of Baku, stating that the government decided to emulate Baku’s development.
Azerbaijan President Ilham Aliyev emphasized the deep feelings of brotherhood between the two countries, stating, “We are brothers, friends, and support each other on every international issue.”
President Aliyev reiterated Azerbaijan’s support for Pakistan’s stance on Jammu and Kashmir, emphasizing respect for international law and the rights of Kashmiris. “The UNSC resolutions clearly indicate how this issue must be resolved, but they lack an implementation mechanism. However, we will always stand by our brothers in Kashmir, international law, and justice.”
He added that the two sides are analyzing projects for the initial US$2 billion investment. “During our conversation today, we reviewed several projects in energy, connectivity, infrastructure, and the defense industry. We aim to build strong partnerships not only at the political level but also in economic and trade investments.”