Pakistan, Azerbaijan ink MoUs, agree to boost bilateral investment to $2bln

Pakistan and Azerbaijan have signed multiple Memorandums of Understanding and agreements to boost bilateral cooperation in different fields including trade, energy, tourism and education.

The documents were exchanged following talks between Prime Minister Shehbaz Sharif and President Ilham Aliyev in Baku on Monday.

Prime Minister Shehbaz Sharif and Azerbaijan President Ilham Aliyev witnessed the documents exchange ceremony.

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 Machike-Thallian-Tarujabba White Oil Pipeline Project.

Pakistan and Azerbaijan also signed an amendment agreement to Framework Agreement for the sale and purchase of LNG cargoes related to Master LNG Sale and Purchase Agreement.

A Memorandum of Understanding was also signed between Azerbaijan’s city of Nakhchivan and Pakistan’s city of Lahore to promote cooperation in the areas of culture, tourism, urban development, education, science, economy and other relevant fields of public life.

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Later, Prime Minister Shehbaz Sharif and President of Azerbaijan Ilham Aliyev held at the Presidential Palace in Baku.

Addressing a joint news conference, Prime Minister Shehbaz Sharif said all the political parties in Pakistan are united to further strengthen friendship between the two countries. He said the cordial and friendly relations between Pakistan and Azerbaijan should be expanded to the economic front as well.

He expressed the confidence that the Memorandums of Understanding signed today and agreements which will be signed later in April this year will go a long way in promoting our sincere efforts to have very good dividends in future.

He said it is the time that both Pakistan and Azerbaijan should enhance their defence ties to higher level. The commitment to initiate joint manufacturing of defence equipment will also have far reaching impacts.