Pakistan, Azerbaijan vow to expand investment volume to US$2bn

ISLAMABAD: Pakistan and Azerbaijan decided to increase their bilateral investment level to up to US$2 billion in the sectors which will be benefiting both countries, ARY News reported.

Addressing a joint presser with Azerbaijan President Ilham Aliyev, Prime Minister (PM) Shehbaz Sharif said that they discussed an initial figure of US$2 billion of investment in areas of mutual beneficial projects.

Both leaders also witnessed the signing of agreements and Memorandums of Understanding (MoUs) in diverse areas between the two countries.

The prime minister hoped that upon his November 2024 visit to Azerbaijan, the two countries would be prepared to sign agreements valued at US$2 billion initially, given the considerable potential for both parties to increase this amount in the years to come.

“In today’s in-depth conversation, we have agreed to enhance our bilateral trade besides discussing areas of cooperation and joint investments,” PM Shehbaz added.

He said that bilateral investment volume of less than US$100 million does not reflect the strength of brotherhood and friendship between Pakistan and Azerbaijan in the field of joint investment.

The prime minister expressed satisfaction with the bilateral meeting and said that both parties reaffirmed their steadfast commitment to moving forward and reaching higher levels of success in the areas of trade and investment. The discussions were based on mutual trust and confidence, he added.

PM Shehbaz said that Pakistan consistently backed Azerbaijan’s position, just as the friendly nation has consistently championed the cause of millions of Kashmiris who have given enormous sacrifices for over 70 years in order to attain their right to self-determination in accordance with UN Security Council resolutions.

The prime minister also recalled the President Aliyev’s visit in 2017 during the tenure of then PM Nawaz Sharif, saying that history was repeating as Nawaz Sharif’s younger brother was now receiving him along with people of Pakistan.

PM Shehbaz hoped that the COP29 to be hosted by Azerbaijan in Baku would be a significant international event for all developing countries including Pakistan.

“We are confident that under your wise stewardship, COP29 will deliver on the climate change related issues of developing countries like Pakistan.”

He said the government was impressed by the beautification of Baku therefore it decided to copy Baku.

Speaking on the occasion, Azerbaijan President Ilham Aliyev said the brotherhood between the two countries was based on deep feelings between peoples of the two sides.

“This connection is a big asset, we are brothers, we are friends, and we support each other on every international issue,” he added.

The president said that Azerbaijan supports Pakistan’s stance on the issue of Jammu and Kashmir. “It is our commitment to our brotherhood and also our respect to international law, the rights of Kashmiris are ignored and violated for decades”.

He said the United Nations Security Council (UNSC) resolutions clearly indicated how this issue must be resolved but the resolutions had no mechanism of implementation.

“But we as brothers and friends will always stand side by side with you, with our brothers in Kashmir, with International law, with justice and I am sure justice will prevail,” he added.

President Aliyev said the two sides are analysing the projects for the initial investment of US$2 billion.

“During our today’s conversation, we reviewed several projects in the areas of energy, connectivity, infrastructure, and defence industry. We will build strong partnerships not only on the political level that we already had but on economic and trade investment levels as well,” the president stated.