- Pakistan and Azerbaijan sign agreements worth $2 billion.
- President Ilham Aliyev visits Islamabad for two-day official visit.
- Bilateral cooperation to expand in various sectors.
Prime Minister Shehbaz Sharif expressed optimism on Thursday that Pakistan and Azerbaijan will finalize agreements worth $2 billion during his visit to Azerbaijan in November. He emphasized the potential for this figure to grow significantly in the coming years.
President Ilham Aliyev of Azerbaijan arrived in Islamabad on Thursday for a two-day official visit. During this visit, both countries agreed to enhance bilateral investments up to $2 billion in mutually beneficial projects. This decision was formalized during a joint press event where several agreements and Memorandums of Understanding (MoUs) were signed.
Prime Minister Shehbaz highlighted that the discussions covered a broad range of cooperation areas, including trade and joint investments. He noted that the current bilateral investment volume of less than $100 million does not adequately represent the strong brotherhood and friendship between the two nations. Both leaders expressed their commitment to deepening their economic and strategic ties.
The agreements span various sectors such as energy, infrastructure, and defense. President Aliyev recalled Prime Minister Shehbaz’s visit to Azerbaijan last year, calling it a breakthrough that set the stage for practical cooperation in trade, energy, and transportation.
In a significant development, Pakistan and Azerbaijan signed 15 MoUs to enhance cooperation in trade, commerce, tourism, science and technology, law and justice, and cultural exchange programs. The signing ceremony took place at the PM House in Islamabad, witnessed by PM Shehbaz and President Aliyev.
Key agreements include a preferential trade agreement, a cooperation deal in the privatization of state property, and a transit trade agreement. Notable MoUs involve cooperation in mineral resources, information technology, and cultural exchanges. The two sides also established twin links between the cities of Baku and Islamabad and agreed on cooperation in literature and media.
These developments mark a significant step forward in strengthening the economic and diplomatic ties between Pakistan and Azerbaijan, promising mutual growth and prosperity