Pakistan and Azerbaijan on Thursday discussed ways to enhance bilateral investments up to $2 billion in mutually beneficial projects during President Ilham Aliyev official visit to Islamabad.
Azerbaijan President Aliyev arrived in Islamabad on Thursday on a two-day official visit from July 11-12, at the invitation of PM Shehbaz.
In a joint press stakeout along with Azerbaijan President Ilham Aliyev, after witnessing signing of agreements and MoUs in diverse areas between the two countries, Prime Minister Shehbaz Sharif said: “We have discussed an initial figure of $2 billion investment in areas of mutual beneficial projects”.
The prime minister hoped that when he will visit Azerbaijan in November this year, the two sides would be ready to ink agreements worth $2 billion to start with, as there was great potential in both sides to multiply this figure in years to come.
“In today’s in depth conversation, we have agreed to enhance our bilateral trade besides discussing areas of joint cooperation and joint investments,” he added.
The prime minister said, “The bilateral investment volume of less than $100 million does not reflect the strength of our brotherhood and friendship in the field of joint investment in areas which are mutually beneficial”.
Expressing satisfaction over the bilateral meeting, the prime minister said discussions were held on mutual trust and confidence where both sides expressed their unwavering commitment to move forward and touch higher levels of achievements in the fields of trade and investment.
The two sides have discussed several projects in the areas of energy infrastructure and defence, the visiting dignitary said.
Referring to PM Shehbaz’s last year visit to Azerbaijan, President Ilham said the visit was a breakthrough and the two countries have always supported and cooperated, adding the two countries now engage in practical elements of cooperation like trade, energy, investment and corridors of transportation.
Pakistan, Azerbaijan sign 15 MoUs
Additionally, the two countries today signed 15 Memorandums of Understanding (MoUs) and agreements to promote bilateral cooperation in a range of fields including trade, commerce, tourism, mines & minerals, science and technology, law and justice, and cultural exchange programs.
PM Shehbaz and President Ilham witnessed the signing ceremony held at PM House.
Deputy PM and Foreign Minister Ishaq Dar and Azerbaijan’s Deputy Minister of Foreign Affairs Samir Sharifov signed a Memorandum of Understanding (MoU) between the Ministry of Foreign Affairs of Azerbaijan and the Ministry of Foreign Affairs of Pakistan on Consular Affairs.
The preferential trade agreement between the government of Azerbaijan and the government of Pakistan was signed by Commerce Minister Jam Kamal Khan and Deputy Minister of Economy of Azerbaijan Sahib Mammadov.
Similarly, an MoU on cooperation between the Ministry of Economy of Azerbaijan and the Ministry of Privatization of Pakistan in the field of privatisation of state property was signed by Minister for Privatisation Abdul Aleem Khan and Deputy Minister of Economy of Azerbaijan Sahib Mammadov.
