Pakistan and Azerbaijan on Thursday agreed to enhance the bilateral investment level of up to $2 billion in areas of mutually beneficial projects.
Officials from both countries 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 & justice, and cultural exchange programs.
Prime Minister Muhammad Shehbaz Sharif and Azerbaijan President Ilham Aliyev witnessed the signing ceremony held here at the PM House.
Deputy PM and Foreign Minister Ishaq Dar and Azerbaijan 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 (PTA) between the government of Azerbaijan and the government of Pakistan was signed by Commerce Minister Jam Kamal Khan and Deputy Minister of Economy Azerbaijan Sahib Mammadov.
An MoU on the cooperation between the Ministry of Economy of Azerbaijan and the Ministry of Privatization of Pakistan in the field of privatization of state property was signed by Minister for Privatization Abdul Aleem Khan and Deputy Minister of Economy Azerbaijan Sahib Mammadov.
Another agreement on Transit Trade between the governments of Azerbaijan and Pakistan was also signed between the two countries.
The two sides also agreed on a Memorandum of Cooperation (MoC) between the Ministry of Justice of Azerbaijan and the Minister of Law and Justice of Pakistan. The MoC was signed by Minister for Law Azam Nazeer Tarar and Azerbaijan Minister for Defence Industry Vugar Mustafayev.
A Memorandum of Understanding (MoU) between the government of Pakistan and Azerbaijan on cooperation in the field of mineral resources and geology was signed by Petroleum Minister Dr Musadik Malik and Azerbaijan Minister of Energy.
The Cultural Exchange Program between Pakistan and Azerbaijan for the year 2024-2029 was signed by Minister for Heritage and Culture Attaullah Tarar and Azerbaijan Minister of Foreign Affairs Samir Sharifov.
Likewise, the two sides also signed an MoU between the Ministry of Digital Development and Transport of Azerbaijan and the Ministry of Information Technology and Telecommunication of Pakistan on cooperation in the fields of information and communication technologies.
An MoU on cooperation between Azerbaijan Television and Radio Broadcasting (CJSC) and Pakistan Television Corporation (PTVC) was signed by Secretary Information Shahera Shahid and Ambassador of Azerbaijan Khazar Farhadov.
The two sides also signed an MoU on establishing of twinning links between the city of Baku and Islamabad, and another MoU between the Small and Medium Business Development Agency of Azerbaijan and SMEDA Pakistan.
An agreement between the Government of Pakistan and the Government of Azerbaijan for scientific and technological cooperation was also signed between the two sides.
An agreement on cooperation in the field of tourism between the government of Azerbaijan and the Government of Pakistan was signed by Secretary IPC Nadeem Irshad Kayani and Azerbaijan Minister of Defence Industry.
An MoU on cooperation in the field of literature between the institute of Literature named after Nizami Ganjavi of Azerbaijan National Academy of Sciences (ANAS) and Pakistan Academy of Literature (PAL) was signed by Chairman Pakistan Academy of Letters Prof Dr Najeeba Arif and Ambassador of Azerbaijan Khazar Farhadov.
The Air Services Agreement was also signed between the governments of Pakistan and Azerbaijan.
In a joint press stakeout along with Azerbaijan President Illham Aliyev, after witnessing the signing of agreements and MoUs in diverse areas between the two countries, Prime Minister Muhammad Shehbaz Sharif said “We have discussed an initial figure of $2 billion investment in areas of mutually beneficial projects”.
The prime minister expressed his anticipation that during his visit to 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 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.
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 of Pakistan was impressed by the beautification of Baku, therefore it has decided to copy Baku.
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 said the two sides were analyzing the projects for an initial investment of $2 billion. “During our today’s conversation, we reviewed several projects in the areas of energy, connectivity, infrastructure, and defence industry,” he said adding “We will build a strong partnership not only on the political level that we already had but also on economic and trade investment levels.”
