Pakistan, Azerbaijan aim to expand bilateral investment to $2bn

Pakistan and Azerbaijan agreed on Monday to enhance the scope of bilateral investment up to $2 billion in areas of mutual beneficial projects.

This was decided during a meeting between Prime Minister Shehbaz Sharif and President of Azerbaijan Ilham Aliyev.

Earlier, the PM arrived at the Presidential Palace in Baku and was presented Guard of Honour while national anthems of both the countries were also played.

Speaking alongside President of Azerbaijan Ilham Aliyev, the PM said he was extremely grateful to the president’s announcement that Azerbaijan will invest $2bn dollars in Pakistan in ventures that are mutually beneficial, which will bring dividends to both countries.

The PM noted that a month’s deadline had been given to “both sides to finalise all arrangements”, and confirmed that a delegation from Azerbaijan would be visiting Pakistan in April to sign those deals.

The PM said his discussions with the president were productive and very useful and reflected the deep spirit of the two countries’ relationship.

He said without a doubt, all political parties is Pakistan are unanimous on a few things and one of those things is the friendship between Pakistan and Azerbaijan.

He said the cordial and friendly relations between Pakistan and Azerbaijan should be expanded to the economic front as well.

He said both the countries agreed to enhance the strategic defence relations into a much higher level, and committed to hold discussions in this regard during President of Azerbaijan Ilham Aliyev’s visit in April.

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”.

The PM thanked the president for supporting the people and cause of Kashmir without any political conditions, adding that the world should also support the cause and endeavors and not oppose it.

Addressing the conference, the Azerbaijan president said that during their meeting, the both sides stressed the importance of the relationship and reaffirmed support on international relations, and territorial integrity.

“Our views on international development relations truly coincide,” the president said.

PM Shehbaz arrives in Baku for two-day official visit

The two sides decided to enhance the scope of bilateral investment up to 2 billion dollars in areas of mutual beneficial projects.

On Sunday, Federal Minister for Board of Investment, Privatization, and Communications, Abdul Aleem Khan, along with his delegation held meeting with Israfel Mammadov, CEO of the State Oil Fund, in Baku, Azerbaijan.

During the meeting, both sides discussed various matters related to the promotion of bilateral investment and business activities between the two countries.

During discussions with Azerbaijan’s State Oil Fund (SOFAZ) regarding business opportunities, the minister mentioned that the partnership between the two countries is entering a new phase and it would be brighter for Pakistan, especially.

Pakistan, Azerbaijan sign MoUs in diverse fields

Pakistan and Azerbaijan on Monday signed multiple memorandums of understanding (MoU) and agreements to boost bilateral cooperation in different fields including trade, energy, tourism, and education, state-run Radio Pakistan reported.

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

PM Shehbaz and Azerbaijan’s Aliyev witnessed the documents exchange ceremony.

As per the details, the two countries signed an MoU between the State Oil Company of Azerbaijan Republic (SOCAR) and Pakistan’s Frontier Works Organisation (FWO) and PSO for collaboration in Machike-Thallian-Tarujabba White Oil Pipeline Project.

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

An MoU 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, Radio Pakistan reported.