Prime Minister Shehbaz Sharif said on Monday that Azerbaijan President Ilham Aliyev would visit Pakistan in April to formalise agreements for investment projects worth $2 billion.
“This is going to be a mutually beneficial arrangement for both countries,” said the premier — who is on a two-day official visit to the Central Asian country — while addressing a business forum organised in collaboration with the Export and Investment Promotion Agency of the Republic of Azerbaijan (AZPROMO).
Earlier in the day, the two countries signed multiple accords to boost bilateral cooperation in different fields including trade, energy, tourism, education and others, further solidifying the partnership between the two countries.
The prime minister and Azeri president witnessed the documents exchange ceremony, following their bilateral meeting and the delegation-level talks encompassing cooperation in multiple sectors.
Addressing the business forum, PM Shehbaz said that both countries have agreed on a “very clear-cut way forward”. “We are going to enhance our bilateral trade, which is just $40 million and hardly reflects the strength of our relationship, to $2 billion as soon as we can,” he vowed.
Citing an example, he said, the Azerbaijani president “very generously exempted” the import duty on basmati rice from Pakistan and “this is how we can move forward”.
Similarly, he asked the commerce minister and deputy prime minister, who were present on the occasion, to focus on those areas “where we can lower these tariffs so that our import and exports can really enhance”.
Giving details about the bilateral trade, the premier said liquified natural gas (LNG) was another trading commodity which could be added to the trading pool.
“JF-17 fighter jets is another high ticket item which Pakistan and Azerbaijan are very actively pursuing,” he said, expressing optimism that if they really put the act together “we can achieve $2 billion worth trade between two countries”.
“This is how the water of Arabian Sea is meeting with water of Caspian sea…this rigour and this enormous energy and synergy is going to really transform our great relations into unprecedented trade and investment portfolios and commitments,” he added.
Appreciating the work achieved by both teams, PM Shehbaz expressed confidence that smaller issues would be addressed within one month.
Shehbaz further stressed close and enhanced cooperation between the two business communities to explore further avenues of trade and investment and cited agriculture, industry and IT sectors with immense potential for growth.
The prime minister also announced the constitution of a permanent bureau in Pakistan, comprising both sides to work in this regard with the assistance of AI and real-time information, assuring that an effective mechanism would be put in place. The teams should work out a robust mechanism, which alone could help them in a big way, he added.
The premier opined that the North-South Corridor would be an efficient, reliable and cost-effective transportation means of connectivity which would help achieve their targets.
The Gwadar Port would play a very pivotal role, he said and assured to work closely on this project.
There were enormous opportunities on both sides which should be fully explored, emphasised the premier.
President Ilham Aliyev, in his remarks, said that such an initiative was although a smaller one, but an important part of their brotherhood.
Earlier, the premier received a guard of honour by Azerbaijan’s armed forces at the Zagulba Presidential Palace, where the Memorandums of Understanding (MoUs) were signed.
The premier, marking his second visit to the country since taking office in March 2024, has been accompanied by a high-level ministerial delegation.
The delegation includes Deputy Prime Minister and Foreign Minister Ishaq Dar, Minister for Commerce Jam Kamal Khan, Minister for Investment and Privatisation Abdul Aleem Khan, Minister for Overseas Pakistanis and Human Resource Development Chaudhry Salik Hussain, Information Minister Ataullah Tarar, and Special Assistant to the Prime Minister Syed Tariq Fatemi.
MoUs exchanged
The two countries signed an MoU between the State Oil Company of Azerbaijan Republic (SOCAR) and Pakistan’s Frontier Works Organisation (FWO) and Pakistan State Oil Company Limited for collaboration in Machike-Thallian-Tarujabba White Oil Pipeline Project.
The documents were exchanged by the President of SOCAR Rovshan Najaf and Director General of FWO Abdul Sami.
Meanwhile, President of SOCAR Rovshan Najaf and MD PRL Zahid Mir exchanged the documents of an MoU between Azerbaijan’s SOCAR and Pakistan Refinery Limited (PRL) and Pakistan State Oil Company Limited.
Both countries also signed an amendment agreement No 1 to Framework Agreement for the Sale and Purchase of LNG cargoes related to Master LNG Sale and Purchase Agreement. The SOCAR President Rovshan Najaf and CEO Pakistan LNG Limited Masood Nabi exchanged the pre-signed documents.
SOCAR President Rovshan Najaf and CEO PSO Syed Muhammad Taha exchanged documents of an MoU between PSO and SOCAR Trading SA and Acknowledgment for Term Sale and Purchase Agreement for Petroleum Products by and between PSO and SOCAR Trading.
Dar and his Azeri counterpart Jeyhun Bayramov exchanged the documents of an MoU between Nakhchivan, a city of Nakhchivan Autonomous Republic of Azerbaijan and Lahore to promote cooperation in the fields of culture, tourism, urban development, education, economy, and science and technology.
The discussions also focused on expanding trade and investment, enhancing cooperation in the energy sector, synergising efforts to deal with climate change, deepening defence collaboration, and fostering cultural exchanges.
As part of his engagements, PM Shehbaz and the Azerbaijani leadership will also address the Pakistan-Azerbaijan Business Forum today.
The forum will bring together business leaders from both countries to explore avenues for joint ventures and trade and investment opportunities, emphasising business-to-business (B2B) collaboration.
Pakistan and Azerbaijan share a long-standing bond of brotherhood, underpinned by shared values and common aspirations. This visit underscores the commitment of both nations to deepening their bilateral ties, enhancing economic cooperation, and fostering regional collaboration.
