Pakistan, Azerbaijan to expand investment volume upto $2b

Pakistan and Azerbaijan on Thursday agreed to enhance the bilateral investment level of up to $2 billion in areas of mutually beneficial projects.

Azernews reports, citing Pakistan Observer, that in a joint press stakeout along with Azerbaijan President Ilham Aliyev after witnessing the signing of agreements and memoranda of understanding in diverse areas between the two countries, Prime Minister Shehbaz Sharif said: “We have discussed an initial figure of $2bn of investment in areas of mutual beneficial projects”.

The prime minister hoped that when he visited Azerbaijan in November this year, the two sides would be ready to ink agreements worth $2bn to begin with as there was great potential for 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.
He 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 that 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.

He emphasised that Pakistan had always supported Azerbaijan’s stand, while the brotherly country had always supported the cause of millions of Kashmiris. PM Shehbaz hoped that the climate summit 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 was impressed by the beautification of Baku; therefore, it decided to copy its model.

President Aliyev said the brotherhood between the two countries was based on deep feelings between the people 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 added: “Our state-forward support on the issue of Jammu and Kashmir is our commitment to our brotherhood and also our respect for international law; the rights of Kashmiris have been ignored and violated for decades.”

He said the UN Security Council resolutions indicated how the issue must be resolved but ruled out unfortunately, UNSC resolutions had no mechanism of implementation.
“But we as brothers and friends will always stand side by side with you, with our brothers in Kashmir, with international law, with justice and I am sure justice will prevail,” he added.
He said the two sides were analysing the projects for the initial investment of $2bn.

“During our today’s conversation, we reviewed several projects in the areas of energy, connectivity, infrastructure, and defence industry,” he said, adding that “we will build strong partnerships not only on the political level that we already had but on economic and trade investment levels as well.”