Pakistan and Azerbaijan pledged to significantly strengthen their economic ties, aiming for a combined investment of US$2 billion in mutually beneficial projects. This ambitious target was announced by Pakistani Prime Minister Muhammad Shehbaz Sharif during a joint press conference with Azerbaijani President Ilham Aliyev on Thursday.
The leaders met after witnessing the signing of agreements and Memorandums of Understanding (MoUs) across various sectors. Prime Minister Sharif highlighted the initial target of $2 billion, expressing hope that concrete agreements would be signed during his visit to Azerbaijan in November this year. He emphasized the vast potential for expanding economic cooperation beyond this initial commitment.
“The current level of bilateral trade, at less than $100 million, does not reflect the true strength of our relationship,” the Prime Minister said. “We have immense potential for joint ventures and investments that will benefit both our nations.”
Both leaders expressed satisfaction with the discussions, emphasizing the mutual trust and confidence that underpin their partnership. They committed to working together to elevate trade and investment ties to new heights.
Prime Minister Sharif acknowledged Azerbaijan’s unwavering support for the Kashmiri people’s right to self-determination, as enshrined in UN Security Council resolutions. He reciprocated this gesture, highlighting Pakistan’s consistent backing for Azerbaijan’s position on international issues.
President Aliyev echoed the sentiment of strong brotherhood, underlining the deep connection between the two peoples. He emphasized Azerbaijan’s commitment to international law and the rights of Kashmiris, which he said have been “ignored and violated for decades.”
“The UN Security Council resolutions provide a clear path towards resolving this issue,” President Aliyev stated, “but unfortunately, these resolutions lack an enforcement mechanism.” He reassured Pakistan of Azerbaijan’s unwavering support for Kashmir, international law, and justice, expressing confidence that justice will ultimately prevail.
The two leaders revealed that discussions were underway to identify specific projects for the initial $2 billion investment. President Aliyev mentioned that potential areas of focus included energy, connectivity, infrastructure, and the defense industry. He envisioned a robust partnership that extends beyond the political realm, encompassing robust economic and trade ties.
This newfound commitment to economic cooperation presents a significant opportunity for both Pakistan and Azerbaijan. The success of this initiative could unlock substantial benefits, fostering economic growth, job creation, and knowledge transfer between the two nations. With strong political will and a focus on identifying commercially viable projects, Pakistan and Azerbaijan have the potential to translate their ambitious goals into a reality that strengthens their economies and deepens their strategic partnership.