Pakistan and Azerbaijan have agreed to increase bilateral investment to $2 billion, focusing on mutually beneficial projects.
The decision was made during talks between Prime Minister Shehbaz Sharif and Azerbaijan’s President Ilham Aliyev at the Presidential Palace in Baku on Monday.
Speaking at a joint news conference, PM said that all political parties in Pakistan are united in their efforts to strengthen ties with Azerbaijan. He stressed that the cordial relationship between the two countries should be expanded to include economic cooperation.
Prime Minister Shehbaz Sharif expressed confidence that the Memorandums of Understanding (MOUs) signed during the visit, along with agreements expected in April, will significantly contribute to future economic growth and mutual success.
He also highlighted the importance of strengthening defence relations between Pakistan and Azerbaijan, noting the commitment to joint manufacturing of defence equipment, which he believes will have far-reaching impacts.
The prime minister endorsed Azerbaijan’s proposal for an international infrastructure corridor, noting that Pakistan’s Gwadar Port could play a key role in facilitating trade and boosting the regional economy.
He expressed Pakistan’s full support for President Aliyev’s vision, calling it a transformative and positive development for the entire region.
The premier also thanked President Aliyev for his warm hospitality during the visit, reaffirming Pakistan’s commitment to solidifying the relationship and fostering closer ties between the two nations.
Meanwhile, Pakistan and Azerbaijan signed multiple agreements to strengthen cooperation in trade, energy, tourism, education, and other key sectors during Prime Minister Shehbaz Sharif’s official visit to Baku.
PM Shehbaz and President Ilham Aliyev witnessed the signing ceremony, which followed their bilateral meeting and delegation-level talks focused on expanding ties across multiple fields.
One of the key agreements includes an MoU between Azerbaijan’s State Oil Company (SOCAR) and Pakistan’s Frontier Works Organization (FWO) and Pakistan State Oil (PSO) for collaboration on the Machike-Thallian-Tarujabba White Oil Pipeline Project.
Additionally, SOCAR signed separate MoUs with Pakistan Refinery Limited (PRL) and PSO to boost energy cooperation, including the sale and purchase of LNG cargoes and petroleum products.
Another agreement was signed to amend the existing framework for LNG trade between both nations, allowing Pakistan LNG Limited to strengthen its energy supply chain through Azerbaijani resources.
In a move to foster cultural and economic ties, the foreign ministers of both countries exchanged an MoU establishing cooperation between Nakhchivan, an autonomous city in Azerbaijan, and Lahore.
The agreement aims to promote collaboration in culture, tourism, urban development, education, economy, and science and technology.
Earlier, PM Shehbaz was accorded a guard of honour at the Zagulba Presidential Palace in Azerbaijan.
President Ilham Aliyev welcomed the Pakistani premier upon his arrival at the palace, where the national anthems of both countries were played before the formal reception by the Azerbaijani armed forces.
