Sharif, Aliyev Finalize Matters On Azerbaijan's $2 Bn Investment In Pakistan

Prime Minister Shehbaz Sharif and Azerbaijan's President Ilham Aliyev on Monday finalizing the matters on Baku's $2 billion investment in Pakistan, agreed to expand bilateral trade volume and promote joint defence production

BAKU, (UrduPoint / Pakistan Point News - 24th Feb, 2025) Prime Minister Shehbaz Sharif and Azerbaijan's President Ilham Aliyev on Monday finalizing the matters on Baku's $2 billion investment in Pakistan, agreed to expand bilateral trade volume and promote joint defence production.

This was agreed during a meeting between the two leaders in Baku. On the occasion, the two leaders also witnessed the signing of an amendment agreement for the Sale and Purchase of LNG cargoes related to Master LNG Sale and Purchase Agreement.

The two sides also signed an agreement between the State Oil Company of Azerbaijan Republic (SOCAR) and Pakistan's Frontier Works Organization (FWO) and Pakistan State Oil Company Limited for collaboration in Machike-Thallian-Tarujabba White Oil Pipeline Project.

Later, Prime Minister Shehbaz Sharif , in a joint press conference with the President of Azerbaijan, assured that he himself would oversee the investment and mutual cooperation projects in the sectors where Azerbaijan was investing, ensuring that there would be no disruption in the pace and effectiveness of these efforts.

"I am happy to share that we also had extensive discussions regarding finalizing the portfolio of Azerbaijan investments worth US$2 billion in mutually beneficial projects in Pakistan and I look forward to my dear brother, President Aliyev visiting Pakistan in April this year to sign historic agreements involving this investment," the prime minister said in a social media post on X.

Addressing the joint press stakeout, the prime minister said US$2 billion investment in Pakistan announced by the President Aliyev will bring dividends to both countries.

"This will be the first quantum jump in our trade and investment relations and will be a huge reflection of our fraternal ties," the prime minister said adding that "Our business, trade, and investment ties were not reflecting the true strength of our relations but today we have achieved that target and in a months' time we will celebrate this great decision into action".

President Aliyev regretted that the bilateral trade turnover was only several tens of million of US dollars that was needed to be increased.

"I think we have the way how to do it", he said adding that "We received concrete projects from Pakistan and Azerbaijani representatives are evaluating them, today we put ambitious and realistic targets to finalize all the discussions within one month and by the beginning of April, the documents will be prepared for signing".

The President of Azerbaijan emphasized that these projects covered infrastructure development areas as well as energy, economic, mining and others.

He said during his meeting with PM Shehbaz Sharif, they discussed important issues, and reaffirmed resolve to continue to support each other on all issues of international relations.

He said they also discussed numerous issues of current international development and cooperation in defence area including defence industry.

"Azerbaijan has already acquired defence equipment from Pakistan and we are satisfied with the quality of this equipment and we will continue to do to it.

At the same time, he said, they also discussed opportunity of joint manufacturing in defence industrial items, which will be another important sector of bilateral cooperation.

As regards connectivity and transportation sectors, he said that the people to people contacts had also been developed successfully between the two countries. "With regular airlines connection, the number will grow and we will see more regular interactions between the two countries."

Praising Prime Minister Shehbaz Sharif's vision and reforms which he implemented in Pakistan, he said these steps brought important results in areas of economy and political stability. "All is due to your hard work and work of your team, and we as your brother and friend, really happy on the achievements under your leadership," he added.

Prime Minister Shehbaz Sharif extended his gratitude to the Azerbaijan President for dispatching his delegation to Islamabad to add further beauty and attraction to Islamabad.

He also thanked him for his country's continued support for the cause of Kashmir without any political conditions.

"We deeply appreciate this and I hope that resolutions passed by the United Nations General Assembly and Security Council will be materialized one day soon through our collective efforts," he added.

The prime minister underscored that the People of Gaza now needed permanent ceasefire and today was the time that pause in Gaza should now be converted into permanent ceasefire and dream of two-state of this area should be materialized.