Pak­istan’s in­vest­ments ex­ceed $4M

Azer News - - Nation - By Sara Is­rafil­bay­ova

Azer­bai­jan and Pak­istan at­tach great im­por­tance to bi­lat­eral in­vest­ments and so far, Pak­istan has in­vested $4.2 mil­lion in Azer­bai­jani econ­omy.

Deputy Econ­omy Min­is­ter Ru­fat Mam­madov made the re­marks dur­ing the Azer­bai­jani-Pak­istani busi­ness fo­rum on July 4.

“A spe­cial work­ing group was es­tab­lished be­tween the Min­istry of Econ­omy of Azer­bai­jan and the Min­istry of Trade of Pak­istan on the de­vel­op­ment of bi­lat­eral in­vest­ment co­op­er­a­tion,” he said.

Mam­madov noted that the trade turnover be­tween the two coun­tries is also grow­ing.

“It is worth not­ing that to­day there are all op­por­tu­ni­ties for fur­ther in­crease of bi­lat­eral trade be­tween our coun­tries and both coun­tries are very in­ter­ested in this,” the deputy min­is­ter noted.

Mam­madov went on to say that he does not ex­clude the pos­si­bil­ity of open­ing an Azer­bai­jani Trade House in Pak­istan, adding that Pak­istani mar­ket is of in­ter­est to Azer­bai­jan.

More­over, Azer­bai­jan Ex­port and In­vest­ment Pro­mo­tion Foun­da­tion (AZPROMO) and the Rawalpindi Cham­ber of Com­merce and In­dus­try of Pak­istan signed a Mem­o­ran­dum of Un­der­stand­ing (MoU).

The Is­lamic Repub­lic of Pak­istan was one of the first coun­tries that rec­og­nized the in­de­pen­dence of the Repub­lic of Azer­bai­jan on De­cem­ber 12, 1991. The diplo­matic re­la­tions be­tween two coun­tries were es­tab­lished on June 9, 1992.

The mil­i­tary co­op­er­a­tion takes a spe­cial place in Azer­bai­jan-Pak­istan re­la­tions. Pak­istan backed Azer­bai­jan dur­ing and af­ter the NagornoKarabakh War and it is the only coun­try that does not rec­og­nize Ar­me­nia.

Pak­istan also adopted a res­o­lu­tion strongly con­demn­ing the geno­cide against the civil­ian pop­u­la­tion of Kho­jaly, which was com­mit­ted by Ar­me­nian armed forces.

The pri­or­ity sec­tors for the co­op­er­a­tion are con­sid­ered to be en­ergy sec­tor, in­for­ma­tion tech­nol­ogy, phar­ma­ceu­ti­cal, sur­gi­cal and sports goods, leather in­dus­try and agri­cul­ture equip­ment and prod­ucts.

More­over, in Fe­bru­ary 2017 the two sides signed an agree­ment for co­op­er­a­tion in the field of en­ergy in and the con­cerned au­thor­i­ties of the two coun­tries have been in con­tact to ex­plore fur­ther ar­eas of co­op­er­a­tion in this very vi­tal sec­tor.

To­day, in Azer­bai­jan there are 267 com­pa­nies with Pak­istani cap­i­tal that work in such ar­eas as trade, com­mu­ni­ca­tions, lo­gis­tics and so on.

The trade turnover be­tween the coun­tries amounted to $5.82 mil­lion in Jan­uary-May 2018, which is 38.6 per­cent higher than the same pe­riod last year, ac­cord­ing to the State Cus­toms Com­mit­tee of Azer­bai­jan.

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