Pakistan’s investments exceed $4M
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.