Pakistan and Azerbaijan are taking concrete steps to translate their growing bilateral relationship into substantial trade and investment outcomes, with Azerbaijan expressing interest in investing up to $2 billion in Pakistan, Finance Minister Senator Muhammad Aurangzeb said.
Speaking in an interview, Aurangzeb highlighted the progress in Pakistan-Azerbaijan relations, noting that they had strengthened under the current government, marked by high-level engagements, including visits by Prime Minister Shehbaz Sharif and Pakistan’s participation in COP29 in Baku. He emphasised that the focus was now on expanding trade and investment flows, particularly in energy, oil, gas, and mining.
Azerbaijan’s state oil company, SOCAR, is in discussions with Pakistan for an oil pipeline project, though talks are still at an early stage. Aurangzeb expressed optimism that the oil pipeline project could be one of the first joint ventures to materialise from these discussions.
Further strengthening economic ties, Azerbaijan has also pledged to provide a $1 billion loan to Pakistan, which could take various forms, including direct placements with the State Bank of Pakistan or supporting Azerbaijani investors operating in Pakistan.
The finance minister noted that despite the current bilateral trade being less than $50 million, both countries are working to identify priority sectors to make trade more meaningful and increase economic cooperation.
The minister underscored that these steps align with Pakistan’s broader goals of diversifying its economic partnerships and attracting investment in critical sectors, setting the stage for a future of expanded trade and deeper bilateral cooperation between the two nations.
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