Pakistan and Azerbaijan signed a milestone agreement on Friday for an Azerbaijani investment of $ 2 billion in Pakistan’s economy on the sidelines of the 17th Economic Cooperation Organization (ECO) summit that marks a significant boost for bilateral investments.
The pact was completed in the presence of Prime Minister Shehbaz Sharif, Deputy Prime Minister and Foreign Minister Ishaq Dar and Azerbaijan’s Minister of Economy Mikayil Jabbarov.
The agreement, which follows discussions between Prime Minister Shehbaz and Azerbaijanian President Ilham Aliyev, sets the scene that a more detailed Memorandum should be formalized during President Aliyev’s upcoming visit to Pakistan.
The Prime Minister described the agreement as a historic milestone in the relationship between Pakistan-Azerbaijan and said the two nations had agreed to extend cooperation in trade, investment, water resource management and glacier.
“We are grateful to the president of Azerbaijan for investing in Pakistan,” the prime minister told journalists in Shusha after the signing ceremony. “This partnership will grow manifold in the future.”
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The agreement improves ongoing cooperation led by Pakistan’s diplomatic missions. PM Shehbaz also highlighted obligations from ECO Member States to strengthen regional connection, sustainable development and peace.
The prime minister ended his two-day visit and traveled from Fuzuli Airport on Friday. He was looked out by Education and Science Minister Emin Amin Amrullayev, Azerbaijanian ambassador Khazar Farhadov, Pakistani envoy Qasim Mohiuddin and High-ranking Officials.
During his visit, Prime Minister Shehbaz attended the ECO top meeting and held bilateral meetings with the presidents of Azerbaijan, Iran, Turkey and Uzbekistan focusing on regional stability and financial cooperation.
