Baku: On February 24, the Azerbaijan-Pakistan business forum was held in Baku, where President of the Republic of Azerbaijan Ilham Aliyev and Prime Minister of the Islamic Republic of Pakistan Muhammad Shehbaz Sharif addressed the gathering.

According to Azeri-Press News Agency, the forum was organized as part of the state visit of Prime Minister Sharif to Azerbaijan, aiming to strengthen business ties between the two nations. President Aliyev opened the forum by highlighting the excellent political relations between Azerbaijan and Pakistan, while noting that the trade turnover falls short of reflecting the strong political ties. He emphasized the importance of increasing mutual trade and investments, and announced plans for Azerbaijan to invest $2 billion in Pakistan’s economy. Discussions at the forum focused on energy, transportation, and defense sectors, with a particular interest in joint manufacturing ventures.

Prime Minister Sharif echoed the sentiment, underscoring the historical and brotherly relationship between the two countries. He expressed a commitment to enhancing bilateral trade from the current $14 million to $2 billion, and mentioned the exemption of import duties on Pakistani Basmati rice as a step towards this goal. The Prime Minister also announced the establishment of a permanent Information Bureau to facilitate real-time exchange of business opportunities between the two nations. Furthermore, he proposed the creation of a joint defense manufacturing facility and highlighted the potential role of the Gwadar Port in boosting trade connectivity.

During the forum, the General Director of “Baku Abadlig Khidmeti” LLC, Bunyad Gasimov, provided updates on renovation and restoration projects in Islamabad, indicating ongoing collaborations in urban development. The business forum is seen as a platform to bridge the information gap between the business communities of Azerbaijan and Pakistan, fostering a robust partnership that aligns with the strong political and cultural ties already in place.