Global Rice News

The Ambassador of the Republic of Azerbaijan to Pakistan, Khazar Farhadov, has emphasized the need for stronger economic and business ties between the two countries. While Azerbaijan and Pakistan have existing robust political and defense relations, the Ambassador believes that enhancing economic cooperation, particularly with the private sector, is crucial. To achieve this, the Ambassador suggests involving the private entities in Joint Working Groups, which cover various sectors such as trade, agriculture, banking, energy, tourism, and more. By including the private sector in these groups, the aim is to foster increased trade and economic cooperation.

During his visit to the Karachi Chamber of Commerce & Industry (KCCI), the Ambassador shared that efforts are currently underway to develop a Transit Trade Agreement and Preferential Trade Agreement between Azerbaijan and Pakistan. These agreements are expected to significantly improve trade ties and promote mutual benefits.

The Ambassador highlighted the positive impact of the official visit of the Prime Minister of Pakistan, Shehbaz Sharif, to Azerbaijan in June 2023. This visit has further strengthened the strategic partnership between the two countries and has paved the way for expansion in various sectors such as information communication technologies, transport, defense industry, energy, and trade.

Additionally, the resumption of LNG supplies by the State Oil Company of Azerbaijan (SOCAR) to Pakistan and the potential for mutual investments in energy and IT sectors are expected to enhance the economic cooperation between the two countries. The volume of total trade transactions between Azerbaijan and Pakistan has surpassed USD 100 million in 2023, marking a significant increase compared to previous years.

The Ambassador also emphasized the importance of people-to-people contacts and connectivity between Azerbaijan and Pakistan. With easy visa-obtaining conditions for Pakistani citizens and direct flights by Azerbaijan Airlines, more than 50,000 Pakistani citizens visited Azerbaijan in 2023. This has contributed to establishing stronger ties and facilitating trade and tourism.

The Ambassador called for closer linkages between the business communities of both countries. He emphasized the importance of participating in each other’s exhibitions and organizing frequent visits. This will help in expanding trade cooperation and fostering better understanding between the people of Azerbaijan and Pakistan.

President of KCCI, Iftikhar Sheikh, welcomed the Ambassador and highlighted the long-standing historical relationship between Pakistan and Azerbaijan. He stressed the need to elevate the bilateral trade between the two countries, which has fallen short of its potential. Efforts must be made to eliminate trade barriers, streamline customs procedures, and improve the business environment to enhance trade cooperation.

President Sheikh also emphasized the potential for energy cooperation between Azerbaijan, with its abundant energy resources, and Pakistan, which faces an acute energy crisis. He suggested exploring opportunities in agricultural research, advanced irrigation techniques, livestock management, and more, to deepen economic integration and boost agro-food trade between the two countries.

Additionally, President Sheikh proposed that companies from Azerbaijan explore joint ventures and investments in Special Economic Zones (SEZs) under the China-Pakistan Economic Corridor (CPEC). This can further strengthen economic relations between the two countries. He also called for the diversification of trade, particularly in textiles, cotton, ready-made garments, rice, chemicals, and pharmaceutical products.

President Sheikh invited Azerbaijan to participate in the upcoming My Karachi-Oasis of Harmony International Exhibition, which serves as an excellent platform for promoting trade and economic activities.

In Conclusion, the article highlights the importance of strengthening economic cooperation between Azerbaijan and Pakistan. The involvement of the private sector, the development of trade agreements, and the exploration of various sectors can contribute to increased trade and economic benefits for both countries. The article also emphasizes the importance of people-to-people contacts and invites Azerbaijan to participate in trade exhibitions in Pakistan.

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