azal direct flights create new connection between Azerbaijan and Pakistan
Published on: April 26, 2024.
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Azerbaijani Ambassador Emphasizes the Need for Stronger Economic Relations with Pakistan
KARACHI, APR 19 /DNA/ – The Ambassador of the Republic of Azerbaijan to the Islamic Republic of Pakistan, Khazar Farhadov, has highlighted the importance of fostering economic and business relations between Azerbaijan and Pakistan. While the two countries already have strong political, defense, and historical ties, Ambassador Farhadov emphasized the necessity to provide more facilitations to the private sector in order to further develop economic cooperation.
During his visit to the Karachi Chamber of Commerce & Industry (KCCI), Ambassador Farhadov spoke at a meeting attended by KCCI President Iftikhar Ahmed Sheikh, Vice President Tanveer Barry, Former Presidents Majyd Aziz and Junaid Makda, and KCCI Managing Committee Members. He discussed the establishment of Joint Working Groups between Azerbaijan and Pakistan in various fields such as trade, agriculture, banking, energy, tourism, information and communication technologies, transport, youth, health, military-technical, and labor sectors. He emphasized the importance of involving private entities in these Joint Working Groups to enhance trade and economic cooperation.
Ambassador Farhadov also informed about the ongoing work towards a Transit Trade Agreement and Preferential Trade Agreement between Azerbaijan and Pakistan, which will contribute to improved trade ties. He further highlighted that rice imported from Pakistan is exempt from import customs duty in Azerbaijan until December 31, 2027, as per the decision of the Cabinet of Ministers of Azerbaijan dated November 22, 2022.
The Ambassador praised the official visit of the Prime Minister of Pakistan, Shehbaz Sharif, to Azerbaijan in June 2023, which gave a significant boost to the strategic partnership between the two countries. He mentioned that visits were carried out and achievements were reached in line with the tasks given by the leaders of both countries during the visit, focusing on expanding cooperation in information communication technologies, transport, defense industry, energy, and trade.
Ambassador Farhadov highlighted the resumption of LNG supplies by the State Oil Company of Azerbaijan (SOCAR) to Pakistan and the prospects of mutual investments in energy and IT sectors. He noted that the volume of trade transactions between the two countries exceeded USD 100 million in 2023, increasing more than three times compared to 2022 figures. He also mentioned the significant increase in Pakistani citizens visiting Azerbaijan, facilitated by easy visa obtaining conditions and direct flights by AZAL (Azerbaijan Airlines).
Recognizing the importance of strengthening linkages between the business communities of Azerbaijan and Pakistan, Ambassador Farhadov stressed the need for participation in each other’s exhibitions and frequent visits to enhance trade cooperation and foster closer relations. He emphasized the crucial role of the private sector in achieving the desired level of economic cooperation between the two countries.
President of KCCI, Iftikhar Sheikh, expressed his welcome to the Ambassador and highlighted the long-standing historical relationship between Pakistan and Azerbaijan. He emphasized the significance of bilateral social, cultural, and economic cooperation, and the need to elevate exports to Azerbaijan to their full potential. President Sheikh also underscored the possibilities of collaboration in areas such as agricultural research, irrigation techniques, livestock management, and seed exchange programs to deepen economic integration and boost agro-food trade.
President Sheikh further suggested that Azerbaijani companies explore joint ventures and investments in Special Economic Zones (SEZs) under the China-Pakistan Economic Corridor (CPEC). He invited Azerbaijan to consider participating in the upcoming My Karachi-Oasis of Harmony International Exhibition, a platform for promoting trade and economic activities.
