Azerbaijan’s Ambassador Aims to Enhance Business Relations
Published on: April 26, 2024.
Filed under:
Developing Economic and Business Relations between Azerbaijan and Pakistan
The Ambassador of the Republic of Azerbaijan to the Islamic Republic of Pakistan, Khazar Farhadov, emphasized the need to strengthen economic and business relations between the two countries during a meeting at the Karachi Chamber of Commerce & Industry (KCCI). While Azerbaijan and Pakistan already have strong political and defense ties, the Ambassador highlighted the importance of involving the private sector in promoting trade and economic cooperation.
The establishment of Joint Working Groups in various sectors such as trade, agriculture, banking, energy, tourism, and more was agreed upon during the seventh session of the Azerbaijan-Pakistan Intergovernmental Joint Commission held in Baku. The Ambassador stressed the importance of including private entities in these groups to enhance trade and economic cooperation.
Furthermore, work is underway on a Transit Trade Agreement and Preferential Trade Agreement between Azerbaijan and Pakistan, which is expected to further improve trade ties. The Ambassador also informed that rice imported from Pakistan has been exempted from import customs duty until December 31, 2027, as per the Decision of the Cabinet of Ministers of Azerbaijan.
The successful official visit of Pakistan Prime Minister Shehbaz Sharif to Azerbaijan in June has further strengthened the strategic partnership between the two countries. The leaders of both nations have expressed their desire to expand cooperation in various fields, including information communication technologies, transport, defense industry, energy, and trade. Subsequent visits and achievements have been made in these areas.
In recent years, there has been significant growth in trade transactions between Azerbaijan and Pakistan. Direct trade and transactions involving the State Oil Company of Azerbaijan (SOCAR) reached over $100 million in 2023, triple the figures from the previous years. The Ambassador also highlighted the increase in Pakistani citizens’ visits to Azerbaijan, facilitated by easy visa obtaining conditions and direct flights by Azerbaijan Airlines (AZAL).
To further enhance business relations, the Ambassador stressed the importance of participation in exhibitions and frequent visits between the two countries. He emphasized that private sector involvement is crucial for achieving the desired goals of cooperation. Pakistan has been a supportive partner for Azerbaijan at international levels, and Azerbaijan considers Pakistan a brotherly country.
Opportunities for Economic Integration and Cooperation
President of KCCI, Iftikhar Ahmed Sheikh, welcomed the Ambassador and emphasized the historical relationship between Pakistan and Azerbaijan. He highlighted the need to elevate trade cooperation between the two countries, remove trade barriers, streamline customs procedures, and improve the business environment.
President KCCI mentioned that Azerbaijan, with its abundant energy resources, can assist Pakistan in dealing with its acute energy crisis. He also stressed the importance of exploring opportunities in agriculture, including research, advanced irrigation techniques, livestock management, and seed exchange programs.
President KCCI suggested that Azerbaijan companies explore joint ventures and investments in Special Economic Zones (SEZs) under the China-Pakistan Economic Corridor (CPEC) to further strengthen economic relations. He also highlighted potential sectors for investment, such as agriculture, livestock, energy, IT & telecom, industry, trade, and tourism.
In terms of trade, President KCCI encouraged both countries to expand their trade in textiles, cotton, ready-made garments, rice, chemicals, and pharmaceutical products. Diversifying trade and boosting exports can contribute to further economic cooperation. Additionally, establishing academic linkages between agrarian institutions can strengthen bilateral relations and economic cooperation.
President KCCI invited Azerbaijan to participate in the upcoming My Karachi-Oasis of Harmony International Exhibition, scheduled from 2nd to 4th August 2024, which serves as an excellent platform for promoting trade and economic activities.
Source: Business Recorder
