Khankendi (TDI): In a significant boost to bilateral economic ties, Pakistan and Azerbaijan signed a major partnership agreement on Friday, paving the way for $2 billion in Azerbaijani investment into Pakistan’s economy.
The signing ceremony took place in the presence of Prime Minister Shehbaz Sharif, following a warm meeting with Azerbaijani President Ilham Aliyev in Khankendi. Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar and Azerbaijani Economy Minister Mikayil Jabbarov formalized the agreement.
According to officials, the investment will target key sectors within Pakistan’s economy and is being seen as a reflection of growing investor confidence under Prime Minister Sharif’s leadership.
Officials said the agreement signed on Friday lays the groundwork for a broader partnership, with a final and more detailed deal expected to be formalized when President Ilham Aliyev visits Pakistan in the coming weeks.
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Officials described the agreement as a turning point in ties between the two countries. They noted that it reflects a shared interest in expanding trade and investment, with both governments also exploring closer cooperation in other key sectors. Plans are underway for more high-level visits to build on the momentum.
Prime Minister Shehbaz Sharif met with Azerbaijani President Ilham Aliyev on the sidelines of the 17th Economic Cooperation Organization (ECO) Summit on Friday.
He conveyed his gratitude to President Aliyev and the people of Azerbaijan for the gracious hospitality extended to him and his delegation during his recent visit to Lachin, Azerbaijan, from May 27-29.
The Prime Minister also thanked President Ilham on Azerbaijan’s steadfast support extended to Pakistan during the recent conflict with India.
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He said that Pakistan had also extended consistent support to Azerbaijan in challenging times.
The two leaders agreed to enhance their cooperation in the fields of trade and investment while expressing satisfaction over the progress made regarding the investment prospects.
Both leaders reiterated their resolve to strengthen the economic partnership, especially Azerbaijan’s investment in Pakistan.
Farkhund Yousafzai is an Associate Editor at The Diplomatic Insight.
