Baku, 26 November 2022 (TDI): The contingent of the Global Business Alliance (GBA) with prominent representatives from the business fraternity of Pakistan reached Baku. The delegation includes personnel from multifarious business backgrounds.
The GBA lead a business delegation to Azerbaijan for the promotion of bilateral trade between Pakistan and Azerbaijan. The delegation will stay in the country from November 26 to December 3, 2022.
The delegation includes representatives from diverse business groups and sectors. Delegates from the textile, apparel, medical supplies, tourism, sports, edibles, and cookware comprise the group.
The objective of the trip is to interact with likely partners to reinforce and create robust business connections between the two countries.
GBA is an international business and trade cooperation networking platform registered with the Government of Pakistan. It works to boost bilateral and multilateral trade, business, and services globally.
It furnishes the members with networks of global diplomatic missions, governments, trade, and business enterprises along with giving a competitive advantage in pursuing opportunities for result-oriented growth, partnership, & strategic alliance from around the world.
Pakistan-Azerbaijan Business Ties
Azerbaijan and Pakistan enjoy amicable fraternal ties. Aside from that, the two are also collaborating as strategic partners. The two have been actively cooperating in various fields including trade and military sectors.
To further deepen trade and business ties, Pakistan’s Chamber of Commerce and Industry in Karachi announced the intent to contribute to the establishment of a Free Economic Zone (FEZ) in Alyat, Azerbaijan in November 2017.
Ever since, Pakistan has been negotiating with Azerbaijan accentuating the significance of the “North-South” transport corridor for the future. This corridor has the potential to connect Azerbaijan, Iran, and the Russian Federation’s railway networks.
Predicated on recently signed agreements, both states intend to raise the trade turnover between the two further over the next five years.
It is pertinent to note that Azerbaijan is a major trade partner for Pakistan, an oil-importing nation, because of its enormous energy capacity (oil and gas).
A special working group on the growth of bilateral investment cooperation has been established between the Ministries of Trade of Pakistan and Azerbaijan’s Economy to achieve further growth in trade.
The Pakistani side is thought to have contributed about 4.2 million USD to the economy of Azerbaijan over the past ten years.
However, Pakistan stands to gain an advantage in the domestic market of Azerbaijan by exporting goods from the leather, pharmaceutical, energy, and lightweight agricultural equipment industries.