Baku/Islamabad, 4 December 2022 (TDI): GBA and PAKAZCHAM discussed the opportunities for Pakistani businessmen to participate in projects carried out in Azerbaijan as well as the future directions of economic relations.
Mohammad Asif Noor, the chairman of the Global Business Alliance (GBA), and Khurram Bhatti, the president of the Pakistan-Azerbaijan Chamber of Economic Cooperation (PAKAZCHAM), discussed the opportunities for Pakistani businessmen to participate in projects carried out in Azerbaijan as well as the future directions of economic relations.
Within the event context, a Memorandum of Understanding was signed between the Global Business Alliance and the Pakistan-Azerbaijan Chamber of Economic Cooperation (PAKAZCHAM).
Within the context of the event, businessmen had bilateral discussions.
Global Bussiness Alliance (GBA) is a government-registered networking platform for cross-border commerce and commercial collaboration. It strives to enhance global commerce, business, and services on a bilateral and multilateral basis.
It offers members access to a worldwide network of trade, corporate, and government organizations as well as a competitive edge in seeking global possibilities for result-driven growth, cooperation, and strategic alliance.
The purpose of PAKAZCHAM is to increase commerce between Pakistan and Azerbaijan by providing a business forum for entrepreneurs of both states.
Pakistan-Azerbaijan Business Ties
Pakistan and Azerbaijan are allies on a strategic level. The two work together across several industries, including the commercial and military spheres.
In November 2017, Pakistan’s Chamber of Commerce and Industry in Karachi declared its intention to support the creation of a Free Economic Zone (FEZ) in Alyat, Azerbaijan, to strengthen trade and economic connections.
Since then, Pakistan has been negotiating with Azerbaijan while emphasizing the future importance of the “North-South” transit route. This route may link the rail networks of Azerbaijan, Iran, and the Russian Federation.
Based on recently concluded accords, both governments seek to increase bilateral commerce over the next five years.
It is important to highlight that due to Azerbaijan’s massive energy capability, Pakistan, an oil-importing country, is one of the country’s main trading partners (oil and gas).
To further increase commerce, the Ministries of Trade of Pakistan and Azerbaijan’s Economy have formed a special working group on the expansion of bilateral investment cooperation.
Over the previous 10 years, the Pakistani side is estimated to have given the economy of Azerbaijan a contribution of roughly 4.2 million USD.
However, by exporting commodities from the leather, pharmaceutical, energy, and light agricultural equipment industries, Pakistan hopes to benefit Azerbaijan’s home market.