Lahore, 26 November 2022 (TDI): The delegation of the Global Business Alliance (GBA) has departed for Azerbaijan today. The contingent includes personnel from diverse business backgrounds.
The GBA is leading a business delegation to Azerbaijan to promote bilateral trade between Pakistan and Azerbaijan from November 26 to December 3, 2022.
The delegation comprises members from various business groups and sectors. Representatives from the textile, apparel, medical supplies, tourism, sports, edibles, and cookware are part of the business delegation.
The agenda of the visit is to interact with potential partners in order to strengthen and build strong business relationships between the two countries.
GBA is an international business and trade cooperation networking platform for promoting bilateral and multilateral trade, business, and services globally. It is registered with the Government of Pakistan.
It provides networks of global diplomatic missions, governments, trade, and business enterprises to give forum members a competitive advantage in pursuing opportunities for result-oriented growth, partnership, and strategic alliance from around the world.
Pakistan-Azerbaijan Business Ties
Azerbaijan and Pakistan are strategic partners. The two collaborate in a multitude of 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.