Amid economic push, Pakistan reviews proposals for investment projects with Azerbaijan
ISLAMABAD: Pakistan's deputy prime minister, Ishaq Dar, on Tuesday reviewed various proposals for investment projects with Azerbaijan, the Pakistan foreign office said, amid Islamabad's push for increase trade and investment in the South Asian country.
The development came days after Azerbaijan President Ilham Aliyev wrote a letter to Prime Minister Shehbaz Sharif and called for joint ventures with Pakistan in defense, energy, economy, logistics and transport sectors to expand Baku's strategic partnership with Islamabad.
It followed a visit by Sharif to Baku, where he announced the two nations would sign deals in April to boost bilateral investments to $2 billion. Multiple agreements for cooperation in the trade, energy, tourism, education and other sectors were signed during Sharif's visit in Feb.
On Tuesday, DPM Dar presided over an inter-ministerial meeting on possible investment projects with Azerbaijan and reviewed various proposals in this regard, according to the Pakistani foreign office.
'DPM/FM directed to accelerate the implementation of decisions to boost economic growth and development through viable investment projects,' it said in a statement. 'He reaffirmed that strengthening Pakistan-Azerbaijan ties remains a priority as both countries collaborate across various sectors.'
Cash-strapped Pakistan is currently navigating a tricky path to recovery under a $7 billion International Monetary Fund (IMF) program. The South Asian country has been making efforts to generate revenue through increased trade and investment deals with friendly nations and regional and international allies, focusing on export-led growth.
In September last year, Azerbaijan bought JF-17 Block III fighter jets from Pakistan, reportedly in a $1.6bn deal.
During President Aliyev's visit to Pakistan last year, a joint committee was set up to materialize projects in trade, commerce, information technology, tourism, telecommunication, mineral resources and other sectors. Sharif said at the time the current trade volume of $100 million did not reflect the 'true' trade potential between the two countries.
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