Latest news with #ECOsummit
Arab News
19 hours ago
- Business
- Arab News
Pakistan PM, Azerbaijan president vow to boost trade and investment on ECO summit sidelines
ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Friday met with Azerbaijan President Ilham Aliyev on the sidelines of the 17th Economic Cooperation Organization (ECO) summit, Sharif's office said, with the two leaders agreeing to boost bilateral trade and investment. The prime minister led Pakistan's delegation at the ECO summit in Khankendi, Azerbaijan on July 3-4, which focused on the promotion of trade, sustaining development and enhancing regional connectivity. Sharif noted that recent interactions between leaders of the two countries had helped strengthen relations and invited President Ilham to visit Pakistan at his earliest convenience, according to the Pakistan PM's office. '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,' Sharif's office said. 'Both leaders reiterated their resolve to strengthen the economic partnership, especially Azerbaijan's investment in Pakistan.' This is Sharif's third visit to Azerbaijan in 2025. He last traveled to Baku in May as part of a broader push at economic diplomacy with the Central Asian republics, to whom Pakistan has offered access to its southern ports in Karachi and Gwadar. The ECO summit, themed as 'New ECO Vision for a Sustainable and Climate Resilient Future,' brought together heads of state and government from ECO member states to discuss economic and political cooperation. Founded in 1985 by Iran, Pakistan and Turkiye, the Eurasian intergovernmental organization included Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan in 1992, aiming to establish a single market for goods and services. Pakistan, slowly recovering from a macroeconomic crisis under a $7 billion International Monetary Fund (IMF) deal, has been looking to capitalize on its geostrategic location to boost transit trade and foreign investment for a sustainable economic recovery. In July 2024, Azerbaijan announced a $2 billion investment in Pakistan during a visit by President Ilham Aliyev to Islamabad. In September last year, Pakistan signed a contract to supply JF-17 Block III fighter jets to Azerbaijan, marking the deepening of defense cooperation.
Arab News
a day ago
- Business
- Arab News
Trade, connectivity, regional cooperation in focus as Pakistani PM at ECO summit
ISLAMABAD: Prime Minister Shehbaz Sharif will address the 17th Economic Cooperation Organization (ECO) summit in Khankendi, Azerbaijan today, where he is expected to present Pakistan's views on regional and global challenges, trade promotion, sustainable development and enhanced connectivity. According to a statement issued by the Prime Minister's Office, Sharif will also hold bilateral meetings with other leaders attending the summit to discuss matters of mutual interest. The theme of this year's summit is 'New ECO Vision for a Sustainable and Climate Resilient Future.' 'Prime Minister Muhammad Shehbaz Sharif will participate in the ECO summit in Khankendi, Azerbaijan, where he will speak on global and regional issues, trade promotion, sustainable development, regional connectivity and solutions to regional challenges,' the PMO said. The summit brings together heads of state and government from ECO member states to discuss economic and political cooperation. This is Sharif's third visit to Azerbaijan in 2025. He last traveled to Baku in May, where he held talks with Azerbaijani President Ilham Aliyev on strengthening bilateral cooperation in energy and trade. The Economic Cooperation Organization was established in 1985 by Iran, Turkiye and Pakistan and later expanded to include Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. The ten-member bloc aims to promote economic, technical and cultural collaboration across Central and South Asia, the Caucasus and the Middle East.
