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Arab News
18 hours ago
- Business
- Arab News
Azerbaijan signs $2 billion investment agreements with Pakistan on sidelines of ECO summit
ISLAMABAD: Azerbaijan signed investment agreements worth $2 billion with Pakistan on Friday to boost economic cooperation, said an official statement released in Islamabad, in a major development during Prime Minister Shehbaz Sharif's visit to the Central Asian state for the Economic Cooperation Organization (ECO) summit. The two-day summit, hosted in Khankendi, Azerbaijan, focused on a sustainable and climate-resilient future for the region. In his address, Sharif warned that climate change posed an existential threat to ECO member states, highlighting the impact of melting glaciers, floods, desertification and declining crop yields. He also emphasized more trade, tourism and regional integration to enhance economic prosperity. 'In the presence of Prime Minister Muhammad Shehbaz Sharif, Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar and Azerbaijan's Minister of Economy Mikayil Jabbarov signed agreements for $2 billion of investment in Pakistan's economic sector from Azerbaijan,' the PM Office announced in a statement. The agreements were signed following a bilateral meeting between Sharif and Azerbaijani President Ilham Aliyev, with officials hoping for a more detailed agreement during Aliyev's upcoming visit to Pakistan. 'The agreement has elevated investment and trade relations between the two countries to a historic level and will serve as a guarantee for further strengthening their brotherly ties and commercial partnership,' the official Pakistani statement added. It also described the development as a result of sustained engagement between Pakistani ministries and diplomats and their Azerbaijani counterparts over recent months. SIDELINE DIPLOMACY On the sidelines of the summit, Sharif held separate meetings with the presidents of Turkiye, Iran and Uzbekistan, reaffirming Pakistan's commitment to regional cooperation, peace and connectivity. In his meeting with Turkish President Recep Tayyip Erdoğan, both leaders reviewed the full spectrum of bilateral relations and vowed to accelerate progress in critical areas. 'The two leaders reiterated their resolve to bring about meaningful progress in relations... [emphasizing] the importance of deepening cooperation in trade, defense, energy, connectivity and investment,' said a separate handout by the PM Office. To advance this agenda, both sides agreed to exchange high-level delegations to finalize understandings reached between the sides. In another key engagement, the Pakistani prime minister met Iranian President Dr. Masoud Pezeshkian, with both sides reviewing the implementation of previous agreements to strengthen bilateral ties. Sharif praised Iran's leadership during the recent conflict with Israel and welcomed Tehran's decision to agree to a ceasefire. 'The Prime Minister reaffirmed Pakistan's unwavering solidarity with the people and Government of Iran and Pakistan's strong commitment to continue working closely with Iran for peace in the region through dialogue and diplomacy,' the statement said. In his meeting with Uzbek President Shavkat Mirziyoyev, Sharif focused on regional integration, energy cooperation, and the Trans-Afghan Railway Project, which is seen as vital for unlocking trade corridors between Central and South Asia. 'The two leaders agreed on visits of their senior ministers to Tashkent and Islamabad to finalize necessary agreements,' the PMO said, adding that both sides viewed their cultural and historical ties as a strong foundation for broader collaboration.
Arab News
a day 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.
