Azerbaijan and Pakistan discussed the possibility of opening Azerbaijan’s Trade House in Pakistan, the Economy Ministry has reported.
The discussion took place during the third meeting of the Joint Working Group on Trade Cooperation between Azerbaijan and Pakistan held in a format of the videoconference.
The Deputy Economy Minister, Co-Chairman of the Joint Working Group Rovshan Najaf underlined the high level of political and economic relations between two countries.
He briefed the participants on the latest Armenia’s military provocations and the great victory of Azerbaijan, emphasizing that Pakistan’s unwavering support and solidarity with Azerbaijan was highly appreciated in the country.
It was noted that the implementation of comprehensive measures to revive Azerbaijan’s liberated lands will further strengthen regional and international cooperation and increase investment opportunities in the Karabakh region.
Stressing the expansion of Azerbaijani-Pakistani economic relations, the deputy minister noted that 2,085 Pakistani companies are operating in the country. In addition, he invited Pakistani businessmen to take advantage of opportunities created in the Azerbaijani industrial parks and invest in agriculture, light industry, pharmaceuticals, tourism, etc.
Moreover, the meeting covered issues on Azerbaijan’s economy, measures to combat the coronavirus pandemic, the country’s transportation and transit capabilities, and export potential.
A number of proposals, including holding virtual business forums to intensify mutual investments and increase trade turnover, participation in business events in both countries and creation of a working group on investment cooperation were put forward during the meeting.
The parties discussed the possibility of opening a joint venture, expanding the legal framework in the field of food security and trade, investment in the textile, pharmaceutical and energy sector, and the development of cooperation between small and medium-sized businesses.
Additionally, Pakistan’s Commerce Minister, Co-Chairman of the Joint Working Group Muhammad Sualeh Faruqui congratulated Azerbaijan on its victory, noting that Pakistan attaches special importance to the development of cooperation with Azerbaijan.
The meeting was attended by the ambassadors of two countries, representatives of relevant structures, including Azerbaijan Foreign Ministry, Health Ministry, State Oil Company and Food Safety Agency.
It should be noted that the trade turnover between two countries amounted to $10 million during the period of January-October 2020. Of the total turnover, the export of Azerbaijani goods to Pakistan amounted to $694,940, while import from Pakistan amounted to $9.3 million.