Pakistan and Azerbaijan have agreed to enhance bilateral investment to two billion dollars in areas of mutual beneficial projects and an agreement in this regard will be signed in April, reported 24NewsHD TV channel.
This was jointly announced by prime minister of Pakistan and the president of Azerbaijan at a ceremony in Baku on Monday.
The decision was made during talks between Prime Minister Shehbaz Sharif and President Ilham Aliyev at the Presidential Palace in Baku.
Later addressing a joint news conference, Prime Minister Shehbaz Sharif said all the political parties in Pakistan are united to further strengthen friendship between the two countries. He said the cordial and friendly relations between Pakistan and Azerbaijan should be expanded to the economic front as well.
The prime minister expressed the confidence that the Memorandums of Understanding signed today and agreements which will be signed later in April this year will go a long way in promoting our sincere efforts to have very good dividends in future.
Shehbaz said it is the time that both Pakistan and Azerbaijan should enhance their defence ties to higher level. The commitment to initiate joint manufacturing of defence equipment will also have far-reaching impacts, he added.
He termed the proposal of Azerbaijan President for international infrastructure corridor as need of the hour, saying Pakistan's Gwadar Port can also be used for imports and exports. He said it will bring very transformative and positive impact in the entire region. He said Pakistan fully supports this vision of Azerbaijan President.
Agreements signed
Pakistan and Azerbaijan also signed multiple accords to boost bilateral cooperation in different fields including trade, energy, tourism, education and others. The pre-signed documents were exchanged during the two-day official visit of PM Shehbaz.
Prime Minister Shehbaz and President Ilham Aliyev witnessed the documents exchange ceremony, following their bilateral meeting and the delegation-level talks encompassing cooperation in multiple sectors.
The two countries signed an MoU between the State Oil Company of Azerbaijan Republic (SOCAR) and Pakistan’s Frontier Works Organization (FWO) and Pakistan State Oil Company Limited for collaboration in Machike-Thallian-Tarujabba White Oil Pipeline Project.
The documents were exchanged by President of SOCAR Rovshan Najaf and Director General of FWO Abdul Sami.
President of SOCAR Rovshan Najaf and MD PRL Zahid Mir exchanged the documents of an MoU between Azerbaijan’s SOCAR and Pakistan Refinery Limited (PRL) and Pakistan State Oil Company Limited.
Pakistan and Azerbaijan also signed an amendment agreement No. 1 to Framework Agreement for the Sale and Purchase of LNG cargoes related to Master LNG Sale and Purchase Agreement. The SOCAR President Rovshan Najaf and CEO Pakistan LNG Limited Masood Nabi exchanged the pre-signed documents.
SOCAR President Rovshan Najaf and CEO PSO Syed Muhammad Taha exchanged documents of an MoU between PSO and SOCAR Trading SA and Acknowledgment for Term Sale and Purchase Agreement for Petroleum Products by and between PSO and SOCAR Trading.
Deputy Prime Minister and Foreign Minister Ishaq Dar and Foreign Minister of Azerbaijan Jeyhun Bayramov exchanged the documents of an MoU between Nakhchivan, a city of Nakhchivan Autonomous Republic of Azerbaijan and Lahore to promote cooperation in the fields of culture, tourism, urban development, education, economy, and science and technology.
Warm welcome
Earlier, Prime Minister Shehbaz Sharif arrived in Azerbaijani capital of Baku on Sunday for a two-day official visit to the Republic of Azerbaijan.
Upon arrival at Heydar Aliyev International Airport, the Prime Minister was warmly received by senior Azerbaijani officials, including First Deputy Prime Minister Yaqub Abdulla oğlu Eyyubov, Deputy Minister of Foreign Affairs Yalchin Rafiyev, Ambassador of Azerbaijan to Pakistan Khazar Farkhadov, Pakistan’s ambassador to Azerbaijan Qasim Mohiuddin and other senior dignitaries.