ISLAMABAD: Ambassador of Azerbaijan Khazar Farhadov on Saturday said Pakistan, Azerbaijan and Turkey have good potential to develop an economic bloc to achieve better outcomes for their respective economies.

He said that Azerbaijan was keen to enhance bilateral trade with Pakistan, which would be very beneficial for both the countries.

He said that Azerbaijan and Turkey were collaborating in a variety of economic fields and their bilateral trade was in billions.

Therefore, Azerbaijan wants to develop similar kind of trade ties with Pakistan to complement the economy of each other, he added.

Addressing the business community during his visit to Islamabad Chamber of Commerce and Industry (ICCI), the ambassador said that Azerbaijan’s economy had been on a steady growth trajectory and had positioned itself as a strategic transport hub between Europe and Asia.

Therefore, close cooperation of Pakistan with Azerbaijan would open up new avenues for Pakistan to promote trade ties with Central Asia.

He said that many Pakistani products including pharmaceutical products, textiles, optic and medical equipment, rice and fruits can find a good market in Azerbaijan.

Similarly, Azerbaijan can export many products to Pakistan including tomato, hazelnuts, strawberries and other fruits, berries, vegetables, fruit juices, sauces and other preserves, cotton and cotton yarn, polymers and black fermented tea.

He said that Azerbaijan has set up many industrial zones and Pakistani investors should explore them for JVs and investment.

He highlighted potential sectors for investment in Azerbaijan including agriculture and processing, construction, petrochemicals, renewables, transport, trade, logistics, mining, digital economy, tourism and light industry.

He said ICCI should form another delegation for Azerbaijan and assured that his embassy would fully support it to make its tour successful.

Speaking on the occasion, Ahsan Zafar Bakhtawari, President, ICCI said that Azerbaijan was rich in oil and gas reserves while Pakistan is facing problems in purchasing LNG.

He urged Azerbaijan to cooperate with Pakistan in address this issue.

He said that Pakistan and Azerbaijan were enjoying cordial relations that should be transformed into growing trade and economic relations to achieve better benefits for both countries.

He said that the bilateral trade between Pakistan and Azerbaijan was quite low as compared to their actual potential.

Both countries can trade in many items for which it is very important to develop strong business linkages between the private sectors of both countries to explore all untapped areas of mutual cooperation, he expressed.

ICCI Senior Vice President Faad Waheed said Pakistan and Azerbaijan can cooperate in multiple fields including military, defence industry, security, agriculture, trade, banking, energy, tourism, transport, information and communication technologies, science, education. Zafar Bakhtawari, former President ICCI urged Pakistan and Azerbaijan to explore promoting trade through road links that would boost bilateral trade ties.

Published in Dawn, November 13th, 2022