AMBASSADOR of Azerbaijan to Pakistan, Khazar Farhadov, has shared good news that the State Oil Company of the Republic of Azerbaijan (SOCAR) intended to invest USD 1 billion in Pakistan’s energy sector while many other companies were interested for joint ventures and investment in Pakistan.
During his visit to Islamabad Chamber of Commerce and Industry (ICCI), he said Azeri companies consider Pakistan as a potential market for business and investment activities.
It is, indeed, one of the major investment opportunities from a country whose leader President Ilham Aliye is committed to fostering ties with Pakistan and we hope practical steps would be taken by the relevant authorities and the departments of the two countries to give it a practical shape at the earliest.
Mindful of the fact that the energy sector can play a crucial role in accelerating the pace of socio-economic progress and development, the Government is focusing on multi-dimensional reforms, offering mutually beneficial opportunities to foreign investors.
Azerbaijan is rich in energy and has vast experience in the sector; its investment can help improve the overall state of affairs of the sector in Pakistan.
The Ambassador has also floated several proposals for expanding cooperation in various sectors and these deserve to be taken up seriously by relevant ministries and departments of Pakistan besides the private sector.
Pakistan and Azerbaijan have excellent political ties and they steadfastly supported each other during difficult times.
Azerbaijan is one of those few countries that openly support Pakistan on the issue of Jammu and Kashmir, demanding its solution in accordance with the relevant UN resolutions.
Pakistan also firmly supported Azerbaijan on all issues of interest to it, especially preservation of its integrity and the issue of Karabakh.
It is, however, to be noted that their bilateral trade at just 16 million dollars is not commensurate with their political and strategic relations, which needs to be jacked up significantly as many good quality Pakistani products including pharmaceuticals, sports goods, cutlery, electrical appliances, textile and leather products, furniture, home-made crafts, food and fruits products, engineering and consumer goods and rice have great scope in Azerbaijan.
