Quite appreciably, Pakistan was not only inviting and encouraging investment and trade but also boosting, promoting, and strengthening existing relations with friendly countries, particularly those nations located nearby in the region.
Pakistan was communicating to all friendly countries in plain words that it was now looking for trade and investment from them, rather than aid and assistance. All foreign visits undertaken by Prime Minister Muhammad Shehbaz Sharif to friendly countries around the globe illustrate this shift in focus. The Prime Minister has been informing the top leadership of these countries that Pakistan is taking all possible measures, both independently and in cooperation with them, to stabilize its economy. With the continued blessings of Almighty Allah and the concentrated, determined efforts of the leadership, the economy is moving in an upward trajectory, and this momentum needs to be sustained, especially with the cooperation of friendly nations.
In this regard, the Prime Minister has recently paid a successful and productive visit to the brotherly country of Azerbaijan at the invitation of Azeri President Ilham Aliyev. He held a one-on-one meeting with him in a free and frank manner during which the two leaders virtually finalized matters concerning Baku’s $2 billion investment in Pakistan. They agreed to expand bilateral trade volume and promote joint production in the mutual interests of both countries. The Azeri President promptly assured that he would be visiting Pakistan in April 2025 to formally finalize the $2 billion investment projects, which is a positive indication. Meanwhile, the Prime Minister assured the host President without hesitation that he himself would oversee the investment and mutual cooperation once finalized, ensuring prompt implementation of these projects to achieve the desired results as early as possible. During the visit, the Pakistani Prime Minister and the Azeri President also witnessed the signing of an amendment agreement for the sale and purchase of Liquefied Natural Gas (LNG) cargoes related to the Master LNG Sale and Purchase Agreement. The two sides signed an agreement for collaboration between Azeri and Pakistani entities on the Machike-Thallian-Tanijabba Oil Pipeline project. Additionally, Pakistan and Azerbaijan signed multiple accords for cooperation in the energy, education, and environment sectors to further strengthen the deep-rooted, historic, and brotherly ties between the two countries.
Pakistan urgently needs foreign investment and collaborative ventures with friendly countries to stabilize its struggling economy and maintain its upward trajectory.
While addressing a joint press conference after their discussions, the Prime Minister pointedly stated that the two sides had held extensive talks on finalizing the portfolio of Azerbaijan investments worth about $2 billion in mutually beneficial projects. He expressed his anticipation of the upcoming visit of President Aliyev to Pakistan, hoping that the Azeri investment in different sectors would yield rich dividends for both countries.
Pakistan and Azerbaijan have always enjoyed strong political ties, and the Prime Minister’s visit to the brotherly country, along with his discussions with the Azeri President, has surely given new dimensions to bilateral relations. The top leadership of both countries has appreciably demonstrated unparalleled commitment to developing and promoting economic links with a desired focus on trade and investment. It is a welcome reassurance from the Azeri President that the $2 billion investment will be formalized, with formal agreements signed during his upcoming visit to Pakistan. The visit program of the Azeri President is now being mutually discussed and finalized at the appropriate high level of officials concerned in Baku and Islamabad.
The finalization of mutual agreements, coupled with their subsequent speedy implementation, will hopefully go a long way in promoting economic relations between the two brotherly countries. It will likely open more avenues for further promoting and broadening this mutually beneficial cooperative partnership, which will hopefully take concrete shape in the coming years.
Needless to mention here, Pakistan urgently needs foreign investment and collaborative ventures with friendly countries to stabilize its struggling economy and maintain its upward trajectory, gradually overcoming a host of problems such as inflation, debt, and external pressures. The commitment from Azerbaijan’s leadership during the Prime Minister’s visit for a $2 billion investment in mutually beneficial projects, particularly in energy, defense, and trade, is indeed a welcome development. As briefly mentioned above, the extension of the LNG framework agreement between the State Oil Company of Azerbaijan and its Pakistani counterpart, along with the establishment of trading relations, signals progress.
The writer is a Lahore-based freelance journalist, columnist and retired Deputy Controller (News), Radio Pakistan, Islamabad and can be reached at [email protected]