Pakistan seeks Azerbaijan investment in oil, gas

Published: October 12, 2018
Two sides agree to ink deal on enhancing agri-trade, facilitating business visas. PHOTO: FILE

Two sides agree to ink deal on enhancing agri-trade, facilitating business visas. PHOTO: FILE

ISLAMABAD: Pakistan has invited Azerbaijan to invest in the country’s oil, gas, mineral and petrochemical sectors as it wants to develop these areas and curtail imports, which are a very burden on the foreign currency reserves.

The investment was sought in the second session of the Joint Working Group on trade cooperation between Azerbaijan and Pakistan held on Thursday in Islamabad.

The Azerbaijan delegation was headed by Deputy Minister of Economy Rufat Mammadov whereas the Pakistani side was led by Commerce Secretary Mohammad Younus Dagha.

Azerbaijan offers Pakistan open oil credit facility

The two countries agreed to ink a mutual recognition agreement to enhance bilateral trade in agricultural commodities, prepare trade promotion plans, enhance customs cooperation, facilitate business visas and make efforts for running direct flights between the two destinations.

They exchanged views on current cooperation in different fields and underlined the potential for enhancing bilateral trade and economic relations.

The Azerbaijan delegation highlighted the economic reforms being undertaken in the Central Asian state, especially in the non-oil sector and manufacturing of non-oil products. It also outlined the potential of “Made in Azerbaijan” brand.

Trade deficit narrows to $8.9b in first quarter

The discussions centered around enhancement in bilateral trade and strengthening relations through exchange of information about laws and regulations for imports and exports.

Meeting participants encouraged visits by business communities of both sides as well as participation in each other’s trade fairs and exhibitions.

Next meeting of the Joint Working Group will be held in Azerbaijan. On Friday, the delegation held detailed deliberations at the Petroleum Division and the Board of Investment to explore the possibility of cooperation in oil, gas and mineral sectors in Pakistan.

Facebook Conversations

Reader Comments (1)

  • bogus
    Oct 12, 2018 - 7:44PM

    Sounds great except that Azerbaijan is drowning in oil/gas (2/3rds of their land has oil/gas reserves) – they spend all there time finding buyers and have no need of investing in Pakistan oil/gas industry. If Pakistan is serious about finding investors in oil/gas industry then the govt needs to distance itself … few want to invest in an Industry where the govt sets the price.Recommend

More in Business