Private sector support urged
Private sector remains largely reluctant to borrow for new projects or for expanding existing production capacity at a challeng-ing time. PHOTO: FILE
The Ambassador of the Republic of Azerbaijan to Pakistan, Khazar Farhadov, stressed that although Azerbaijan and Pakistan have strong relations at the political and defence levels, along with close historical bonds, there is a dire need to further develop economic and business relations, according to a press statement released by the Karachi Chamber of Commerce & Industry (KCCI) on Friday.
The envoy stressed that the private sector should be engaged in the Joint Working Groups, established at the seventh session of the Azerbaijan-Pakistan Intergovernmental Joint Commission in December 2021. These groups cover various fields and private entities should be invited to participate in achieving the desired level of trade and economic cooperation.
During his visit to KCCI, President KCCI Iftikhar Ahmed Sheikh, Vice President Tanveer Barry, former presidents Majyd Aziz and Junaid Makda attended the meeting.
Farhadov explained that work was currently underway on a Transit Trade Agreement and Preferential Trade Agreement between the two countries, which would lead to improved trade ties. He also highlighted the exemption of rice imported from Pakistan from import customs duty until December 31, 2027, as per the Decision of the Cabinet of Ministers of Azerbaijan on November 22, 2022.
The ambassador stressed the importance of resuming LNG supplies by the State Oil Company of Azerbaijan (SOCAR) to Pakistan, along with mutual investments in energy and IT, which would contribute to the economies of both countries.
He noted that the volume of total trade transactions between the two countries exceeded $100 million in 2023, a significant increase from previous years.
Underscoring the need to improve linkages between the business communities of both countries, he said, “Without the private sector’s participation, we will never be possible to achieve what we are looking for.”
President KCCI Iftikhar Sheikh, welcomed the envoy and invited Azerbaijan to participate in the upcoming My Karachi-Oasis of Harmony International Exhibition to promote trade and economic activities further.
Published in The Express Tribune, April 20th, 2024.
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