Azerbaijan asks rice traders to utilise duty-free status

Envoy seeks to enhance trade, investment and B2B ties

LAHORE:

Economic collaboration between Azerbaijan and Pakistan is set to expand as significant initiatives are underway to enhance trade, investment, business-to-business and people-to-people ties.

"We are going to establish Azerbaijan Trade Centre in Lahore and Pakistan-Azerbaijan Chamber of Commerce to bring business communities of both countries closer and open new avenues for mutual cooperation," announced Azerbaijan Ambassador Khazar Farhadov while speaking at the Lahore Chamber of Commerce and Industry (LCCI).

The ambassador said that Azerbaijan had a lot of respect and affection for the Pakistani nation and was committed to strengthening bilateral ties. He highlighted the duty-free access granted to Pakistani rice imports by Azerbaijan until 2027, encouraging traders to capitalise on the opportunity, especially considering Punjab's reputation for producing high-quality Basmati rice.

He assured Pakistani traders that Azerbaijan would ensure maximum facilitation for exploring opportunities in the Central Asian nation.

Referring to the positive impact of direct flights between the two countries, the ambassador revealed that bilateral trade had tripled since 2022, growing from $10 million to significantly higher levels.

He mentioned that over 80,000 Pakistanis visited Azerbaijan last year, which reflected the growing interest and people-to-people connections.

He invited Pakistani investors to explore opportunities in Azerbaijan's infrastructure and energy sectors and underscored the country's strategic position as a key international transport corridor between Asia and Europe. He also cited Azerbaijan's trade surplus and assured businessmen of robust support for potential collaboration.

The envoy stressed the importance of further collaboration in different areas, particularly defence and petroleum products. He also pointed to the $2 billion investment commitment made during Azerbaijan president's visit to Pakistan and the work that had got underway to implement related projects.

Speaking on the occasion, LCCI President Mian Abuzar Shad called for making joint efforts to boost bilateral trade to $1 billion.

He said that Azerbaijan shared borders with Russia, Georgia, Iran, Turkey and Armenia and its geographical position made the Central Asian state a key player in regional trade and transportation networks.

"Azerbaijan is also known for its huge reserves of oil and natural gas, which make it a major player in the global energy market."