BAKU: Pakistan and Azerbaijan have agreed to enhance bilateral investment up to $2 billion in mutually beneficial projects, further strengthening their economic partnership.

The decision was made during a meeting between Prime Minister Shehbaz Sharif and Azerbaijan's President Ilham Aliyev in Baku. Upon arrival at the Presidential Palace, the Prime Minister was welcomed with a Guard of Honour as the national anthems of both countries played. Speaking at a joint press conference, Prime Minister Shehbaz Sharif expressed gratitude for Azerbaijan's commitment to invest $2 billion in Pakistan. He emphasized that this investment would generate substantial benefits for both nations. He further stated that both sides had been given a one-month deadline to finalize all necessary arrangements, with an Azerbaijani delegation scheduled to visit Pakistan in April to sign the agreements.

The Prime Minister described his discussions with President Aliyev as highly productive and reflective of the strong bond between the two countries. He highlighted that all political parties in Pakistan are unanimous in their support for strengthening relations with Azerbaijan. Beyond economic collaboration, both sides also agreed to elevate strategic defence relations, with further discussions to take place during President Aliyev's visit to Pakistan in April. The Prime Minister also thanked Azerbaijan for its unwavering support for the people of Kashmir and urged the international community to acknowledge and support their cause.

In his address, President Aliyev reaffirmed Azerbaijan's commitment to strengthening ties with Pakistan and emphasized that both countries share a common vision on international developments and territorial integrity. As part of the growing economic partnership, Pakistan and Azerbaijan signed multiple Memorandums of Understanding (MoUs) and agreements to expand cooperation in various sectors, including trade, energy, tourism, and education. The documents were exchanged in the presence of both leaders. One of the key agreements included an MoU between the State Oil Company of Azerbaijan Republic (SOCAR) and Pakistan's Frontier Works Organization (FWO) and PSO for collaboration on the Machike-Thallian-Tarujabba White Oil Pipeline Project. Additionally, an amendment agreement was signed to the Framework Agreement for the sale and purchase of LNG cargoes under the Master LNG Sale and Purchase Agreement.

In a move to strengthen cultural and educational ties, an MoU was signed between Azerbaijan's city of Nakhchivan and Pakistan's city of Lahore. This agreement aims to promote cooperation in culture, tourism, urban development, education, science, economy, and other public sectors.

Meanwhile, discussions between Pakistan's Federal Minister for Board of Investment, Privatization, and Communications, Abdul Aleem Khan, and Azerbaijan's State Oil Fund (SOFAZ) CEO Israfel Mammadov also took place in Baku. The talks focused on promoting bilateral investment and expanding business activities between the two countries. The minister emphasized that the partnership between Pakistan and Azerbaijan is entering a new phase, promising a brighter future, particularly for Pakistan's economic landscape.  With these agreements and commitments, both countries are set to deepen their cooperation across multiple sectors, ensuring long-term economic growth and strategic collaboration.