Azerbaijan Exploring Setup Of Its Trading House In Pakistan

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 16. The possibility of establishing an Azerbaijani Trade House and a Joint Chamber of Commerce and Industry in Pakistan is being explored, Deputy Minister of Economy of Azerbaijan Samad Bashirli said during the Azerbaijan-Pakistan Business Forum in Baku today, Trend reports.

Bashirli pointed out that the trade turnover between Azerbaijan and Pakistan hit the $27 million mark in 2023, with most of it being imports from Pakistan. However, there's a goldmine of potential waiting to be tapped for further developing mutual trade.

The non-oil industry, he claims, has enormous untapped potential, especially in the travel, pharmaceutical, and transportation sectors.

He added that Azerbaijan and Pakistan have strong, multifaceted ties based on deep friendship, brotherhood, and alliance.

"These close ties have elevated our cooperation to the level of strategic partnership. The Joint Declaration on Strategic Partnership between Azerbaijan and Pakistan, signed in 2015, has significantly contributed to the long-term development of relations between our countries," the deputy minister pointed out.

High-level talks took place in Pakistan on July 11 this year during the state visit of President of Azerbaijan Ilham Aliyev. During this visit, 15 agreements were signed, covering a wide range of areas, including economic, cultural, scientific, and technological cooperation. As a result of this important visit, the legal framework governing our cooperation has grown to more than 50 signed documents.

Pakistani companies are really making waves in Azerbaijan's economy, stepping up to the plate and showing their mettle.

"As of August 8, 3,706 Pakistani companies have been registered in Azerbaijan, operating in sectors such as transport, construction, trade, and services. Of these, 3,304 are currently active. As part of our efforts, economic cooperation between Azerbaijan and Pakistan will deepen further," Bashirli added.

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