Monday
15 April | 2024

Lahore, Pakistan

Azeri envoy shows interest in market exploration, reciprocal investments

Ambassador Khazar Farhadov invites rice exporter to avail opportunities after Azerbaijan announced exemption of custom duty on rice imports from Pakistan till 2027

Ambassador of Azerbaijan Khazar Farhadov expressed optimism regarding significant increase in trade turnover between Pakistan and Azerbaijan, attributed to the introduction of direct flights between the two friendly countries.

During his speech at the Lahore Chamber of Commerce and Industry (LCCI) in Lahore, he emphasized his country’s strong commitment to fostering bilateral trade relations with Pakistan. He highlighted commencement of direct flights, and outlined wishes to expand flight connectivity for daily flights from various cities.

Envoy expresses optimism regarding significant increase in trade turnover between Pakistan, Azerbaijan

Lahore Chamber President Kashif Anwar extended a warm welcome to the ambassador, and acknowledged enduring diplomatic, historical, and cultural ties between Pakistan and Azerbaijan. Ambassador Khazar Farhadov noted a substantial rise in the number of Pakistani students studying in Azerbaijan, underscoring the importance of private sector engagement in fostering robust economic ties.

He emphasized the need for market exploration, partnerships, and reciprocal investments between Pakistan and Azerbaijan, citing successful trade relations between Azerbaijan and Turkey as a model. He highlighted Azerbaijan’s position as a key international transport corridor and said Azerbaijan’s company provides LNG to Pakistan. He stressed importance of people-to-people contact and the accessibility of the Azerbaijani Embassy.

He expressed Azerbaijan’s consideration in participating in possible joint projects under Pakistan’s Special Investment Facilitation Council. He advocated for the establishment of preferential and transit trade agreements between the two countries and identified tourism as a promising area for collaboration, citing Azerbaijan’s reception of tens of thousands Pakistani tourists every year.

The ambassador highly appreciated 10 times increase in direct and indirect trade turnover in last two years. He invited rice exporter from Pakistan to avail opportunities after Azerbaijan’s government has announced an exemption of customs duty on rice imports from Pakistan till 31 December 2027. Kashif Anwar underscored Azerbaijan’s strategic significance in the crossroad between Asia and Europe and emphasized on its prime location and abundant natural resources.

Kashif Anwar says preferential trade and transit trade pacts to enhance trade between Pakistan, Azerbaijan

While acknowledging the existing trade potential between the two countries, the LCCI president noted that the bilateral trade volume has not yet reached its full potential. He highlighted Pakistan’s exports of rice, textiles, and fruits to Azerbaijan, along with imports of urea from Azerbaijan. He stressed the need for diversification in product lines and avenues of cooperation to maximize bilateral trade opportunities, suggesting potential areas such as pharmaceuticals, surgical instruments, textiles, IT, and tourism for collaboration.

He emphasized the pivotal role of commercial sections of embassies in facilitating trade and fostering people-to-people contacts. He highlighted the recent Pakistan-Azerbaijan Bilateral Political Consultations, where discussions centered on deepening cooperation across various sectors including energy, IT, agriculture, and education. He mentioned ongoing efforts to finalize preferential trade and transit trade agreements to further enhance bilateral trade.

Drawing attention to Pakistan’s Special Investment Facilitation Council, Kashif Anwar encouraged Azerbaijani investors to explore investment opportunities across sectors such as defense, agriculture, minerals, IT, and energy. He lauded the Punjab government’s initiatives to improve the business environment through streamlined processes at the Business Facilitation Centers.

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