ISLAMABAD: Azerbaijan President Ilham Aliyev has called for joint ventures with Pakistan in the defense, energy, economy, logistics and transport sectors to expand Baku’s strategic partnership with Islamabad, state media reported on Sunday.
Aliyev wrote a letter to Prime Minister Shehbaz Sharif on Sunday on the occasion of Pakistan’s 85th Republic Day.
The letter comes weeks after Sharif visited Baku and announced that the two nations would sign deals in April to boost bilateral investments to $2 billion. Multiple agreements for cooperation in the trade, energy, tourism, education and other sectors were signed during the visit.
In September last year, Azerbaijan bought JF-17 Block III fighter jets from Pakistan, reportedly in a $1.6bn deal.
During Aliyev’s Pakistan visit last year, a joint committee was set up to materialize projects in trade, commerce, information technology, tourism, telecommunication, mineral resources and other sectors. Sharif said at the time the current trade volume of $100 million did not reflect the “true” trade potential between the two countries.
“In a letter to Prime Minister Shehbaz Sharif, he [Aliyev] expressed his determination to further expand the strategic partnership and mutual cooperation between Pakistan and Azerbaijan,” Radio Pakistan reported.
“Aliyev emphasized that successful joint efforts in areas such as the economy, transport, logistics, energy, investment, and the defense industry are crucial for strengthening bilateral relations.”
Cash-strapped Pakistan is currently under a $7 billion International Monetary Fund bailout program and navigating a tricky path to recovery. Pakistan is looking to generate revenue through investment deals with friendly nations and regional and international allies, and to focus on export-led growth.
In 2023, Pakistan set up the Special Investment Facilitation Council (SIFC), a civil-military hybrid body, to fast-track foreign investment deals.
The country has teetered on the brink of economic crisis for several years and economists and international financial institutions have called for major economic reforms.
