ISLAMABAD: Azerbaijan Minister of the Economy Mikayil Jabbarov will visit Pakistan next week to finalize key investment agreements between the two countries, the Pakistan prime minister’s office said on Sunday.
The statement came after Pakistan PM Shehbaz Sharif’s telephonic conversation with Azerbaijan President Ilham Aliyev on the occasion of Eid Al-Fitr, in which he conveyed his greetings and warm wishes to the brotherly people of Azerbaijan.
The two leaders reaffirmed their resolve to further strengthen the deep-rooted fraternal ties between the two countries and build upon the Sharif’s visit to Baku last month, according to the Pakistan premier’s office.
“The two leaders agreed that the Minister of Economy of Azerbaijan would visit Islamabad in the first week of April to hold discussions with the Deputy Prime Minister/Foreign Minister and also pay a courtesy call on the Prime Minister,” Sharif’s office said.
“This visit would ensure finalization of the key investment agreements between both sides thus setting the stage for President Ilham Aliyev’s expected visit to Islamabad in the month of April.”
During his visit to Baku in Feb., Sharif had announced 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 also signed during the visit.
The developments come as cash-strapped Pakistan navigates a tricky path to economic recovery under a $7 billion International Monetary Fund (IMF) program. The South Asian country has been making efforts to generate revenue through increased trade and investment deals with friendly nations and regional and international allies, focusing on export-led growth.
In September last year, Azerbaijan bought JF-17 Block III fighter jets from Pakistan, reportedly in a $1.6bn deal.
During President Aliyev’s visit to Pakistan 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.
Azerbaijan economy minister to visit Pakistan next week to finalize key investment deals
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Azerbaijan economy minister to visit Pakistan next week to finalize key investment deals
- Cash-strapped Pakistan is currently navigating a tricky path to recovery under a $7 billion International Monetary Fund bailout program
- The South Asian country has been making efforts to generate revenue through increased trade and investment deals with friendly nations
Pakistan stock market crosses record 174,000 points during intraday trading
- Pakistan Finance Adviser Khurram Schehzad says stock market’s equity investor base has increased by over 120,000 in last 18 months
- Official says stock market’s record levels reflect growing investor confidence supported by continued macro stability and key reforms
ISLAMABAD: The Pakistan Stock Exchange (PSX) crossed a record 174,000 points on Monday, Finance Adviser Khurram Schehzad said, marking a strong start to the business week.
According to the data available on the PSX’s official website, the KSE-100 benchmark reported 174,411.72 points during the intraday trading on Monday morning.
“Another milestone for Pakistan’s equity market,” Schehzad wrote on social media platform X. “The KSE-100 Index has crossed 174,400 points, marking yet another record high.”
Pointing out the stock market’s achievements this year, Schehzad said the PSX has delivered 50 percent plus returns in US dollar terms to investors since January this year, “making it one of the best markets in Asia.”
He noted that investors’ participation in the PSX is rising fast, adding that the equity investor base has increased by over 120,000 to cross the 450,000 figure in the last 18 months, marking a 37 percent increase.
“These record levels reflect growing investor confidence, supported by continued macro stability, key reforms, and improving prospects for more sustainable, higher future growth,” he said.
Pakistan’s stocks have surged in recent years, marking a strong performance this year as Islamabad moves to consolidate its financial recovery after years of economic turbulence, which saw it on the verge of a sovereign default in June 2023.
Pakistan’s foreign exchange reserves have surged past the $21 billion mark, as per the central bank’s latest data.
In recent years, the South Asian country has also implemented tough structural reforms under the International Monetary Fund (IMF) loan programs, aimed at reducing fiscal deficits and restoring investor confidence.
