ISLAMABAD: Azerbaijan signed investment agreements worth $2 billion with Pakistan on Friday to boost economic cooperation, said an official statement released in Islamabad, in a major development during Prime Minister Shehbaz Sharif’s visit to the Central Asian state for the Economic Cooperation Organization (ECO) summit.
The two-day summit, hosted in Khankendi, Azerbaijan, focused on a sustainable and climate-resilient future for the region.
In his address, Sharif warned that climate change posed an existential threat to ECO member states, highlighting the impact of melting glaciers, floods, desertification and declining crop yields. He also emphasized more trade, tourism and regional integration to enhance economic prosperity.
“In the presence of Prime Minister Muhammad Shehbaz Sharif, Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar and Azerbaijan’s Minister of Economy Mikayil Jabbarov signed agreements for $2 billion of investment in Pakistan’s economic sector from Azerbaijan,” the PM Office announced in a statement.
The agreements were signed following a bilateral meeting between Sharif and Azerbaijani President Ilham Aliyev, with officials hoping for a more detailed agreement during Aliyev’s upcoming visit to Pakistan.
“The agreement has elevated investment and trade relations between the two countries to a historic level and will serve as a guarantee for further strengthening their brotherly ties and commercial partnership,” the official Pakistani statement added.
It also described the development as a result of sustained engagement between Pakistani ministries and diplomats and their Azerbaijani counterparts over recent months.
SIDELINE DIPLOMACY
On the sidelines of the summit, Sharif held separate meetings with the presidents of Turkiye, Iran and Uzbekistan, reaffirming Pakistan’s commitment to regional cooperation, peace and connectivity.
In his meeting with Turkish President Recep Tayyip Erdoğan, both leaders reviewed the full spectrum of bilateral relations and vowed to accelerate progress in critical areas.
“The two leaders reiterated their resolve to bring about meaningful progress in relations... [emphasizing] the importance of deepening cooperation in trade, defense, energy, connectivity and investment,” said a separate handout by the PM Office.
To advance this agenda, both sides agreed to exchange high-level delegations to finalize understandings reached between the sides.
In another key engagement, the Pakistani prime minister met Iranian President Dr. Masoud Pezeshkian, with both sides reviewing the implementation of previous agreements to strengthen bilateral ties.
Sharif praised Iran’s leadership during the recent conflict with Israel and welcomed Tehran’s decision to agree to a ceasefire.
“The Prime Minister reaffirmed Pakistan’s unwavering solidarity with the people and Government of Iran and Pakistan’s strong commitment to continue working closely with Iran for peace in the region through dialogue and diplomacy,” the statement said.
In his meeting with Uzbek President Shavkat Mirziyoyev, Sharif focused on regional integration, energy cooperation, and the Trans-Afghan Railway Project, which is seen as vital for unlocking trade corridors between Central and South Asia.
“The two leaders agreed on visits of their senior ministers to Tashkent and Islamabad to finalize necessary agreements,” the PMO said, adding that both sides viewed their cultural and historical ties as a strong foundation for broader collaboration.
