ISLAMABAD, November 15, (INP-WealthPK): Pakistan, Azerbaijan and Turkey should develop a free trading bloc to benefit each other through the enormous trade potential that the three countries hold.
The statement was made by the Ambassador of Azerbaijan to Pakistan Khazar Farhadov while addressing the business community gathered during his visit to the Islamabad Chamber of Commerce and Industry (ICCI), spokesperson for the chamber told WealthPK.
“Mutual trade potential between Pakistan and Azerbaijan is in billions of dollars and there is an urgent need that both countries work closely to realize this potential. Azerbaijan and Türkiye already have a trading relationship in billions of dollars,” the ambassador said.
“Azeri businessmen and traders are looking forward to the opening up of the Pakistani market to them. Pakistani business community should reach out to their Azeri counterparts to establish a nascent working relationship,” he further said.
“Azeri economy is already on a growth trajectory. Azerbaijan has positioned itself as a gateway between Asia and Europe. If Pakistan and Azerbaijan develop a trading relationship, both countries will be able to find markets for their goods in each other and also secure raw materials for their industries. Azerbaijan can serve as a gateway to Central Asia for Pakistan,” he added.
The ambassador elaborated that Azerbaijan has emerged as a strategic transport hub for goods travelling in east-west and west-east direction. “Pakistan can export goods from pharmaceutical, textile, optics, medical, and agricultural sectors to Azerbaijan. Azerbaijan for its part can export tomatoes, hazelnuts, strawberries, berries, vegetables, fruit juices, sauces and other preserves, cotton and cotton yarn, polymers and black fermented tea, to Pakistan,” he added.
He said that industrialization of Azerbaijan can help Pakistani businessmen in setting up joint-ventures with their Azeri counterparts in various areas. “Potential sectors for investments include agriculture and processing, construction, petrochemicals, renewables, transport, trade, logistics, mining, digital economy, tourism and light industry,” he further said.
The ambassador invited the ICCI to form a delegation and travel to Azerbaijan for the said purpose and extended his full support in this regard.
ICCI President Ahsan Zafar Bakhtawari, while speaking on the occasion, urged the Azeri authorities to help Pakistan meet its energy needs of essential fuels and LNG, since natural hydrocarbons are plentiful in Azerbaijan. He shared the ambassador’s message of increasing trade and collaboration between the two countries. He said, “bilateral trade between the two countries is very low and it needs to be developed through increased cooperation on the levels of government and business community. In this regard, the importance of road links between the two countries must not be forgotten.”
