Shafay, Azeri envoy mull over enhancing trade ties

LAHORE: Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain visited the Azerbaijan Trading House where he met with Azerbaijan's Ambassador to Pakistan Khazar Farhadov on Tuesday.

During the meeting, both the leaders discussed ways to enhance trade between Pakistan and Azerbaijan. Both sides agreed on practical steps to boost bilateral trade, appointing focal persons, exchanging trade delegations, and strengthening people-to-people contacts.

During the meeting, Shafay highlighted investment opportunities in Punjab’s various sectors. He observed that there is immense potential to increase trade cooperation between both the countries.

The minister mentioned that industrial estates are being shifted to solar energy which will reduce production costs. He also informed that business facilitation centres are providing one-window operations for local and foreign investors. Due to affordable labour in Punjab, Chinese and other foreign companies are increasingly investing in the province.

Shafay invited Azerbaijani investors to benefit from the investment opportunities in Punjab and instructed to prepare a list of items that can be exported to Azerbaijan. Ambassador to Azerbaijan Khazar Faradov stated that this is an excellent time to enhance trade relations between Azerbaijan and Pakistan. He emphasised transforming the friendly ties between the two countries into strong trade relations and fostering connections between the business communities of both sides.

He assured that the Azerbaijan Trading House will fully cooperate to promote bilateral trade and strengthen people-to-people connections. Punjab Investment Board Director Dr Imran Hashmi, CEO of Azerbaijan Trading House Irfan Shuja Butt, and members of the business community were also present at the meeting.

Meanwhile, Ambassador of Azerbaijan to Pakistan Khazar Farhadov, accompanied by Azerbaijan Embassy Secretary Behbud Gadali and Azerbaijan Trade House Chairman Adeel Butt, visited the Punjab Board of Investment and Trade (PBIT) on Tuesday.

The pivotal subject of Pakistan-Azerbaijan-Turkey alliance, which possessed the power to revolutionise the regional economic landscape came under discussion during the meeting. The visit emphasised deepening bilateral ties through economic collaboration and people-to-people connections. Key initiatives discussed included the establishment of the Azerbaijan Trade House, aiming to boost trade and investment, and plans for an Azerbaijan-Pakistan Chamber of Commerce in Islamabad to enhance economic synergy.