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Lahore: Azerbaijan is set to strengthen its economic ties with Pakistan by opening a Trade Center in Lahore, marking a significant step towards enhancing bilateral trade, investment, and business-to-business relations. The announcement was made by Khazar Farhadov, the Ambassador of Azerbaijan, during a meeting at the Lahore Chamber of Commerce and Industry.
According to a statement by Lahore Chamber of Commerce and Industry, the initiative aims to bring the business communities of both countries closer and explore new avenues for cooperation. The meeting saw participation from LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman, and several executive committee members.
Ambassador Farhadov emphasized Azerbaijan’s respect and affection for Pakistan and reiterated the country’s commitment to strengthening bilateral ties. He highlighted the duty-free access granted to Pakistani rice until 2027, urging traders to capitalize on this opportunity. The Ambassador also noted that the bilateral trade volume has tripled since 2022, largely due to the introduction of direct flights between the two nations.
In addition to trade, the Ambassador invited Pakistani investors to explore opportunities in Azerbaijan’s infrastructure and energy sectors, emphasizing the country’s strategic position as a transport corridor between Asia and Europe. He also mentioned Azerbaijan’s $2 billion investment commitment made during the President’s visit to Pakistan, with ongoing efforts to realize these projects.
LCCI President Shad called for joint efforts to boost bilateral trade to $1 billion in the coming years, citing Azerbaijan’s strategic geographic position and its significant oil and natural gas reserves. He pointed out that despite strong diplomatic, historical, and cultural ties, the current trade volume remains below potential due to a lack of market information.
LCCI Senior Vice President Usman highlighted the need for new product lines and cooperation avenues to enhance trade between the two countries. He identified potential areas for joint ventures, including tourism and IT, and advocated for the embassies and chambers to support business communities in increasing mutual trade.
The LCCI officials stressed the importance of organizing trade delegations and single-country exhibitions to open new avenues for enhancing mutual trade relations.
The post Azerbaijan to Establish Trade Center in Lahore to Boost Economic Ties appeared first on Pakistan Business News.