Pakistan, Azerbaijan sign USD 2 billion investment agreement

Pakistan Prime Minister Shehbaz Sharif

Pakistan and Azerbaijan have signed an agreement for investment worth USD 2 billion in diverse sectors of Pakistan's economy.

The deal was signed on Friday after a bilateral meeting between Prime Minister Shehbaz Sharif and President Ilham Aliyev on the sidelines of the Economic Cooperation Organisation (ECO) summit hosted by Azerbaijan.

The document was signed by Deputy Prime Minister/Foreign Minister Ishaq Dar and Azerbaijan's Minister for Economy Mikayil Jabbarov in Khankendi, Azerbaijan. Aliyev and Sharif witnessed the signing ceremony.

According to Radio Pakistan, the detailed agreement will be signed during the Azeri president's visit to Pakistan to take investment and trade relations between the two countries to a historic level.

The dates of the visit of Aliyev are not known as yet, but sources said that it would take place this year.

Ties between Pakistan and Azerbaijan have improved, and the country also supported Pakistan in the recent conflict with India. They already have robust defence cooperation and now want to further cement it with economic cooperation, according to sources.