Pakistan and Azerbaijan are set to sign agreements in April aimed at increasing bilateral investments to $2 billion, Prime Minister Shehbaz Sharif said on Monday.

The announcement followed a meeting between PM Sharif and Azerbaijan’s President Ilham Aliyev in Baku, where the premier is on a two-day official visit, according to state-run Radio Pakistan

The report noted, “Pakistan and Azerbaijan have decided to enhance the scope of bilateral investment up to $2 billion in areas of mutually beneficial projects,” reflecting the outcomes of discussions between the two leaders.

“I am extremely grateful to you when you announced that Azerbaijan will invest $2 billion dollars in Pakistan in ventures that are mutually beneficial, which will bring dividends to both countries,” the premier said while addressing a joint press conference with Azeri President Aliyev in Baku.

While noting that a month’s deadline had been given to “both sides to finalise all arrangements”, the premier also confirmed that a delegation from Azerbaijan would be visiting Pakistan in April to sign those deals.

PM Shehbaz inspects guard of honour in Azerbaijan

Prime Minister Shehbaz Sharif inspected a guard of honour in Baku as Azerbaijan President Ilham Aliyev received him at the Presidential Palace on Monday.

A PM Shehbaz-led delegation arrived in the Azeri capital on Sunday for a two-day visit at the invitation of the Azerbaijan president. Deputy Prime Minister Ishaq Dar and “other key cabinet members” have accompanied the premier on the visit.

It is the premier’s second visit to the country since assuming office in March 2024.

Last year in March, Azeri President Aliyev arrived in Pakistan at the invitation of the premier. The two countries agreed to enhance the bilateral investment level of up to $2 billion in areas of mutually beneficial projects.

“We will build strong partnership not only on the political level that we already had but also on economic and trade investment levels,” he said in a joint press conference on July 11, 2024.

In April 2024, the first direct flight of Azerbaijan Airlines from Baku landed at Karachi airport. It carried around 90 passengers.

The two sides would engage in “wide-ranging discussions” on areas of mutual interest in order to further strengthen bilateral cooperation, particularly in energy, trade, defence, education and climate sectors during the visit, according to a Foreign Office statement.

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Several MoUs/agreements in multiple areas of cooperation are expected to be signed between the two sides during the visit.

“Pakistan and Azerbaijan share a deep-rooted brotherly relationship built on mutual trust, understanding and a longstanding mutually beneficial cooperation. Azerbaijan remains one of Pakistan’s key economic and strategic partners, with strong collaboration across multiple sectors,” it said.

The prime minister is also expected to deliver a speech during a business forum organised in collaboration with the Export and Investment Promotion Agency of the Republic of Azerbaijan.