Azeri firm to invest $1b in energy sector

NasNY

Chief Minister (5k+ posts)
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ISLAMABAD: State Oil Company of Azerbaijan (SOCAR) intends to invest $1 billion in Pakistan’s energy sector, announced Azerbaijan Ambassador Khazar Farhadov.

During his visit to the Islamabad Chamber of Commerce and Industry (ICCI) on Monday, he pointed out that many other companies of Azerbaijan were also interested in forming joint ventures with Pakistani counterparts as well as making investment in the South Asian country.

“We consider Pakistan a potential market for business and investment,” remarked the envoy. “Governments of Azerbaijan and Pakistan have the will to ramp up economic cooperation and both nations should focus on promoting direct connectivity between private sectors to deepen trade ties.”

He emphasised that his embassy was ready to arrange virtual meetings between enterprises of both countries, which could be followed up with the exchange of trade delegations.

Pointing out that Azerbaijan had signed agreements with the European Union and other countries, he voiced hope that close economic cooperation with Pakistan would clear the way for locally produced goods to enter Central Asia and Europe easily.

“Pakistan and Azerbaijan are working on a preferential trade agreement, which will lower customs tariffs and improve bilateral trade,” the envoy said.

He added that Pakistani companies, including pharmaceutical units, possessed ample potential to set up production plants in Azerbaijan.

He suggested that Pakistani investors should explore joint venture and investment avenues in the free economic zone to be established next to Baku port.

Published in The Express Tribune, November 23rd, 2021.
 
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