GBA, PAKAZCHAM promote Pakistan-Azerbaijan cooperation through agreement
Baku/Islamabad, 4 December 2022 (GNP): The future course of economic cooperation was also reviewed by GBA and PAKAZCHAM , as well as the prospects for Pakistani businesspeople to take part in Azerbaijani enterprises.
The president of the Pakistan-Azerbaijan Chamber of Economic Cooperation (PAKAZCHAM), Khurram Bhatti, and Mohammad Asif Noor, chairman of the Global Business Alliance (GBA), talked about the prospects for Pakistani businesspeople to take part in projects carried out in Azerbaijan as well as the future directions of economic relations.
The Global Business Alliance and the Pakistan-Azerbaijan Chamber of Economic Cooperation inked a Memorandum of Understanding in the framework of the event (PAKAZCHAM).
Businessmen engaged in bilateral conversations in the framework of the event.
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Global Bussiness Allience
The Global Business Alliance (GBA) is a networking platform for international trade and business cooperation that is registered with the government. It works to improve bilaterally and multilaterally global trade, business, and services.
It provides members with access to a global network of business, corporate, and governmental organisations as well as a competitive edge when looking for international opportunities for goal-driven expansion, collaboration, and strategic partnership.
PAKAZCHAM
PAKAZCHAM’s goal is to boost trade between Pakistan and Azerbaijan by giving businesspeople from both countries a venue to network.
Pakistan-Azerbaijan Business Ties
Pakistan and Azerbaijan are allies on a strategic level. The two work together across several industries, including the commercial and military spheres.
In November 2017, Pakistan’s Chamber of Commerce and Industry in Karachi declared its intention to support the creation of a Free Economic Zone (FEZ) in Alyat, Azerbaijan, to strengthen trade and economic connections.
Since then, Pakistan has been negotiating with Azerbaijan while emphasizing the future importance of the “North-South” transit route. This route may link the rail networks of Azerbaijan, Iran, and the Russian Federation.
Based on recently concluded accords, both governments seek to increase bilateral commerce over the next five years.
Also read: Pakistani businessmen urged to boost Azerbaijan-Pakistan industrial cooperation
It is important to highlight that due to Azerbaijan’s massive energy capability, Pakistan, an oil-importing country, is one of the country’s main trading partners (oil and gas).
To further increase commerce, the Ministries of Trade of Pakistan and Azerbaijan’s Economy have formed a special working group on the expansion of bilateral investment cooperation.
Over the previous 10 years, the Pakistani side is estimated to have given the economy of Azerbaijan a contribution of roughly 4.2 million USD.
However, by exporting commodities from the leather, pharmaceutical, energy, and light agricultural equipment industries, Pakistan hopes to benefit Azerbaijan’s home market.