Global Business Alliance departs for Azerbaijan
Lahore, 26 November 2022 (GNP): Today, the Global Business Alliance (GBA) delegation left Lahore for Azerbaijan. The group members have a wide range of commercial business expertise.
From November 26 to December 3, 2022, the GBA will lead a business delegation to Azerbaijan to foster bilateral trade between the two economies.
Members of the delegation represent numerous business organizations and industries. The business delegation includes representatives from the textile, clothing, medical supply, tourism, sports, food, and cookware industries.
Interacting with prospective partners will be on the visit’s agenda in an effort to develop and expand the commercial ties between Azerbaijan and Pakistan.
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What is Global Business Alliance (GBA)?
GBA is a platform for networking and boosting world trade, business, and services on a bilateral and multilateral basis. It is officially registered with the Pakistani government.
In order to give forum members a competitive edge in seeking possibilities for goal-oriented growth, cooperation, and strategic alliance from across the world, it offers networks of international diplomatic missions, governments, commerce, and business companies.
Glance on Pakistan-Azerbaijan Business relations
Pakistan and Azerbaijan are strategic allies. The two cooperate in a variety of spheres, including as trade and the military.
In order to strengthen trade and economic links, Pakistan’s Chamber of Commerce and Industry in Karachi declared its intention to help Alyat, Azerbaijan create a Free Economic Zone (FEZ) in November 2017.
Since then, Pakistan and Azerbaijan have been in talks where they have emphasized the importance of the “North-South” transit corridor in the long run. The railway networks of Azerbaijan, Iran, and the Russian Federation might be linked through this corridor.
Both nations seek to increase bilateral trade turnover over the next five years in accordance with previously negotiated accords.
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Due to its large energy potential, it is important to emphasise that Azerbaijan is a key trading partner for Pakistan, a country that imports oil (oil and gas).
In order to achieve additional growth in trade, a special working group on the expansion of bilateral investment cooperation has been created between the Ministries of Trade of Pakistan and Azerbaijan’s Economy.
The Pakistani side is estimated to have given the economy of Azerbaijan roughly 4.2 million USD during the previous 10 years.
However, by exporting commodities from the leather, pharmaceutical, energy, and light agricultural equipment industries, Pakistan hopes to benefit in Azerbaijan’s home market.
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