BAKU: President Mamnoon Hussain on Thursday stressed the need for collective efforts for taking economic relations between Pakistan and Azerbaijan to new heights.

Addressing the Pakistan-Azerbaijan Business Forum here in Baku, the president said energy sector of Pakistan offered vast opportunities for investment and called upon Azeri investors to take advantage of it, said a press release.

The president noted that over a period of time, Pakistan and Azerbaijan had developed expertise in different fields which can be shared for mutual benefits.

Also read: Mamnoon in Baku on four-day visit

He said pharmaceutical products, surgical instruments, sports goods, defence equipment, ready-made garments, rice, fruits and seafood were some of high quality products of Pakistan awaiting effective introduction in Azeri market.

He said likewise, Azerbaijan’s expertise in the field of oil and gas exploration, extraction and refining could potentially bring great benefits to Pakistan.

Mr Hussain said there was a tremendous potential to significantly increase and diversify the two-way trade for which there was a need to devise joint strategies.

He said Pakistan’s geography, 180 million people, burgeoning middle class and existence of large coal deposits offered enormous opportunities for foreign investment.

Calling upon Azeri businessmen to take advantage of investor friendly policies of Pakistan, the president elaborated that Pakistan offers a liberal investment policy, which includes, 100 per cent equity ownership, full repatriation of capital, tax breaks and customs duty concessions on import of plant, machinery and raw materials.

The president said Pakistan was also working to expand cooperation with regional economic organisations.

Traders, industrialists and investors of two countries held very useful and productive discussions on different sectors of mutual interest.

They affirmed commitment to expand cooperation between private sectors of two countries expressing hope that the fruitful discussions would result into signing various business agreements in near future.

Speaking on the occasion, Azerbaijan President Ilham Heydar Aliyev said that productive bilateral interaction was held in Pakistan-Azerbaijan Business Forum.

He said that Azerbaijan would assist Pakistan in its energy sector.

He stated that Azerbaijan was looking into the possibility of diversifying its economy and in this regard cooperation with Pakistan would be further cemented.

He said both countries should also collectively work on legal tax regime in order to avoid double taxation. A large number of traders and industrialists of two countries attended the forum.

MEETING WITH RASIZADE: During his meeting with Prime Minister of Azerbaijan Artur Tahir Rasizade, President Hussain expressed the hope that Azerbaijan would consider investing in mega projects undertaken by the government of Pakistan, particularly in the fields of energy and infrastructure.

He highlighted that Pakistani textile and pharmaceutical products complied with international standards and were exported all over the world, adding that Azerbaijan might consider importing these products.

Referring to the hosting of European Olympics in June 2015, the president said that Pakistan produced world-class sports goods, used in mega sports events around the world and that Azerbaijan could consider importing sports goods from Pakistan, particularly footballs for the forthcoming soccer tournament.

Mr Rasizade said that the visit of President Hussain had added a new chapter in the bilateral relations of two countries.

He added that Azerbaijan was looking forward to further cement its ties with Pakistan in different sectors to the mutual benefit of the two countries.

Later Mr Rasizade hosted luncheon in honour of Mr Hussain.

MEETING WITH ASADOV: During his meeting with Chairman of the Milli Mejlis of Azerbaijan Ogtay S. Asadov, President Hussain said road and rail infrastructure development amongst countries of the region was the key to regional integration for attaining collective socio-economic development.

He underlined the need for frequent people-to-people and parliamentary exchanges between the two countries.

He stated that the Parliamentary Friendship Group in the two parliaments could promote friendship between the two countries proposing that the Friendship Group should visit each other’s country at least once a year.

The president stressed that Pakistan condemned terrorism in all forms and manifestations, and was determined to eradicate the scourge from its soil.

Mr Hussain said the government was also taking measures to introduce reforms in Madressahs (religious seminaries). It had formulated the Nation Action Plan, which had the backing of all political parties and the nation, to combat the menace of terrorism. The Zarb-i-Azb military operation, he added, was progressing successfully.

He praised the performance of the parliament of Azerbaijan.

Mr Asadov said the visit of President Hussain symbolised the burgeoning cooperation between the two countries and hoped that bilateral relations and parliamentary exchanges between them would grow in the future.

Meanwhile, President Hussain laid wreath at the tomb of late president of Azerbaijan Hyder Aliyev.

Speaking on the occasion, the president praised the vision and efforts of great statesman and leader Hyder Aliyev and his commendable contributions in the development of modern Azerbaijan.

The president recalled late leader’s visit to Pakistan in 1996 when he had appreciated Pakistan’s stance on the Kashmir dispute and both countries agreed to support each other on their respective political causes, said a press release.

The president stated that Pakistanis highly respected Hyder Aliyev and also his son President Ilham Aliyev for implementing the vision for his country’s development and for the regional and global order.

Published in Dawn, March 13th, 2015

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