Pakistan and Azerbaijan on Thursday agreed to enhance the bilateral investment level of up to $2 billion in areas of mutual beneficial projects.

In a joint press stakeout along with Azerbaijan President Ilham Aliyev after witnessing the signing of agreements and memorandums of understanding (MoUs) in diverse areas between the two countries, Prime Minister Shehbaz Sharif said“ “We have discussed an initial figure of $2bn of investment in areas of mutual beneficial projects”.

The prime minister hoped that when he visited Azerbaijan in November this year, the two sides would be ready to ink agreements worth $2bn to begin with as there was great potential in both sides to multiply this figure in years to come.

“In today’s in-depth conversation, we have agreed to enhance our bilateral trade besides discussing areas of joint cooperation and joint investments,” he added.

He said, “The bilateral investment volume of less than $100 million does not reflect the strength of our brotherhood and friendship in the field of joint investment in areas which are mutually beneficial”.

Expressing satisfaction over the bilateral meeting, the prime minister said discussions were held on mutual trust and confidence where both sides expressed their unwavering commitment to move forward and touch higher levels of achievements in the fields of trade and investment.

He emphasised that Pakistan had always supported Azerbaijan’s stand, while the brotherly country had always supported the cause of millions of Kashmiris.

PM Shehbaz hoped that the climate summit COP29 to be hosted by Azerbaijan in Baku would be a significant international event for all developing countries, including Pakistan. “We are confident that under your wise stewardship, COP29 will deliver on the climate change-related issues of developing countries like Pakistan.”

He said the government was impressed by the beautification of Baku therefore it decided to copy its model.

President Aliyev said the brotherhood between the two countries was based on deep feelings between the people of the two sides. “This connection is a big asset, we are brothers, we are friends, and we support each other on every international issue.”

He added: “Our state forward support on the issue of Jammu and Kashmir is our commitment to our brotherhood and also our respect to international law, the rights of Kashmiris are ignored and violated for decades.”

He said the UN Security Council resolutions indicated how the issue must be resolved but rued that unfortunately, UNSC resolutions had no mechanism of implementation.

“But we as brothers and friends will always stand side by side with you, with our brothers in Kashmir, with International law, with justice and I am sure justice will prevail,” he added.

He said the two sides were analysing the projects for the initial investment of $2bn.

“During our today’s conversation, we reviewed several projects in the areas of energy, connectivity, infrastructure and defence industry,” he said adding that “we will build strong partnership not only on the political level that we already had but on economic and trade investment levels as well.”

President Aliyev landed in Islamabad earlier today on a two-day official visit at the invitation of PM Shehbaz. He was received by PM Shehbaz along with his cabinet members, including Interior Minister Mohsin Naqvi and Information Minister Attaullah Tarar.

A 21-gun salute boomed in the backdrop to herald the arrival of the dignitary and two children, clad in traditional dresses, presented bouquets to him.

He was given a guard of honour as he arrived at the PM House to meet the premier, along with his high-powered delegation.

The national anthems of both countries were played as the Azeri president stood at the salute dais along with the prime minister.

Contingents of the armed forces presented a guard of honor to the president.

The Azeri foreign minister had visited Pakistan in May and held delegation-level talks in which Foreign Minister Ishaq Dar said both sides were taking measures to increase bilateral investment, especially in the energy sector.

Dar — also the deputy prime minister — had expressed Pakistan’s full support to Azerbaijan during its presidency of climate summit COP29.

In a joint press conference the same day, the foreign ministers of both countries had expressed a strong commitment to further strengthen bilateral strategic relations.

Meanwhile, in a meeting with FM Bayramov, PM Shehbaz had stressed the need to further strengthen mutually beneficial cooperation in various sectors.

The Azeri foreign minister had also met Chief of Army Staff General Asim Munir.