https://arab.news/bsbhj
- The summit brought together heads of government from ECO member states to discuss economic and political cooperation
- Pakistan, bolstered by an IMF program, is looking to capitalize on its geostrategic location as a major trade and transit hub
ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Friday met with Azerbaijan President Ilham Aliyev on the sidelines of the 17th Economic Cooperation Organization (ECO) summit, Sharif’s office said, with the two leaders agreeing to boost bilateral trade and investment.
The prime minister led Pakistan’s delegation at the ECO summit in Khankendi, Azerbaijan on July 3-4, which focused on the promotion of trade, sustaining development and enhancing regional connectivity.
Sharif noted that recent interactions between leaders of the two countries had helped strengthen relations and invited President Ilham to visit Pakistan at his earliest convenience, according to the Pakistan PM’s office.
“The two leaders agreed to enhance their cooperation in the fields of trade and investment while expressing satisfaction over the progress made regarding the investment prospects,” Sharif’s office said.
“Both leaders reiterated their resolve to strengthen the economic partnership, especially Azerbaijan’s investment in Pakistan.”
This is Sharif’s third visit to Azerbaijan in 2025. He last traveled to Baku in May as part of a broader push at economic diplomacy with the Central Asian republics, to whom Pakistan has offered access to its southern ports in Karachi and Gwadar.
The ECO summit, themed as “New ECO Vision for a Sustainable and Climate Resilient Future,” brought together heads of state and government from ECO member states to discuss economic and political cooperation.
Founded in 1985 by Iran, Pakistan and Turkiye, the Eurasian intergovernmental organization included Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan in 1992, aiming to establish a single market for goods and services.
Pakistan, slowly recovering from a macroeconomic crisis under a $7 billion International Monetary Fund (IMF) deal, has been looking to capitalize on its geostrategic location to boost transit trade and foreign investment for a sustainable economic recovery.
In July 2024, Azerbaijan announced a $2 billion investment in Pakistan during a visit by President Ilham Aliyev to Islamabad. In September last year, Pakistan signed a contract to supply JF-17 Block III fighter jets to Azerbaijan, marking the deepening of defense cooperation.