Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, said that Pakistan and Azerbaijan are working to turn their strong relationship into real trade and investment results, with Azerbaijan showing interest in investing nearly $2 billion in Pakistan.
In an interview with Report, the minister noted that bilateral ties, especially with Azerbaijan, have grown stronger since the current government came into power. This has included frequent high-level meetings, visits by Prime Minister Muhammad Shehbaz Sharif, and Pakistan’s participation during the COP29 event in Baku.
Muhammad Aurangzeb said the focus is now on boosting trade and investment, with energy, oil and gas, as well as minerals and mining, emerging as key sectors for potential joint projects. He described these areas as the main priorities moving forward.
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Giving details about the proposed investment package, he mentioned that discussions are ongoing with Azerbaijan's state oil company SOCAR, which is considering investing in an oil pipeline project in Pakistan. While the talks are still at an early stage, he expressed hope that this could become one of the first projects to materialize.
Regarding Azerbaijan’s willingness to provide an additional $1 billion loan to Pakistan, the finance minister said the financing could take different forms, including placements with the State Bank of Pakistan or support for Azerbaijani investors in Pakistan. He added that the current bilateral trade of less than $50 million does not reflect the true potential, and efforts are being made to identify priority sectors to make trade more meaningful.
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