Pakistani companies want to invest in Azerbaijan's textile industry

Pakistani textile companies will visit Azerbaijan to explore investment opportunities, President of Pakistan-Azerbaijan Economic Cooperation Chamber (PAKAZCHAM) Khurram Javaid Bhatti said in a statement to Report.

According to Bhatti, they are planning to organize an event for Pakistani textile owners to further explore opportunities and collaborations in Azerbaijan.

"A key project I am currently working on involves a renowned Pakistani garment company that is interested in expanding its brand to Azerbaijan. This company offers a wide range of men's clothing, including formal suits, casual wear, semi-casual attire, and accessories. It is one of the most prestigious and well-known brands in Pakistan, with a huge network of stores. The company is keen to establish its presence in Azerbaijan. Discussions are ongoing, and I am confident that we will see progress soon," the PAKAZCHAM president said.

He emphasized that there are opportunities to expand partnership in the textile industry.

"The brotherly relationship between Azerbaijan and Pakistan has a rich history, marked by strong political and democratic ties. The year 2024 was particularly significant for their economic relationship. After around seven years, President Ilham Aliyev of Azerbaijan paid an official visit to Pakistan at the invitation of the Prime Minister of Pakistan. This visit, focused on one-to-one discussions between the leaders and various ministers of both countries. During this visit, around 15 Memoranda of Understanding (MoUs) were signed, targeting key economic sectors," Bhatti said.

He said, additionally, a major achievement this year was the signing of two significant agreements, a Preferential Trade Agreement and a Trasit Trade Agreement, which will further strengthen their economic ties:

"The agreement includes discounts on a list of approximately 9 to 10 products from each country. From Azerbaijan, key products include hazelnuts, various agricultural goods, vegetable extracts, and tobacco, while Pakistani products include rice, potatoes, textile, and medical equipment. The strategic matching of products and the subsequent reduction in tariffs and duties will significantly benefit both nations by enhancing their trade relations."

In January-November 2024, the value of trade turnover between the two countries amounted to $20 million, which is 0.9% more than in the same period of 2023. During 11 months, the value of Azerbaijan's exports to Pakistan amounted to $197,000, and the value of Azerbaijan's imports from Pakistan amounted to $19.8 million. These are 7.5 times less and 8% more, respectively, than a year ago.

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