Azerbaijan, Turkiye, Pakistan to create joint venture 

The Pakistan Azerbaijan Economic Cooperation Chamber (“PAKAZCHAM”) is determined to assist in creating a business joint venture between the corporates of Azerbaijan, Turkiye, and Pakistan, Chairman of the Chamber Khurram Bhatti told Report.

“We wish to strengthen this trilateral business relationship. Accordingly, we are looking at various industries where we can bring one investor from Turkey, one from Pakistan, and one from Azerbaijan. A potential area is Alat Free Zone as it has great tax and import benefits. I plan to further discuss this topic with the Turkish Business Council in Azerbaijan. Hopefully, we will be able to identify certain parties interested in this trilateral joint venture soon,” he added.

Currently, over 4,200 Turkish companies operate in Azerbaijan. The trade turnover between Azerbaijan and Turkiye was $4,661,800,000 in 2021, up 12% from the previous year. In the first two months of 2022, the trade turnover between the two countries amounted to $933,424,000, 72.4% higher than a year earlier.

Nearly 2,000 Pakistani companies operate in Azerbaijan. In 2021, the trade turnover between the two countries dropped by 11.6% compared to a year ago and made up $11,729,000. In January-February 2022, this figure amounted to $3,391,000, showing a 70% growth compared to the same period of 2021.