LCCI President: Pakistan and Azerbaijan should increase mutual trade to $1 billion per year

LCCI President: Pakistan and Azerbaijan should increase mutual trade to $1 billion per year Joint efforts need to be made to increase the volume of mutual trade between Pakistan and Azerbaijan to a minimum of $1 billion per year over the next few years, President of Lahore Chamber of Commerce and Industry (LCCI) Mian Abuzar Shad said.
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January 13, 2025 17:40
LCCI President: Pakistan and Azerbaijan should increase mutual trade to $1 billion per year

Joint efforts need to be made to increase the volume of mutual trade between Pakistan and Azerbaijan to a minimum of $1 billion per year over the next few years, President of Lahore Chamber of Commerce and Industry (LCCI) Mian Abuzar Shad said.

Report informs, citing Associated Press of Pakistan, that, according to him, Azerbaijan's geographical location, bordering Russia, Georgia, Iran, Türkiye, and Armenia, makes the country a key player in regional trade and transport routes: "Moreover, Azerbaijan, with its rich oil and natural gas reserves, is recognized as one of the key countries in the global energy market."

The LCCI President noted that despite deep ties between the two countries, the real trade potential remains untapped: "In 2023-2024, our exports to Azerbaijan amounted to only $6 million, while imports from Azerbaijan were just a few thousand US dollars. The main reason for such low trade turnover between the two countries is the lack of necessary information about each other's markets."

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