ISLAMABAD  - Pakistan has so far invested $4.2 million in the Azerbaijani economy, said Azerbaijan's Deputy Economy Minister Rufat Mammadov during Azerbaijani-Pakistani business conference in Baku on Wednesday. He said that both sides pay great attention to bilateral investments.

"I would like to note that a special working group was established between the Ministry of Economy of Azerbaijan and the Ministry of Commerce of Pakistan on the development of bilateral investment cooperation," Mammadov said.

"It is gratifying to note that in Azerbaijan, there are 267 companies with Pakistani capital that operate in such areas as trade, communications, logistics and so on," Trend News Agency reported. Mammadov noted that the trade turnover between the two countries is also growing.

"There are all opportunities for further increasing the bilateral trade between our countries and both countries are very interested in this," Mammadov said.

Azerbaijan's trade turnover with Pakistan amounted to $5.82 million in January-May 2018, which is 38.6 percent more than in the same period last year, according to Azerbaijan's State Customs Committee.

Meanwhile, Azerbaijan and Pakistan will have to establish direct banking channel and air connectivity, lift off tariff barriers, and create alternative rail and road network, as well as visa free regime to enhance bilateral trade relations, said president of the Rawalpindi Chamber of Commerce and Industry (RCCI) Zahid Latif Khan on the eve of Business Opportunities Conference in Baku, Azerbaijan.

The RCCI president added that there is a need to explore new avenues of joint ventures and trade connectivity under the umbrella of China-Pakistan Economic Corridor (CPEC).

“CPEC has now become a reality on the ground. Pakistan would become hub of regional connectivity as CPEC would put it on a center stage due to new energy infrastructure and trade routes,” Latif Khan was quoted as saying by AzerNews.

 The RCCI president concluded reminding that Azerbaijan has always been very friendly towards Pakistan, which was among the first three countries to recognize Azerbaijan immediately and reestablish diplomatic ties in July, 1992. The Rawalpindi Chamber of Commerce and Industry (RCCI) is organizing Business Opportunities Conference and 31st International Achievement Award ceremony in Azerbaijan’s capital city form July 4 to 5. The events will be aimed at promoting business and investment opportunities of Pakistan in Azerbaijan’s business community. Over 450 Pakistani participants representing tourism, pharmaceutical, chemical, plastic, textile, surgical goods, furniture, food, construction and other industries are attending the events. Further, Pakistani and Azerbaijani business communities are going to hold B2B meetings. Latif Khan also noted that this initiative would lead to creation of new joint ventures in the future.