Azerbaijan to invest $2 bln in Pakistan's economic development

BAKU. July 7 (Interfax) - Baku and Islamabad have signed an investment partnership agreement under which Azerbaijan will invest $2 billion in Pakistan's economy.

The agreement was signed by Pakistani Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar and Azerbaijani Economy Minister Mikayil Jabbarov on July 4 during the 17th summit of the Economic Cooperation Organization (ECO) in Shusha, the Pakistani publication Business Recorder said, citing a statement from the country's cabinet.

This agreement elevates trade and investment relations between the two countries to a historic high and will ensure further strengthening of fraternal ties and economic partnership, it said.

A final and more detailed agreement will be signed during the Azerbaijani president's visit to Pakistan, it said.

Commenting on the agreement to journalists in Shusha, Pakistani Prime Minister Shehbaz Sharif expressed gratitude to the Azerbaijani president for investing in Pakistan and said that the investment volume will increase significantly in the future.