LAHORE: Ambassador of Azerbaijan to Pakistan Khazar Farhadov has vowed to strengthen trade and economic ties with Pakistan, saying there was a need of collective efforts from the business community of both sides to tap huge trade potential, a statement said.

Speaking at the Lahore Chamber of Commerce and Industry (LCCI), he called for improving direct links between the business communities of Azerbaijan and Pakistan for enhancing bilateral trade volume.

LCCI president Mian Nauman Kabir, senior vice president Mian Rehman Aziz Chan and vice president Haris Ateeq also spoke on the occasion.

The ambassador said Pakistan and Azerbaijan have good diplomatic ties and these should be translated into stronger bilateral trade relations.

He invited the LCCI to arrange a sector-specific delegation for Azerbaijan. He also gave a detailed presentation on trade and economic scenario in Azerbaijan and trade between the two countries.

Kabir said that Pakistan’s exports to Azerbaijan in 2020/21 were $15.53 million, while imports were merely $679,000.

“There is a need to explore ways of increasing trade between both countries. Even in the first four months of the current financial year (July-October 2021), our exports to Azerbaijan stood at $2.12 million, while our imports from Azerbaijan stood at $205,000,” he said, adding that there was a need to find new product lines and new avenues of cooperation for enhancing trade.

“Pakistani products are in great demand in Azerbaijan and many items are transported or delivered by the Iranian businessmen. That is why these trade figures do not reflect the actual trade potential,” he said, adding that Pakistani products, including pharmaceuticals, surgical instruments, sports goods, cutlery, electrical appliances, textile and leather products, furniture, home-made crafts, food and fruits products, engineering and consumer goods and rice have great scope in Azerbaijan.

He said there was a need to initiate direct air links between the two countries.

“We should develop banking channels to ensure maximum facilitation for [the] traders,” he said, adding that commercial sections of respective embassies have to play a positive role in this connection.

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