Azerbaijan, Pakistan discuss expanding trade, investment cooperation PHOTO

Azerbaijan's Economy Minister Mikayil Jabbarov and Federal Minister for Privatization, Investment Board and Communications of the Islamic Republic of Pakistan Abdul Aleem Khan have highlighted the satisfaction with the successful development of multi-faceted relations during the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29).

The Azerbaijan-Pakistan relations are based on friendship and brotherhood, the Azerbaijani Economy Ministry told Caliber.Az. 

The discussions focused on expanding cooperation in trade and investment, as well as strengthening ties between the business communities of both countries.

There are significant opportunities for joint projects with Pakistan in such sectors as energy, industry, transport, tourism, and other areas. The importance of effectively using this potential to deepen investment and trade partnerships was emphasised. The two sides also addressed other issues on the bilateral cooperation agenda. 

COP29, which is being held at Baku Stadium from November 11-22, is Azerbaijan’s most significant international event to date and the first time the country has hosted a COP conference. The summit kicked off with the signing of the Host Country Agreement and other key documents between the Azerbaijani government and the UN Framework Convention on Climate Change (UNFCCC) Secretariat. One of the central goals of COP29 is the establishment of a New Collective Quantitative Goal (NCQG) for climate finance. To further this aim, the COP29 presidency has introduced 14 key initiatives designed to integrate climate action with the United Nations Sustainable Development Goals (SDGs). 

These initiatives cover a broad spectrum of critical areas, including the development of green energy corridors, energy storage solutions, climate resilience strategies, clean hydrogen, methane reduction from organic waste, and the promotion of green digital technologies. A flagship proposal of the conference is the creation of the Climate Finance Action Fund, which is aimed at supporting efforts to limit global warming to 1.5°C. Throughout the event, Azerbaijan has continued to reaffirm its strong commitment to addressing climate change and promoting environmental protection. The unanimous decision to select Azerbaijan as the host for COP29 reflects the global community’s trust in the country’s leadership on climate-related issues. In his opening remarks, President Ilham Aliyev underscored Azerbaijan’s central role in global climate efforts, emphasizing the nation’s dedication to tackling climate change and advancing sustainable development.

By Naila Huseynova