Pakistan-Azerbaijan Economic Cooperation Chamber established
Pakistan-Azerbaijan Economic Cooperation Chamber has been established in line with the vision of leadership in both countries to enhance and deepen economic cooperation between Pakistan and Azerbaijan.
The Chamber is a Not-for-Profit legal entity registered with the Ministry of Justice. PAKAZCHAM will have a permanent office, staff, and Baku-based founding members (some prominent Pakistani businessmen and professionals as well as a few Azerbaijani nationals). Soon its membership will be opened to corporate and business entities in both countries.
The inauguration ceremony of the Chamber would be held on 7 July 2021 at Hilton Baku Hotel. Azerbaijan’s Deputy Minister of Economy, Deputy Minister of Foreign Affairs, Head of Small and Medium Enterprise Agency and President of AZPROMO along with senior officials from Ministries of Foreign Affairs and Justice will attend the inauguration ceremony. Senior representatives of the Azerbaijani business community will also be present on the occasion. The event will be a live webcast through zoom for viewers in Pakistan.
Following are the main objectives of the Chamber:
- To promote and expand trade and investments between Azerbaijan and Pakistan, including raising the perception of Pakistan and Azerbaijan as good and safe countries for investment;
- To analyze the existing business environment and inform businesses about the regulatory framework in both countries;
- To support and promote systematized and sustainable expansion of inter-country economic relations and investments based on principles of equality, partnership and mutual respect
- To support education and intellectual development of innovating thinking talent who will contribute to fostering business ties between the two countries, etc.
- To work closely with other Pakistani and Azerbaijani business chambers for promoting common business interests and offering them memberships.
The annual bilateral trade between the two countries is below the actual potential. With the representation of business communities of the two countries, the Chamber is expected to play a role of a springboard to provide a boost to bilateral trade and investment. The chamber would provide the much-needed permanent platform for business entities of the two countries to engage in fruitful economic relations.
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