Advertisement

Pakistani companies explore business opportunities in Azerbaijan!

Print Friendly, PDF & Email

News Desk |

Pakistan is trying to increase its trade opportunities across the world, which will help to improve its current account situation and bring in more FX reserves into the country. Azerbaijan and Pakistan have established direct banking channel and are creating air connectivity, removing tariff barriers, and creating an alternative rail and road network, as well as a visa-free regime to enhance bilateral trade relations. In line with this, the National Bank of Pakistan (NBP) is planning to increase its capital for the branch established in the city of Baku, Azerbaijan. NBP, a state-owned commercial banking network, is branched out across the world. The bank provides both commercial and public sector banking services.

National Bank Pakistan is a lead player in the debt equity market, corporate investment banking, retail and consumer banking, agricultural financing, treasury services. As of March 2017, it had 1,450 branches across Pakistan with assets of approximately USD 17.2 billion. The Bank also operates a network of 21 international branches, 2 international Subsidiaries, and 3 international Representative Offices.

There is a need to explore new avenues of joint ventures and trade connectivity under the umbrella of the China-Pakistan Economic Corridor (CPEC).

The Bank also has a presence in the UK through United National Bank Ltd (UNBL), a banking institution incorporated in the UK. Earlier this summer, the Azerbaijan Embassy in Pakistan and the Rawalpindi Chamber of Commerce organized an event to promote dialogue and to create further business opportunities.

Read more: The National bank of Pakistan, reaching new heights

The events will be aimed at promoting business and investment opportunities of Pakistan in Azerbaijan’s business community. According, to Latif Khan, President Rawalpindi Chamber of Commerce and Industry (RCCI), over 450 Pakistani participants representing tourism, pharmaceutical, chemical, plastic, textile, surgical goods, furniture, food, construction, and other industries will be attending the events.

The Bank also has a presence in the UK through United National Bank Ltd (UNBL), a banking institution incorporated in the UK.

Further, Pakistani and Azerbaijani business communities held B2B meetings. Latif Khan also noted that the RCCI hopes that this initiative would lead to the creation of new joint ventures in the future. The RCCI president added that there is a need to explore new avenues of joint ventures and trade connectivity under the umbrella of the China-Pakistan Economic Corridor (CPEC).

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

Read more: Pakistan Banking Sector witnesses growth on Digital front and Agriculture

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 had established diplomatic ties in July 1992.

Latest