Pakistan, Azerbaijan inaugurate joint chamber of commerce in push for investment 

An undated file photo of flags of Pakistan and Azerbaijan. (Anadolu Agency/ website)
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Updated 12 February 2025
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Pakistan, Azerbaijan inaugurate joint chamber of commerce in push for investment 

  • Pakistan’s privatization minister says initiative will ensure bilateral investment matters are resolved under single platform
  • Islamabad has reached out to regional allies, including former Soviet republics, to attract investment in priority sectors 

ISLAMABAD: Azerbaijan and Pakistan inaugurated a joint chamber of commerce and industry on Wednesday, Pakistan’s privatization ministry said, as part of Islamabad’s efforts to bring investment matters in priority sectors under a single platform.

Azerbaijan officials have made several visits to Pakistan in recent months as Islamabad seeks to strengthen trade and investment ties with former Soviet republics and Central Asian states. Last July, President Ilham Aliyev visited Pakistan and announced that the two countries were working to enhance bilateral trade to $2 billion.

The development also takes place amid Pakistan’s aggressive efforts to escape a prolonged economic crisis by attracting investment in energy, mining, agriculture, infrastructure, livestock and other key sectors of its economy. Pakistan has signed agreements worth billions of dollars with Saudi Arabia, the UAE and other countries since 2023 after its macroeconomic crisis brought it to the brink of a sovereign default. 

“Pakistan has achieved another significant milestone in boosting investment and business activities with the inauguration of the Azerbaijan-Pakistan Chamber of Commerce and Industry,” the privatization ministry said in a press release. It added that Pakistan’s Privatization Minister Abdul Aleem Khan and Azerbaijan’s Ambassador Khazar Farhadov were chief guests at the event in Islamabad. 

Khan said the joint chamber of commerce has enabled both countries to address investment matters under a single platform, adding that Pakistan would collaborate with Azerbaijan’s business community to boost exports of local products.

Ambassador Farhadov said both countries were taking steps to enhance bilateral cooperation, the ministry said. He expressed confidence in the joint chamber of commerce as a platform that would aid in increasing the existing $2 billion business volume between both countries.

Islamabad and Baku’s cooperation spans several sectors. Pakistan’s Defense Minister Khawaja Asif said in January that both countries were in the process of finalizing a memorandum of agreement to enhance security ties through cooperation in arms trade, defense infrastructure and intelligence sharing.

In December, Pakistan waived customs and regulatory duties on imports from Azerbaijan under the Pakistan-Azerbaijan Preferential Trade Agreement. The agreement aims to enhance economic cooperation by reducing tariffs on goods such as Pakistan’s sports equipment, leather and pharmaceuticals, and Azerbaijan’s oil and gas products.


PM Sharif hails investor confidence as Pakistan Stock Exchange crosses 119,000 points

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PM Sharif hails investor confidence as Pakistan Stock Exchange crosses 119,000 points

  • KSE-100 index soared by over 1,400 points after trading commenced, hitting an all-time high of 119,421.81
  • Shehbaz Sharif says his government is trying to ensure conducive business and investment environment

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday lauded the Pakistan Stock Exchange (PSX) for surpassing the significant 119,000-point threshold for the first time, saying the market’s bullish opening session mirrored growing investor confidence.​
The benchmark KSE-100 index soared by over 1,400 points shortly after trading commenced, reaching an all-time high of 119,421.81 points.
The market rally coincides with Sharif’s four-day visit to Saudi Arabia, where he met separately with Crown Prince Mohammed bin Salman and Investment Minister Khalid Al-Falih to discuss strengthening economic cooperation.​
“The positive trajectory in the Pakistan Stock Exchange signifies the increasing trust of traders and investors in the government’s economic policies,” the prime minister said in a statement issued by his office from Jeddah.
“The government is providing all necessary facilities on a priority basis to ensure a conducive environment for business and investment in the country,” he added.
Earlier this month, an International Monetary Fund (IMF) team concluded its review of Pakistan’s economic reforms under a $7 billion loan program.
The international lender described Pakistan’s progress as “strong,” though its mission departed without finalizing the staff-level agreement.
The IMF’s positive assessment, nevertheless, led to bullish sentiment in the market, despite recent upticks in militant violence.​
The ongoing PSX session saw the KSE-100 index dip below its earlier high, trading at 118,526.63 points at the time of filing this report.


UK lists former Pakistan PM’s son as ‘deliberate tax defaulter’ over £9.4 million unpaid dues

Updated 20 March 2025
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UK lists former Pakistan PM’s son as ‘deliberate tax defaulter’ over £9.4 million unpaid dues

  • Hasan Nawaz, identified as property developer, has been fined £5.2 million over unpaid taxes
  • He was previously declared bankrupt by the High Court of Justice in London in a 2024 case

ISLAMABAD: The United Kingdom’s tax authority listed Hasan Nawaz, son of Pakistan’s three-time former Prime Minister Nawaz Sharif, as a “deliberate tax defaulter” this week, imposing a penalty of £5.2 million on unpaid taxes totaling £9.4 million.
According to details, Hasan Nawaz, identified as property developer, failed to pay the amount between April 6, 2015, and April 5, 2016. The list ranks him as the second-highest defaulter.
In the UK, a “deliberate tax defaulter” is an individual or business that has intentionally evaded taxes or made false declarations to underpay their tax liabilities. Under the rules, those who owe more than £25,000 in tax and have received penalties for deliberate default can have their names published on the list of deliberate tax defaulters.
“Amounts in the list relate to the tax/duty on which penalties are based and the penalties charged, where the penalty meets the criteria for publishing under the Publishing Details of Deliberate Defaulters legislation,” His Majesty’s Revenue and Customs, responsible for enforcing tax laws, inscribed at the outset of the document. “The list does not necessarily represent the full default of the taxpayer.”
Nawaz Sharif and his family have long faced corruption allegations, including the Panama Papers case, which led to his disqualification as prime minister in 2017. While he has denied such charges against him in the past, the revelation that his son has defaulted on millions in UK taxes revives concerns about financial impropriety and hidden wealth.
In 2024, Hasan Nawaz was declared bankrupt by the High Court of Justice in London following a petition filed by HMRC over unpaid liabilities.
HMRC regularly publishes a list of tax defaulters, updating it quarterly to include individuals and businesses penalized for deliberate tax defaults.


Pakistan March inflation to drop below 1% — market analysis 

Updated 20 March 2025
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Pakistan March inflation to drop below 1% — market analysis 

  • Topline Pakistan Research says the decline may mark the lowest level in over three decades
  • The research firm cautions any major deviation in commodity prices will impact the inflation rate

ISLAMABAD: A Pakistani market research organization on Wednesday estimated a further decline in inflation in the ongoing month, projecting it to fall below 1%, marking the lowest monthly year-on-year (YoY) reading in over three decades.​
Topline Pakistan Research, a division of Topline Securities, a prominent brokerage house in Pakistan, gathers and analyzes market data along with consumer behavior and socio-economic indicators.
In recent years, Pakistan has grappled with high inflation, with consumer prices reaching a record 38% in May 2023. However, subsequent monetary policy measures and a series of economic reforms led to a substantial decline, bringing the annual inflation rate down to 1.5% in February 2025.​
“Pakistan’s Consumer Price Index (CPI) for Mar 2025 is expected to bottom out and clock in at 0.5-1.0% YoY (+0.9 percent MoM), lowest monthly YoY reading in over 3 decades, taking 9MFY25 average to 5.38% compared to 27.06% in 9MFY24,” Topline Pakistan Research stated in its estimate.​
It noted the anticipated decline in March 2025’s CPI was likely to follow a 2.3% reduction in electricity prices, resulting from a higher fuel cost adjustment of Rs2 per kilowatt hour (kWh) compared to Rs1/kWh in the previous month.
The transport segment index is also expected to decrease by 0.7% month-on-month, owing to a decline in diesel and petrol prices by an average of 2%.​
Given these developments, Topline Pakistan Research said it was also revising its inflation forecast for fiscal year 2025 downward from 6-7% to 5-6%.​
With the expected inflation rate of less than 1 percent for March 2025, the research organization said the real interest rates will be significantly higher than Pakistan’s historic average of 200-300 basis points, standing at 1,100-1,150 basis points. However, based on fiscal year 2026 inflation estimates of 8-9%, real rates are projected to be 300-400 basis points positive.​
Topline Pakistan Research also cautioned any major deviation in commodity rates from current levels, especially fuel prices, could result in change in inflation estimates.
 


Pakistani drama breaks silence on blasphemy killings

Updated 20 March 2025
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Pakistani drama breaks silence on blasphemy killings

  • Hum Network’s 11-part television drama began airing in December, handling the taboo topic with sensitivity
  • Producer Sultana Siddiqui calls it her duty to ‘raise awareness about crucial social issues’ that impact society

KARACHI: An axe-wielding mob chases a terrified group; a daring Pakistani television drama has for the first time tackled the deeply sensitive issue of the dozens murdered for alleged blasphemy.
Islam is the official religion in Muslim-majority Pakistan, and accusations of insulting religious sentiments can easily incite mob violence.
Blasphemy is an incendiary charge, and the issue is rarely discussed by major media broadcasters due to security concerns.
But producer Sultana Siddiqui challenged that with an 11-part television drama, which has earned praise since it began airing in December for handling a taboo topic with sensitivity.
“This issue has not been raised before because of fear,” Siddiqui, founder of the Hum Network media company, told AFP.

Her drama “Tan Man Neelo Neel,” or “Bruises on Body and Soul,” tells the stories of people in a small Pakistani town, and has generated millions of views and widespread praise on social media.
“I took the risk in a careful manner,” she said. “That’s why people appreciated it.”

Sultana Siddiqui, director, producer and founder of the Hum Network media company, speaks about her television drama ‘Tan Man Neel-o-Neel’ or ‘Bruises on Body and Soul,’ during an interview with AFP in Karachi, Pakistan, on March 11, 2025. (AFP)

In the drama, the case of blasphemy centers around a character who falsely claims a dance performance takes place in a mosque, rather than the abandoned mansion it happened in.
That storyline of false allegations is an echo of reality.
Pakistan’s independent Human Rights Commission, in a report last month, described the “impunity for perpetrators of hate and violence.”
It detailed cases of people killed, and followers and places of worship of Pakistan’s minority religions, including Christians and Hindus, being attacked over false claims.
“Law enforcement... have often failed to rescue blasphemy suspects from vigilante violence,” the commission said.
“A careful examination of various blasphemy allegations shows that these are invariably based on fabrications, malicious disinformation and fake news.”
Siddiqui said she was motivated by a 2017 case in the city of Mardan when a mob beat 23-year-old journalism student Mashal Khan to death after accusing him of posting blasphemous content online.
“I couldn’t sleep after hearing Mashal’s mother say that ‘not a single bone in his body was left unbroken — even his finger bones were fractured,’” she said.
“I kept wondering: How brutally must they have beaten him?“

Pakistani tv actor and producer Saife Hassan (center) talks with actor Usman Javed (right) and Sehar Khan (second left) on the set during the shooting of a scene of TV drama serial ‘Tan Man Neel-o-Neel’ or ‘Bruises on Body and Soul,’ in Rawalpindi, Pakistan, on November 2, 2024. (AP)

Mohammad Iqbal, the murdered student’s father, said that the producer had chosen the “right topic” and had “honored his son.”
“We, those most affected, have rarely spoken about it publicly,” he told AFP.
“At last, this conversation is happening on television.”
Siddiqui said she had long wanted to address the issue and had been carefully collaborating with fellow directors and writers to address the subject matter appropriately.
“I, too, fear extremists who might not like me and could harm me,” she said.
“However, I believe we should address these issues with them in a respectful manner.”
Siddiqui said it was her “duty to educate people” and “raise awareness about crucial social issues” that impact society.

Pakistani dramas boast a massive viewership and their popularity serves as a powerful vehicle for social change.
A Gallup survey conducted in October 2023 suggested that two-fifths of the country watch dramas.
“We should have spoken about such issues much earlier,” said Mustafa Afridi, the writer of the show.
“If we had, perhaps we wouldn’t be in this situation today, perhaps our children wouldn’t be dying.”

Celebrities gather at the residence of Sultana Siddiqui, director, producer and founder of the Hum Network media company, during an event held to celebrate the success of her television drama "Tan Man Neelo Neel", or "Bruises on Body and Soul", in Karachi on March 12, 2025. (AFP)


Pakistan’s media industry has been wary of the topic — and fallen foul in the past of accusations of creating blasphemous content.
The release of the 2019 award-winning film “Zindagi Tamasha,” or “Circus of Life,” was halted after the Islamist party Tehreek-e-Labaik Pakistan (TLP) objected to its portrayal of a cleric they deemed “blasphemous.”
In 2020, a music video shot at Lahore’s Wazir Khan mosque sparked furious protests after singer Bilal Saeed was filmed dancing with actor Saba Qamar.
Police filed a case against them, and they apologized — and were eventually acquitted two years later.
Arafat Mazhar, the director of the Alliance Against Blasphemy Politics group, said Siddiqui’s show had “sparked a viral critique of blasphemy-related mob violence.”
He called the reaction “unprecedented.”
“It wasn’t just that people were watching a drama about mob violence — it was that the conversation centered on mob violence at such a large scale for the first time,” he told AFP.
“The battle against blasphemy violence is not just about speaking out against mob killings. It is about challenging the structures that create and sustain them.”


Pakistani PM meets Saudi crown prince, discusses economic ties, security cooperation 

Updated 20 March 2025
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Pakistani PM meets Saudi crown prince, discusses economic ties, security cooperation 

  • Sharif’s visit comes at a time when Islamabad is seeking to strengthen trade and investment ties with friendly nations
  • Riyadh has promised Islamabad a $5 billion investment package that cash-strapped Pakistan desperately needs

ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif met Saudi Crown Prince Mohammed bin Salman today, Thursday, and discussed cooperation in the economic, trade, investment, energy and defense sectors, the premier’s office said in a statement. 

Sharif’s four-day visit to the Kingdom comes as Islamabad seeks to strengthen trade and investment ties with friendly nations. Riyadh in particular has promised a $5 billion investment package that cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis. 

Islamabad and Riyadh signed 34 memorandums of understanding and agreements worth $2.8 billion last year to enhance private sector collaboration and commercial partnerships. The two nations are also in “advanced” talks relating to investment in the Reko Diq copper and gold mine, one of the world’s largest underdeveloped copper-gold areas, as per Pakistani officials. 

In October last year, Saudi Investment Minister Khalid Al-Falih announced the Kingdom planned to allocate a significant portion of its $200 billion annual construction and material procurement contracts to Pakistan. Last month, Pakistan also signed an agreement with the Saudi Fund for Development to defer by one year a $1.2 billion payment on the country’s oil imports.

“​The meeting reaffirmed the strong and historic ties between Pakistan and Saudi Arabia, with discussions focused on enhancing cooperation in economic, trade, investment, energy and defense sectors,” Sharif’s office said in a statement after he met the Saudi crown prince. 

“The Prime Minister appreciated the Kingdom’s commitment to increasing investments in key sectors, which will contribute to Pakistan’s economic growth and stability.”

Pakistan Prime Minister Shehbaz Sharif (center left) meets Saudi Crown Prince Mohammed bin Salman (center right) in Jeddah, Saudi Arabia, on March 20, 2025. (Government of Pakistan)

The statement said both sides reaffirmed their commitment to strengthening defense and security cooperation as well, “recognizing the importance of collaborative efforts in addressing regional security challenges.”

They also discussed the “evolving regional situation as well as geopolitical landscape” and agreed to work closely at all levels to promote a “shared vision for peace, stability and prosperity in the region.”

“Both the leaders emphasized the need to further strengthen people-to-people ties, cultural exchanges, and educational collaboration,” the statement concluded.

Separately, Sharif also met Saudi Investment Minister Khalid Al-Falih and Mohammad Al-Tuwaijri, the head of the Joint Task Force for Economic Engagement. The discussions focused on strengthening economic cooperation, attracting Saudi investments and expediting joint initiatives in key sectors.

Saudi Investment Minister Khalid Al-Falih (left) calls on Pakistan Prime Minister Shehbaz Sharif in Jeddah, Saudi Arabia, on March 20, 2025. (Government of Pakistan)

“The PM reaffirmed Pakistan’s commitment to facilitating Saudi investors, highlighting the country’s strategic position and investment-friendly policies,” the PM’s office said. “He emphasized Pakistan’s vast potential in energy, infrastructure, agriculture and technology, inviting Saudi businesses to explore opportunities under the Special Investment Facilitation Council.”

The two sides also discussed enhancing institutional collaboration to accelerate investment projects and ensure smooth implementation and strengthening the Pakistan-Saudi economic partnership through “structured engagements and swift execution of joint projects.”

Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. Petroleum products mostly from Saudi Arabia make the major chuck of Pakistan’s import bill. The Kingdom is also home to more than two million Pakistani expatriates and serves as the top source of remittances.