Amid economic push, Pakistan reviews proposals for investment projects with Azerbaijan
Amid economic push, Pakistan reviews proposals for investment projects with Azerbaijan/node/2594789/pakistan
Amid economic push, Pakistan reviews proposals for investment projects with Azerbaijan
Pakistan’s deputy prime minister, Ishaq Dar (right), chairs a meeting regarding the investment projects with Azerbaijan in Islamabad, Pakistan, on March 25, 2025. (Foreign Office of Pakistan)
ISLAMABAD: Pakistan’s deputy prime minister, Ishaq Dar, on Tuesday reviewed various proposals for investment projects with Azerbaijan, the Pakistan foreign office said, amid Islamabad’s push for increase trade and investment in the South Asian country.
The development came days after Azerbaijan President Ilham Aliyev wrote a letter to Prime Minister Shehbaz Sharif and called for joint ventures with Pakistan in defense, energy, economy, logistics and transport sectors to expand Baku’s strategic partnership with Islamabad.
It followed a visit by Sharif to Baku, where he announced the two nations would sign deals in April to boost bilateral investments to $2 billion. Multiple agreements for cooperation in the trade, energy, tourism, education and other sectors were signed during Sharif’s visit in Feb.
On Tuesday, DPM Dar presided over an inter-ministerial meeting on possible investment projects with Azerbaijan and reviewed various proposals in this regard, according to the Pakistani foreign office.
“DPM/FM directed to accelerate the implementation of decisions to boost economic growth and development through viable investment projects,” it said in a statement. “He reaffirmed that strengthening Pakistan-Azerbaijan ties remains a priority as both countries collaborate across various sectors.”
Cash-strapped Pakistan is currently navigating a tricky path to recovery under a $7 billion International Monetary Fund (IMF) program. The South Asian country has been making efforts to generate revenue through increased trade and investment deals with friendly nations and regional and international allies, focusing on export-led growth.
In September last year, Azerbaijan bought JF-17 Block III fighter jets from Pakistan, reportedly in a $1.6bn deal.
During President Aliyev’s visit to Pakistan last year, a joint committee was set up to materialize projects in trade, commerce, information technology, tourism, telecommunication, mineral resources and other sectors. Sharif said at the time the current trade volume of $100 million did not reflect the “true” trade potential between the two countries.
ISLAMABAD: Pakistan’s Defense Minister Khawaja Asif said on Monday Islamabad had not engaged in any new military cooperation with Tehran since Israel launched attacks on Iran last week and had not held specific talks with the United States over the escalating crisis in the Middle East.
Iran, which borders Pakistan, has hit back with strikes against Israel after it unleashed waves of attacks on Friday at Iranian nuclear installations, missile stockpiles, scientists, and military generals, among other targets, sparking global alarm that the conflict could erupt into a regional war.
The latest escalation follows months of hostilities between Israel and Iranian-backed groups in Lebanon, Syria and Yemen, which intensified after the war in Gaza was launched late in 2023. Regional powers fear a direct confrontation could spiral into a broader conflict involving major oil shipping lanes and global energy supplies. For Pakistan, a close Iranian neighbor and a longtime opponent of Israel, a prolonged conflict risks disrupting border security, inflaming sectarian tensions at home, and possibly putting it in a tight spot with other Arab allies and the West.
Speaking in an interview to Arab News, Asif said regular security cooperation was continuing with Iran along their shared border to combat militant groups, but no fresh operational coordination had been initiated in response to Israel’s attacks on Iranian territory since June 13.
“I don’t see any need of [it],” the defense minister said in response to a question on whether Pakistan’s military was coordinating with Iranian counterparts on the border or engaging in any fresh defense cooperation.
“We coordinate on a very regular basis as far as the Iran and Pakistan border is concerned because of terrorist activities… that sort of cooperation is already on. So I don’t see any new activity.”
Asked if Pakistan had held talks with Washington to discuss the fast-evolving situation, the defense minister said there had been no recent contact specifically on the crisis in the past five days:
“But we are in constant touch with the United States of America regarding the tense situation we have in this region.”
Asif said Pakistan’s leadership was instead focused on engagement with close partners like China and Muslim countries to press for calm, warning that the conflict risked engulfing the entire region.
“The countries who have religious affinity with us or geographical affinity, even China or other countries, because what we are pursuing is peace,” he said.
“And we would like to mobilize the countries of this region that this conflict can multiply and it can engulf the whole region into a situation which could be very, very disastrous.”
Smoke rises from a fire, as the Israel-Iran air war continues, in Tehran, Iran, in this still image obtained from social media video released June 17, 2025. (Social Media via REUTERS)
NUCLEAR FACILITIES “MILITANTLY GUARDED”
Diplomatic and security experts warn that the Israel-Iran hostilities could affect Pakistan by destabilizing its western border with Iran, threatening energy imports as oil prices surge, and creating new pressures in Pakistan’s relations with the US and Gulf partners if Islamabad is seen as tilting too far toward Tehran. On the other hand, if Tehran were to fall or be severely weakened, analysts say Pakistan would likely side with the United States and its allies — despite being Iran’s immediate neighbor — to protect its strategic and economic interests.
Addressing concerns over past remarks by Israeli Prime Minister Benjamin Netanyahu that have drawn parallels between Iran and Pakistan as so-called “militant Islamic regimes” that needed to be deterred, Asif rejected any immediate threat to Pakistan from Tel Aviv but stressed Islamabad would remain vigilant.
“If we are threatened by Israel, which I will discount at the moment… what happens in the coming months or years I can’t predict, but at the moment I discount [a threat from Israel],” he said.
Pakistan’s Defense Minister Khawaja Asif speaks with Arab News Pakistan in Islamabad, Pakistan, on June 17, 2025. (AN photo)
He described Israel as a state with “hegemonic intent” whose recent actions in Gaza and against Iran were “extremely dangerous to the immediate region,” and said global public opinion was turning against Israeli policies despite support or muted reactions from many Western governments.
Asif declined to comment on reports that Pakistan had scrambled fighter jets near its nuclear sites and the Iranian border in response to Israel’s initial strikes on Iran but insisted that its nuclear security remained robust.
In addition to the Middle East tensions, Pakistan faced a major military standoff with India last month in which the two nations exchanged missile, drone and artillery attacks. Islamabad claimed to have shot down six Indian jets and struck back at military positions, triggering fears of a wider conflict between the nuclear-armed rivals before a ceasefire was announced by the President Donald Trump administration on May 10.
When questioned about any direct threat to Pakistan’s national security or strategic assets as a result of the conflict in the Middle East, the defense minister said Pakistan’s armed forces were already on high alert following the latest confrontation with New Delhi, describing the country’s nuclear facilities as “very militantly guarded, very grudgingly guarded” and fully compliant with international safeguards.
“Since our short war with India [in May], we have been on alert so we have not lowered guards… We can never take the risk of any attack on our nuclear facility from anywhere, that is something which is a lifeline as far as our defense is concerned,” he said
Asif said Pakistan’s performance in the recent fight with India was evidence of the country’s defense capability and national resolve, which would deter Israel from any adventurism.
“We have just had a bout with India and we clearly established our superiority, the superiority of our armed forces, Air Force, Pakistan Army, Pakistan Navy and the determination of our people, the way the nation stood behind the armed forces,” the defense minister said.
“So I think Netanyahu or his people or his government will think many times before taking on Pakistan.”
ISLAMABAD: Pakistan has started evacuating families of its diplomats and staff, as well as members of some non-essential staff from Iran, a senior foreign ministry official confirmed on Tuesday as Tehran’s military conflict with Israel intensifies.
Thousands of residents of Iran’s capital Tehran are reportedly fleeing their homes and stockpiling essential supplies out of fear that Israel will intensify its strikes against regional foe Iran in the coming days.
Iran and Israel have been locked in military conflict since Friday when the latter attacked the former’s nuclear facilities and military leadership in a bid to prevent it from developing nuclear weapons. Israel’s strikes have killed at least 224 people in Iran while Tehran has retaliated by launching more than 370 missiles and hundreds of drones at Israel. So far, 24 people have been killed in Israel and more than 500 wounded.
“The foreign ministry is moving out families of diplomats and staff and some non-essential staff from Iran,” the official, who requested anonymity as they were not authorized to speak to media, said in a statement.
“However Pakistan embassy in Tehran and our consulates will continue to remain functional.”
Pakistan has been repatriating hundreds of its citizens from Iran and Iraq since the conflict began last week. Thousands of Pakistani zaireen (pilgrims) travel annually to Iran and Iraq to visit holy sites there. Many were left stranded since Friday as airspaces closed following Israel’s attacks.
Pakistan repatriated 268 nationals from Iraq via two flights on Monday while on Sunday, it evacuated 450 nationals from Iran.
Pakistan has condemned Israel’s strikes, calling them an unjustified violation of Iranian sovereignty, and has urged the international community to help de-escalate tensions through dialogue.
ISLAMABAD: A facilitation center set up by the Pakistani government in Makkah for this year’s Hajj resolved over 30,000 complaints filed by pilgrims, the religion ministry said on Tuesday.
This year’s Hajj took place from June 4 to June 9, drawing millions of pilgrims to the holy cities in Saudi Arabia. Pakistan sent over 115,000 pilgrims under both the government and private schemes.
Ayesha Ijaz, the person in charge of the facilitation center in Makkah, told Pakistan’s religious affairs ministry that the center has been specially set up to help Pakistani pilgrims in Saudi Arabia.
“The facilitation center established by the Government of Pakistan in Makkah to provide exemplary facilities to Pakistani pilgrims during and after Hajj 2025 has successfully resolved over 30,000 complaints,” the Ministry of Religious Affairs (MoRA) said.
It said thousands of Pakistani Hajj pilgrims were provided immediate assistance related to travel issues, lost tickets, accommodation, food and other important matters.
“The center operates round the clock and has various special departments, including the Departure Cell, Zong Desk, Maktab Desk, Madinah Departure Cell, Complaints Cell and 24/7 Call Center,” Ijaz said.
Hafiz Obaidullah Zakaria, who is in charge of the Complaints Cell, said 30,147 complaints have been registered so far related to Hajj 2025.
“Of these, 2,446 complaints were resolved within 24 hours, 113 are under process, while 580 complaints were declared inauthentic,” he was quoted as saying by the religion ministry.
The religion ministry said this year, multiple channels were provided to pilgrims for registering complaints, including a 24-hour call center, WhatsApp, toll-free numbers and other platforms.
It said the number of complaints had been reduced significantly, which reflected impressive arrangements undertaken by the government.
“The timely actions of the facilitation center and effective complaint management have set a new precedent for Hajj operations, which has been appreciated not only by the authorities but also by the pilgrims,” the ministry said.
The last Pakistani flight carrying Hajj pilgrims back to the country is scheduled to arrive on July 10.
Provincial court delivers Pakistan’s first-ever conviction for insider trading
SECP says bank official misused insider information related to investment, disinvestment decisions for “personal gain“
Financial regulator says court slaps $30,380 penalty on convict, with the amount to be deposited within seven days
Updated 17 June 2025
ISMAIL DILAWAR
KARACHI: A Pakistani court recently handed its first-ever conviction for insider trading, the Securities and Exchange Commission of Pakistan (SECP) said on Tuesday, hailing the judgment as one which will boost investors’ confidence in the country’s capital markets.
Insider trading refers to the practice of buying or selling a publicly traded company’s securities while in possession of material information that is not yet public information. The SECP said it had filed a case against Zakir Hussain Somji, assistant vice president of investments at Habib Metropolitan Bank (HMB) Limited, after inspecting suspicious trading activity from Jan. 1, 2014, to Feb. 2, 2016.
The regulator said it was suspected that the accused, through his position at HMB, misused insider information related to the bank’s investment and disinvestment decisions for personal gain. The SECP said a probe revealed Somji bought 11,795,100 shares of various companies, including 1,230,900 shares (10.43 percent) acquired from HMB. He sold 11,836,600 shares — 4,915,200 (41.52 percent) of which were sold back to HMB, earning an “unlawful profit” of Rs2,866,646 [$10,116.39].
“Sindh Special Court (Offences in Banks) handed out first ever conviction for insider trading in the history of Pakistan in a case filed by The Securities and Exchange Commission of Pakistan (SECP),” the regulator said.
It said Somji had been convicted by the court on June 14 for violating provisions of Section 128 of the Securities Act, 2015, which related to insider trading.
The regulator said the court slapped Somji with a penalty of Rs 8,599,938 [$30,380] which was three times the “unlawful gain.”
“The amount is to be deposited within seven days, failing which the convict will be remanded to jail until full payment is made,” the SECP said.
The regulator said the judgment reaffirms SECP’s mandate to ensure market integrity and investor protection.
“It sets a strong precedent for future enforcement actions and sends a clear message that market abuse and regulatory violations shall not be tolerated,” it added.
ISLAMABAD: The government in Pakistan’s militancy-hit Balochistan on Tuesday unveiled its $3.6 billion budget for fiscal year 2025-26, which provincial Finance Minister Mir Shoaib Nosherwani described as the “largest” one in the province’s history.
Balochistan is Pakistan’s largest province by land size but its poorest by almost all social and economic indicators. The province, which borders Iran and Afghanistan, has been the scene of a low-lying insurgency for decades where ethnic separatist militants demand a greater share of the province’s mineral resources for locals.
Nosherwani presented the budget for the upcoming fiscal year in the Balochistan Assembly in Quetta, with Speaker Abdul Khaliq Achakzai chairing the session.
“For the upcoming fiscal year, the total budget is estimated at Rs1,028 billion [$3.63 billion]— the largest in the province’s history,” Nosherwani told lawmakers during the budget session.
“Out of this, the non-development budget is Rs642 billion [$2.26 billion] while the overall provincial development (PSDP) budget is Rs249.5 billion [$878 million],” he added.
The finance minister pointed out that the budget includes a Rs42 billion [$148.3 million] surplus, describing it as a “historic milestone” for the province.
Nosherwani said the government has earmarked over Rs120 billion [$423.5 million] for the schools sector and Rs29.1 billion [$102.7 million] for the higher education sector.
The provincial government has also allocated Rs87 billion [$307 million] for the health sector, ₨26 billion [$91.8 million] for the agriculture sector and Rs1 billion [$3.53 million] for food, he said.
He said the government had decided not to purchase new vehicles, except for the ones required by law enforcement personnel.
“To create employment opportunities in 2025–26, the provincial government plans to introduce 4,188 contract positions and 1,958 regular jobs across departments,” Nosherwani said.
He credited the provincial government for not overlooking any segment of society in the annual budget.
“These measures cover government employees, women, pensioners, youth, migrants, laborers— people from every walk of life,” the finance minister said.