Over the past 78 years, our relationship has developed into a broad partnership spanning migration, trade, culture, science, development co-operation, multilateral engagement, defence and security. It is a relationship rooted in mutual respect, shared economic interests, common ethical and social values, and joint diplomatic engagement in multilateral fora.

Building on the sixth session of bilateral political consultations among the Secretaries-General of our Ministries of Foreign Affairs in 2025, the relationship has become more structured, sector-focused, and institutionally anchored. Italy views Pakistan as an indispensable partner for regional stability and shares its preference for multilateral solutions, with an emphasis on economic diplomacy and sustainable development, in line with broader European Union priorities. Italy recognises Pakistan’s willingness to act as an honest broker between the United States and Iran, and this was reflected at the highest level in the recent phone call between our two Prime Ministers, Shehbaz Sharif and GiorgiaMeloni. More broadly, Italy and Pakistan have maintained a long-standing partnership on United Nations reform, particularly through the Uniting for Consensus group, with a shared focus on a more balanced UN Security Council. Parliamentary exchanges have also gathered pace, with the activation of the Italy–Pakistan Parliamentary Friendship Group. At the same time, initial steps have been taken to strengthen co-operation between the judicial systems of our two countries.

Migration remains a cornerstone of co-operation between Pakistan and Italy, which hosts the largest community of people of Pakistani origin in the European Union. In May 2025, Pakistan offered a warm welcome to our Interior Minister, Matteo Piantedosi, whose visit led to the signature of a Memorandum of Understanding on Migration and Labour Mobility. A declaration was also signed to establish a Joint Committee on Preventing and Combating Transnational Organised Crime. Our partnership is now entering a more mature and strategic phase, centred on areas that combine economic opportunity with innovation and sustainability, notably through organisedlabour mobility and targeted vocational training. For the first time in many years, Italy has reserved in 2026 a specific quota of work permits for Pakistanis who have an offer of employment in Italy (10.500 in 2026-2028). Joint work is continuing towards a “Skill Passport” framework designed to align the professional and linguistic skills of Pakistani youth with the evolving needs of the Italian labour market, particularly in healthcare, hospitality, information technology and advanced engineering.

The opening of the Italian Trade Agency office in Islamabad in 2023 has further strengthened commercial ties, while the vibrant Pakistani diaspora in Italy has also facilitated valuable business contacts and, in some cases, the conclusion of contracts. It remains a priority for this Embassy, working hand in hand with the Embassy of Pakistan in Rome, to strengthen diaspora networks by fostering closer social and business links between our two countries, while supporting remittances as well as skills and technology transfer. I am confident that the Pakistani community in Italy can play an even greater role than it already does as a business bridge not only to Italy, but also to other European economies.

The success of the European Union–Pakistan Business Forum, held in April 2026 and attended by many Italian companies, testifies to the solidity of our ties. Thanks to GSP+, Pakistan continues to enjoy a strong bilateral trade surplus. A denser presence of Pakistani companies at Italian trade exhibitions — which our Embassy is committed to supporting through business visas — could further expand exports to the European market, while continued macroeconomic stability and reform in Pakistan are attracting growing interest from Italian businesses. I was able to observe this through the many exchanges I had with the Italian business community at the recent Italian Ambassadors’ Conference in Milan, where I noted particular interest in industrial technology transfer, especially in agribusiness and manufacturing, as well as in green energy, agriculture, food production and hospitality.

Several Italian companies have established a meaningful presence in Pakistan. In healthcare, a well-known Italian group has long supported neonatology by providing therapies for premature babies, including treatment for respiratory distress syndrome and apnoea of prematurity. In construction and design, Italian firms have contributed to the quality and functionality of residential and commercial projects, including through premium finishes, environmentally responsible coating systems, waste-management solutions, and much more. The recent progressive reduction of customs duties should further encourage entrepreneurial activity, as Pakistan moves to diversify its export capabilities beyond textiles and is likely to require more of the capital goods that the Italian mechanical engineering and packaging industries are well placed to deliver.

In the same spirit of legal mobility and stronger people-to-people ties, Italy is committed to supporting Pakistani students with a credible educational project in pursuing tertiary education in Italy. Our country offers affordable tuition, a number of scholarships, including regional grants and EU-supported programmes, and globally recognised universities, particularly in fields such as engineering, design, architecture and agriculture. Students also benefit from a growing range of English-taught programmes and from the rich cultural experience of studying in Italy.

Another long-standing and deeply cherished field of bilateral co-operation is cultural heritage. In 1955, at the initiative of the last WaliMiangul of the former State of Swat, Professor Giuseppe Tucci founded the Italian Archaeological Mission in Pakistan. Excavations began soon afterwards, and last year we celebrated the 70th anniversary of the mission. Supported by the Italian Government and carried forward in partnership with leading academic institutions, the mission has made an exceptional contribution to the excavation, restoration and study of Gandharan art and of Pakistan’s wider archaeological heritage.

The Swat Museum, first opened in 1958 and redesigned and rebuilt in 2014 through Italian-Pakistani collaboration, stands as a lasting symbol of this shared commitment. Over the decades, the hand-in-hand work of Pakistani and Italian experts has helped preserve and showcase some of the country’s most important archaeological treasures, in Khyber Pakhtunkhwa as well as at the historic site of Banbhore in Sindh.

This collaboration is now opening new avenues through the “Khyber PATH” project, launched in 2026 and implemented by the Italian Archaeological Mission under the direction of Professor Luca Maria Olivieri of Ca’ Foscari University of Venice. By linking heritage with local professional pathways in ecotourism and sustainable development, the project reflects Italy’s enduring commitment to raising the global awareness and profile of Pakistan’s cultural legacy.

In recent years, Pakistan has consistently remained among the priority countries for Italian development co-operation. Italy currently manages a portfolio of 17 initiatives in Pakistan, totalling approximately €169.5 million. These projects are organised under the “Person”, “Planet” and “Prosperity” pillars to promote inclusive and climate-resilient growth, water management, disaster-risk reduction and renewable energy.

A flagship initiative is the “Scale-Up Olive Culture” programme, which has expanded olive cultivation to more than 6.9 million trees across 60 districts. The project contributed to the drafting of Pakistan’s first National Olive Policy in 2025, helping reduce dependence on edible oil imports, and to the launch of the National Olive Oil Council. In Gilgit-Baltistan, the Economic Transformation Initiative, co-financed with IFAD, supports 40,000 farmers by improving rural infrastructure and value chains. Dairy and food processing are other areas being considered for future co-operation.

Italy and Pakistan also cooperate closely in addressing climate change, particularly in light of Pakistan’s status as one of the world’s most climate-vulnerable countries and following the devastating 2025 monsoon floods, which affected 6.9 million people. This co-operation is centred on the “Planet” pillar, under which all active projects prioritise SDG 13 on climate action. Italy is also supporting the ecological conversion of brick kilns in Punjab to reduce carbon emissions and improve labour safety.

Much more could be said, but as my tenure in Pakistan comes to an end this month, I am confident that the teams in Islamabad and Karachi will remain fully committed to further broadening and strengthening the bonds between our two countries and peoples.

Viva la RepubblicaItaliana!

Pak-Italy dostizindabad!

Copyright Business Recorder, 2026

EXPANDING ECONOMIC AND SUSTAINABLE COOPERATION

The economic partnership between the two nations continues to span multiple critical domains:

TRADITIONAL TRADE: Italy remains a vital market for Pakistani textiles, whereas Pakistan benefits from Italian agricultural and industrial machineries.

FUTURE SECTORS:Growing collaboration is emerging in renewable energy, infrastructure development, and small and medium enterprise (SME) linkages.

INCLUSIVE GROWTH: Ongoing Italian support for sustainable development initiatives in Pakistan reinforces a shared commitment to long-term regional growth.

CULTURAL DIPLOMACY AND BILATERAL MILESTONES

Cultural exchange remains a cornerstone of the bilateral relationship, utilizing education and tourism to bridge the two societies. Over the past year, the Consulate of Italy in Karachi, alongside local partners and sponsors, executed a vibrant calendar of diplomatic and cultural initiatives:

EARLY 2025 HIGHLIGHTS: The Italian Design Day in February focused on global equity, followed by a community-building Iftar dinner in March and the Italian National Day celebrations.

LATE 2025 ENGAGEMENTS: The Consulate participated in the Ministry of Foreign Affairs (MOFA) Diplomatic Bazaar in October, followed by the Italian Cuisine Week in December, which emphasized health and innovation.

RECENT 2026 INITIATIVES: The momentum carried into early 2026 with an exclusive Italian Design Day event held at the historic Quaid-e-Azam Flagstaff House in January, alongside another prominent community Iftar in February.

LOOKING FORWARD

In an increasingly complex global environment, both nations have reaffirmed their dedication to multilateralism and the principles of the United Nations to pursue peace and stability through diplomacy. Looking ahead, the Consulate of Italy in Karachi confirms its strategic focus to significantly enhance and scale existing Italian cooperation, trade, and cultural projects across both the Sindh and Balochistan provinces.

Copyright Business Recorder, 2026

June second, 2026, marks the 80th anniversary of the Italian Republic and we remember the choice made by our forefathers in 1946 when, as they were beginning to rebuild our nation, they voted for change in the name of republican ideals.

2026 is also an important milestone for the Italian Trade Agency, as we celebrate our first 100 years of supporting Italian businesses worldwide. ITA — officially known as Agenzia ICE— is indeed one of the oldest export promotion and trade development organizations in the world.

The Italian Trade Agency office has been operational in the Pakistani capital for three years. Together with our team based in Karachi, we have organized numerous qualified trade missions of Pakistani entrepreneurs to the main international trade fairs held in Italy.

The robust interest of local entrepreneurs, in the technological solutions proposed by Italian companies in the mechanical engineering sector, is evident in some of the country’s major chemical plants, textile factories, jewelry manufacturing industries, glass and ceramic plants, agro food industries, footwear and leather processing workshops.

Interest in Italy isn’t limited to technology, and it also extends to lifestyle. The rapid changes in the urban landscape of Pakistan’s major cities creates spaces for new shopping malls with leisure areas with cafes and restaurants offering expressos and cappuccinos and the iconic dishes of Italian culinary tradition.

Italy is a reliable economic partner for Pakistan. The robust bilateral trade surplus in favor of Pakistan and the substantial inflows of remittances from Pakistani citizens residing in our country are clear evidence of this. In 2025, bilateral trade surplus came in at $695 million against $591 million a year ago. The overall Pakistani exports to Italy stood at $1,237 million against exports of $1,077 million during July-June FY2024. Furthermore, Italian mechanical engineering companies contribute positively to the competitiveness and export diversification of Pakistani manufacturing sectors.

Home to the largest Pakistani diaspora in the European Union, Italy is one of the top sources of foreign remittances for Pakistan. In 2025, remittances from Pakistani workers in Italy exceeded 1.4 billion dollars.

We look forward to increased interaction between Italy and Pakistan in the years to come and for Italy to become major stakeholder in Pakistan’s industrial growth and development, not only in terms of technology provision but also in terms of quality standards for pharmaceutical products and FMCG and in which Italy has a worldwide reputation.

Copyright Business Recorder, 2026

Italy’s ties with Pakistan date back even further. In 1955, the Italian Archaeological Mission led by Giuseppe Tucci launched pioneering research in the Swat Valley, laying the foundation for lasting cultural and academic cooperation. Likewise, the legacy of the 1954 Italian expedition to K2 fostered enduring scientific collaboration in glacier studies, climate adaptation, and environmental resilience, areas that continue to shape Italy’s engagement in Pakistan today.

A new chapter in this partnership began in 2016 with the establishment of AICS under Italy’s reformed development cooperation framework introduced through Law 125/2014. In the same year, the AICS Office in Islamabad was inaugurated, strengthening Italy’s institutional presence and development cooperation efforts in the country.

Over the past decade, AICS Islamabad has focused its work on strategic priorities aligned with the Sustainable Development Goals and Italy’s broader development cooperation agenda. In Pakistan, the Agency has promoted food security and rural development by strengthening agricultural production systems, supporting olive cultivation, and encouraging the growth of producer cooperatives. Climate adaptation and environmental resilience have also become central areas of engagement, particularly through nature-based solutions and anticipatory actions addressing floods, glacier melt, and other climate-related challenges affecting vulnerable communities.

Education and vocational training remain key pillars of AICS support. Initiatives have expanded access to education in underserved areas while equipping young people with practical skills for employment in sectors such as construction and the green economy. At the same time, projects dedicated to the protection and promotion of cultural heritage are contributing to sustainable tourism opportunities through partnerships with universities, local institutions, and civil society organizations.

Looking ahead, the context remains challenging yet full of opportunity. Economic pressures, rapid population growth, social inequalities, and increasing climate vulnerability call for coordinated, long-term responses that strengthen resilience, promote inclusive governance, and generate decent economic opportunities, especially for young people and women.

In this context, AICS remains committed to consolidating its role as a trusted and strategic partner, combining technical expertise, adaptability, and a long-term vision to support sustainable and inclusive development in an increasingly complex global landscape.

Copyright Business Recorder, 2026

I want to express my gratitude to the Italian Consulate in Karachi, the Italian Embassy in Islamabad for working together on projects and opportunities.

Italy hosts more than 18,000 enterprises, ranking 1st among European countries by number of Machinery & Equipment companies. The Italian industry also ranks 2nd in Europe, Italian machinery and mechatronics industry is 3rd in Europe by percentage of turnover (it accounts for 9% of national turnover with €251 billion), and it generates an added value of € 70 billion and an export value of €148 billion. On the bilateral front, there has been a constant growth in trade and commercial engagement between the two countries.

The above is a testament of the resilience of the Italian way of conducting business which has shown great strength during global challenges and changing dynamics of the business in the world and especially of Europe.

IDC in Collaboration with the Italian Consulate Karachi organized various events by engaging its members from the food and beverage sector during the Italian Cuisine Week. We also supported a first of its kind event during the Italian Design Day By engaging local multi sectorial members, academia, designers, architects and experts both from Pakistan and Italy to discuss and explore potential collaborations and highlight the importance of sustainable design and architecture.

IDC had the chance to host Italian delegate to promote collaboration for development in the Olive Culture program. IDC also fully supports the initiatives that engage both social and corporate sectors throughout the year. We had the chance to engage with the representatives from the Italian Cooperation for Development throughout the year, fostering interaction with Karachi’s corporate and social communities.

We have, with support of the Consulate, developed some new programs which will be held during the 2026-2027 financial year focusing on multiple sectors and with targeted audience. We look forward to another exciting year to promote Italian excellence and bilateral relations.

Copyright Business Recorder, 2026

Over the past seventy-five years, Pakistan-China relations have stood as a remarkable example of enduring friendship, mutual trust, strategic cooperation and steadfast support for each other’s core interests. Our two countries have always stood together in solidarity amidst evolving regional and international circumstances.

The Pakistan-China All-Weather Strategic Cooperative Partnership has continued to grow from strength to strength, serving as an anchor for peace, stability and development in the region. The people of Pakistan take immense pride in this exemplary friendship, nurtured and strengthened by successive generations of leaders and peoples of our two countries.

Under the visionary leadership of President Xi Jinping, China has achieved extraordinary progress in modernisation, innovation, poverty alleviation and national rejuvenation. Pakistan deeply appreciates China’s far-reaching global initiatives, including the Global Development Initiative, Global Security Initiative, Global Civilization Initiative and Global Governance Initiative, which reflect China’s constructive and forward-looking contribution toward promoting peace, sustainable development, mutual respect among civilizations and a more cooperative and harmonious international environment. These important initiatives resonate strongly with Pakistan’s own aspirations for regional harmony, shared prosperity and multilateral cooperation.

Pakistan highly values President Xi Jinping’s deep personal commitment to strengthening Pakistan-China relations and advancing the shared vision of building an even closer Pakistan-China Community of Shared Future in the New Era. Pakistan deeply appreciates China’s steadfast support for Pakistan’s sovereignty, territorial integrity and socio-economic development. Pakistan remains firmly committed to the One-China principle and will continue to support China on issues concerning its core interests. Pakistan deeply appreciates the vision and the leadership that the Peoples’ Republic of China has provided to Global South, specially the positive role it has played in ending the current conflict in West Asia.

I also wish to convey my profound appreciation for the warm and gracious hospitality extended to me and my delegation during my recent visits to China. The sincerity, warmth and generosity extended by the Chinese leadership reflected the unique character of our Iron Brotherhood and left a lasting impression on all members of the delegation. The visits further reinforced our shared resolve to accelerate high-quality development under CPEC 2.0, expand economic and investment cooperation and explore promising new avenues of collaboration in emerging sectors, including technology, agriculture, green energy, innovation, tourism and people-to-people exchanges.

As our two countries commemorate this historic milestone, we reaffirm our commitment to further elevating Pakistan-China friendship particularly through the next phase of the China-Pakistan Economic Corridor.

I am confident that the friendship between Pakistan and China will continue to flourish and attain even greater heights in the years ahead. I also extend my best wishes for the continued progress, prosperity and well-being of the friendly people of China.

Copyright Business Recorder, 2026

On behalf of the Government of Pakistan, as well as on my own behalf, I extend my heartfelt felicitations to the peoples of Pakistan and China, on the historic occasion of the 75th anniversary of the establishment of diplomatic relations between Pakistan and China.

As we commemorate this historic milestone, in a befitting manner, it would enable our peoples, particularly the younger generations, to better appreciate the depth, breadth, vitality, and future-oriented character of Pakistan-China relations.

The people of Pakistan hold the people of China in the highest esteem and affection. Since the establishment of diplomatic relations on May 21, 1951 the friendship between Pakistan and China has steadily evolved into an All-Weather Strategic Cooperative Partnership. Built on mutual trust, sovereign equality, and shared aspirations for peace and development, our bilateral relations have continued to grow in strength, substance, and strategic significance, amidst changing regional and global circumstances.

Pakistan highly values the visionary leadership of President Xi Jinping and appreciates China’s remarkable achievements in economic development, technological advancement, poverty alleviation, and global connectivity. Under President Xi’s visionary leadership, China has achieved remarkable progress in modernization, innovation, poverty alleviation, and national rejuvenation. China’s progress and transformation continue to inspire the developing world and contribute significantly to global peace and prosperity.

The commitment of the Chinese leadership to strengthen Pakistan-China relations and advance the shared vision of building a closer “Pakistan-China Community of Shared Future in the New Era” is most commendable. Pakistan deeply appreciates China’s cooperation with Pakistan in multifaceted fields. Pakistan remains firmly committed to the One-China principle and will continue to support China on issues concerning its core interests. China’s robust support for Pakistan’s socio-economic development and national priorities has played a phenomenal role. The China-Pakistan Economic Corridor (CPEC), as a flagship project of the Belt and Road Initiative, has made tremendous contribution towards Pakistan’s infrastructure development, energy security, industrial cooperation, and regional connectivity. Pakistan remains firmly committed to the high-quality development of CPEC as it enters its next phase, with greater emphasis on industrialization, agriculture, information technology, science and technology, green development, and enhanced people-centered cooperation.

It is encouraging to witness Pakistan-China cooperation, expanding into new frontiers including digital economy, innovation, space cooperation, education, and cultural exchanges. From the Karakoram Highway to cooperation in outer space, Pakistan-China friendship continues to demonstrate how enduring strategic trust can be translated into meaningful progress and shared prosperity for our peoples.

The 75th anniversary of the establishment of Pakistan-China diplomatic relations is not only about remembering the past; it is about shaping the future. At a time of increasing global uncertainty and transformation, Pakistan and China remain committed to multilateralism, peaceful coexistence, and inclusive development. Our All-Weather Strategic Cooperative Partnership continues to serve as a positive force for regional stability and international cooperation.

May the enduring friendship between Pakistan and China continue to grow stronger with every generation!

Pakistan-China Friendship Zindabad!

Copyright Business Recorder, 2026

On the joyous occasion of the 75th Anniversary of the establishment of diplomatic relations between the Islamic Republic of Pakistan and the People’s Republic of China, I extend my heartfelt felicitations to the peoples of both Pakistan and China.

Seventy-five years ago, our two nations embarked on a journey rooted in mutual respect and shared aspirations. Today, that journey has evolved into a unique All-Weather Strategic Cooperative Partnership. Our relationship stands as a singular example in international diplomacy - defined not by transactional convenience, but by ironclad trust and brotherhood.

As we reflect on this milestone, we celebrate a history in which Pakistan and China have consistently stood by each other through various challenges, safeguarding each other’s core interests with unwavering solidarity.

I also wish to express my deep personal appreciation for the visionary leadership of China and Pakistan in strengthening the strong bond of Pakistan-China friendship.

The tireless efforts of the leadership in navigating our bilateral relations and enhancing strategic communication have been invaluable. For the past 75 years, the Pakistan-China All-Weather Strategic Cooperative Partnership has withstood the test of time and developed from strength to strength in multifaceted fields.

The Pakistan-China relationship is deeply rooted in the hearts and minds of the peoples of the two countries. Our leadership, businessmen, entrepreneurs, professionals, and students have all played a vital role and acted as bridges in cementing our ties over the last 75 years. The relationship has enjoyed continuity across generations and governments.

At this historic juncture, I would like to acknowledge the valuable contributions of Chinese companies, engineers, workers, and professionals who continue to work with dedication in Pakistan. We acknowledge and appreciate their dedicated efforts in the development of Pakistan, especially under CPEC.

The China-Pakistan Economic Corridor (CPEC) remains the flagship of our economic cooperation and a cornerstone of the Belt and Road Initiative. Over the past decade, it has transformed Pakistan’s infrastructure and energy landscape. As we move ahead, I am particularly encouraged by our shared focus on the second phase of CPEC, which prioritizes industrialization, agricultural modernization, and socioeconomic development, thereby contributing to continued improvements in the lives of our people and fostering a future of shared prosperity.

In a world facing complex geopolitical challenges, the strategic convergence between Pakistan and China provides much-needed stability. Our collaboration in multilateral forums, based on our shared commitment to justice, fairness, multilateralism, and respect for sovereignty and territorial integrity, remains a cornerstone of our bilateral relationship. Together, we continue to advocate and promote the vision of a community with a shared future for mankind. The enduring friendship between Pakistan and China has long served - and will continue to serve - as an anchor of peace, stability, and prosperity in the region and beyond.

As we look toward the future, I am confident that the Pakistan-China “Iron-Clad Brotherhood” will continue to grow from strength to strength.

Let us continue to work together, carry forward this brotherly friendship, and forge an even closer China-Pakistan relationship for a peaceful, progressive, and prosperous world.

Pakistan Zindabad! China Zindabad!

Long live Pakistan-China friendship!

Copyright Business Recorder, 2026

I have had the distinct honour of standing at the heart of this partnership’s most transformative chapter, as Minister incharge of the China Pakistan Economic Corridor and the driving force behind its continued evolution into CPEC 2.0.

What began as a bold vision has since become a lived reality across our nation: power restored to millions of homes and industries, modern road networks connecting regions that geography had long kept apart, and Gwadar rising as a maritime hub whose strategic significance now resonates far beyond our coastline. These achievements are not merely milestones on a map. They are the enduring expression of what two nations can accomplish when their friendship is rooted in trust, genuine reciprocity and an unshakeable belief in each other’s potential.

As we step forward together, the convergence of CPEC 2.0 and Pakistan’s national development vision, URAAN Pakistan, marks a deeper and more purposeful alignment between our two countries. URAAN’s five pillars of Exports, E-Pakistan, Environment and Climate Change, Energy and Infrastructure, and Equity, Ethics and Empowerment find their natural counterpart in CPEC 2.0’s five corridors of Growth, Livelihood, Innovation, Green Development and Openness.

These are not parallel frameworks merely running alongside each other. They are two expressions of the same conviction: that lasting prosperity is built people first, and that no nation builds it better than when it builds alongside a true and committed partner. Seventy-five years is a remarkable distance to have travelled together, and yet the truest measure of this friendship lies not in how far we have come, but in how resolutely and ambitiously we choose to keep moving forward.

The foundations are strong, the vision is shared, and the possibilities that lie ahead in trade, technology, knowledge, green development and human connection far exceed anything we have yet attempted together.

This anniversary is not a destination to rest upon. It is a renewed call to deepen our ties, diversify our collaboration and keep building, with the same conviction that brought us this far, because the most meaningful chapters of this friendship are still ahead of us.

Copyright Business Recorder, 2026

Pakistan’s solar growth has become an important part of the country’s energy conversation. Amid energy supply shocks and demand for more reliable power, rapid solar adoption has reinforced the role of renewables in energy security. As more commercial, industrial and utility-scale projects come online, the next question is how these projects can deliver stronger output, better economics and reliable long-term performance. For Trinasolar, a global provider of smart PV and energy storage solutions, this is the context for the Vertex N G3 760W series in Pakistan. The module is designed for commercial, industrial and utility-scale applications, where higher power output, efficient project design and durability under local conditions are critical to project value.

Copyright Business Recorder, 2026

Its optimised voltage-to-current ratio enables lower operating voltage and higher string power. This can reduce the number of modules required per installation and help lower balance of system costs and levelised cost of electricity by 2–3% compared with standard module configurations.

For C&I users and utility-scale developers, these gains are practical. Higher-wattage modules can improve output from available project space and support asset productivity over the operating life of a solar plant. These attributes are also relevant to high-load applications such as AIDC, or AI data centre, projects, which require power output, stability, efficient deployment and low levelised cost of energy.

Copyright Business Recorder, 2026

These features matter because installers, developers and end users compare modules by both output and the technology behind that output.

Durability matters in Pakistan’s operating conditions

Pakistan’s climate places clear demands on solar technology. High temperatures, dust, humidity and other environmental conditions can affect module performance over time. For project owners and developers, durability affects energy yield, maintenance expectations and long-term value.

The Vertex N G3 is designed to maintain stable performance in high-temperature environments, with a temperature coefficient of -0.26%/°C. Its bifacial dual-glass design can generate additional energy from rear-side irradiance, while enhanced resistance to dust, humidity and salinity supports long-term durability. The module is backed by a 30-year power output warranty.

Trinasolar introduced its first 700W+ module in Pakistan in 2024 and has supplied more than 500MW of 700W+ modules in the market, primarily supporting commercial and industrial installations.

Storage turns solar generation into more flexible power

Higher-output PV can increase generation, but generation alone does not address solar variability. Solar output changes across the day and is affected by weather conditions. As renewable capacity is added, power systems need greater flexibility to manage when electricity is produced, stored and dispatched.

Utility-scale battery energy storage systems can help shift renewable energy from periods of high generation to periods of higher demand. BESS can also support grid stability, improve renewable dispatchability and reduce curtailment risk. For Pakistan, the storage opportunity is most relevant at utility scale.

Trina Storage brings utility-scale delivery credibility

Trina Storage, Trinasolar’s energy storage division, focuses on utility-scale BESS solutions for large renewable projects and grid applications. Its relevance lies not only in battery hardware, but in experience delivering storage systems where safety, bankability, system integration and lifecycle performance are critical.

The company has been recognised as a BloombergNEF Tier 1 BESS manufacturer for nine consecutive quarters. Trina Storage also has more than 3.1GWh of utility-scale storage under execution across Asia Pacific.

Its Elementa 3 platform is designed for utility-scale applications, delivering 6.25MWh per container using Trina’s proprietary 587Ah cells. The system supports higher energy density and large-scale deployment, with the aim of improving project economics.

PV and BESS procurement can reduce project complexity

Solar-plus-storage projects involve more than PV modules and batteries. Inverters, power conversion systems, grid connection equipment, controls and project-specific engineering all play important roles. Coordination can become more complex when multiple technology vendors are involved.

Trinasolar’s combined PV and BESS capability can help address part of this complexity. Developers and project owners can source high-output PV modules and utility-scale BESS hardware from a single technology provider, while other system components are designed according to project requirements. This can support more coordinated execution, technical alignment and after-sales support.

Supporting Pakistan’s next stage of renew- able deployment

Through the Vertex N G3 760W series, Trinasolar brings high-output PV technology suited to C&I and utility-scale projects. Through Trina Storage, the company brings utility-scale BESS capability for future solar-plus-storage and grid-support applications.

Together, these capabilities position Trinasolar to support Pakistan’s renewable energy development with higher-output solar modules today and utility-scale storage expertise for the next stage of grid integration.

Copyright Business Recorder, 2026

Pakistan’s power sector is undergoing a rapid transition from fossil fuels to renewable energy. Solar and wind power are adding cleaner sources of electricity to the national grid. Solar panels are now common on residential and industrial rooftops, while wind turbines are increasingly being installed in industrial zones, particularly in southern Pakistan. At the same time, many industries are developing their own captive power systems to cope with unreliable electricity supply caused by weak transmission and distribution networks, especially in areas located far from major grid centers. All of these developments are happening simultaneously, placing new pressures on grid stability and system operation.

In the past, the grid was primarily powered by large conventional power plants equipped with heavy rotating machines. These machines naturally provided inertia. In simple terms, they acted like flywheels. Whenever there was a sudden disturbance—such as a large load switching on or a generator tripping offline—the system did not react immediately. The stored kinetic energy in these rotating masses helped slow down the change, giving grid operators valuable time to respond and maintain system stability.

Today, however, a growing share of electricity comes from renewable sources such as solar and wind. Unlike conventional generators, these resources do not connect directly to the grid. Instead, they operate through power electronic converters, commonly known as inverters. While inverters are highly efficient, flexible, and fast-acting, they do not provide physical inertia. As their penetration increases, the grid gradually loses part of its natural ability to withstand sudden disturbances. As a result, system frequency can rise or fall more rapidly, and voltage stability can become increasingly difficult to maintain.

This is where Battery Energy Storage Systems (BESS) become critically important. Many people think of batteries simply as a means of storing energy. While that is true, it is only part of the picture. A modern BESS is far more than just a battery bank. It includes advanced power conversion systems capable of injecting or absorbing power almost instantaneously. This enables BESS to support the grid in ways that were previously impossible.

For example, during a sudden drop in system frequency, a BESS can respond within milliseconds by injecting power into the grid almost immediately. This capability, known as fast frequency response, helps slow the rate of frequency decline and improves system stability. In some cases, BESS can even emulate the effect of inertia by responding to the rate at which frequency changes. Similarly, on the voltage side, the system can supply or absorb reactive power to maintain voltage within acceptable limits. It can also smooth power fluctuations and reduce flicker, particularly in weak or highly variable networks.

These capabilities make BESS a highly valuable tool for modern grid support. However, implementing such systems in real-world networks is far more complex than it may appear. Pakistan’s power system presents several unique technical and operational challenges that must be carefully considered.

One of the most significant challenges is the existence of weak electrical networks. In many parts of the country—particularly at the distribution level—the grid lacks sufficient strength and stability. In such systems, even relatively small changes in power flow can lead to noticeable voltage variations. This becomes particularly problematic when fast-acting inverter-based resources are connected. Their control systems depend on stable voltage and frequency conditions. If the grid itself is unstable, these controls may interact negatively with the network, potentially leading to oscillations, instability, or even system trips.

Another major challenge is the growing use of industrial microgrids. Many factories now operate a combination of energy sources, including the utility grid, diesel or gas genera tors, solar PV systems, and, in some regions, wind turbines. Integrating these diverse resources into a coordinated and stable system is not always straightforward. Questions such as who controls system frequency, how load sharing is managed, and what happens during a sudden utility outage are practical issues that engineers regularly face in the field.

In such environments, adding a BESS can provide substantial benefits—but only if the system is properly designed, configured, and integrated. Otherwise, it may introduce additional operational complexity. For example, during a grid disturbance, the battery may be required to support the system. However, if its state of charge is already low, should it prioritize self-protection or continue supporting the grid? These are important operational trade-offs that require careful planning and sophisticated control strategies.

Protection systems also present a major area of concern. Traditional protection schemes were originally designed for conventional power systems with large synchronous generators capable of supplying high fault currents. Inverter-based resources, including BESS, behave very differently. To protect their internal components, they intentionally limit fault current contribution. As a result, during a fault condition, the current may not increase sufficiently for older protection systems to detect and isolate the fault correctly. As inverter-based technologies become more widespread, existing protection philosophies and schemes will need significant review and modernization.

Economic considerations are equally important. Battery systems still represent a major capital investment. If they are used solely for energy storage, the financial return may be difficult to justify. However, when BESS is utilized for multiple applications—such as frequency regulation, voltage support, peak shaving, backup power, and renewable energy integration—the overall value proposition becomes far stronger. Nevertheless, for large-scale deployment to succeed, Pakistan will require clear regulatory frameworks and market mechanisms. At present, there is no fully developed market for ancillary services such as frequency regulation or reactive power support. Without such mechanisms, it becomes more difficult for investors and industries to justify these investments financially.

Despite these challenges, the overall direction is clear. Power systems around the world are moving toward higher shares of renewable energy, and Pakistan is no exception. As this transition accelerates, traditional methods of maintaining grid stability will no longer be sufficient on their own. New technologies, advanced controls, and modern operational strategies will be essential.

Battery Energy Storage Systems are one of the key technologies enabling this transition. While they are not a complete solution by themselves, they can play a vital role in supporting modern power systems. Their speed, flexibility, and controllability make them exceptionally well suited for the evolving needs of today’s grid. The key lies in deploying them intelligently—based on detailed system studies, robust control philosophies, and a deep understanding of local grid conditions.

Ultimately, the transformation underway is not only about introducing new equipment; it is about redefining how the grid is understood, operated, and managed. Stability is no longer determined solely by large rotating machines and mechanical inertia. Increasingly, it depends on advanced control systems, coordination between distributed resources, and intelligent system design. If managed carefully and strategically, this transition can lead Pakistan toward a more reliable, resilient, and sustainable power system for the future.

Copyright Business Recorder, 2026

In 2024 alone, Pakistan imported 17 GW of solar panels, double the volume imported in 2023 and more than any other country on earth that year. By August 2025, cumulative imports from China had crossed 50 GW, equivalent to the country’s entire conventional generation capacity. What drove this transformation? The answer lies in a collision of economics, crisis, and policy, not strategic planning.

The Economics Became Undeniable

The most powerful accelerant was price. Electricity tariffs rose from roughly Rs16 per unit in 2020 to over Rs48 per unit for many residential consumers by mid-2024, an increase of more than 200 percent in four years, driven by currency devaluation, circular debt, and capacity payments to idle thermal power plants. Meanwhile, the price of Chinese solar panels fell to as low as $0.08 per watt by 2025, compared to $0.23 per watt in 2020. For millions of Pakistani households and businesses, the arithmetic was simple: solar offered electricity at a fraction of the grid tariff. Payback periods for rooftop systems collapsed from eight to ten years to three to five years, making solar a compelling investment even without subsidies.

Pakistan imported 17 GW of solar panels in 2024, more than any other country in the world that year.

Policy Removed the Fiscal Barrier

The government’s May 2022 decision to zero-rate general sales tax on solar panels and associated equipment significantly lowered the cost of entry. Prior to the exemption, taxes and duties added an estimated 17 to 25 percent to the cost of a rooftop system. The combined effect of falling hardware prices and the GST removal compressed system costs dramatically. A 10 kW residential system that cost Rs1.2 to 1.5 million in 2021 could be installed for Rs600,000 to 800,000 by 2023.

Net Metering Gave Consumers a Financial Bridge

NEPRA’s net metering regulations, originally introduced in 2015, gave consumers a mechanism to export surplus electricity to the grid at retail rates. By April 2025, cumulative net-metered solar capacity had reached 5.3 GW, served by 466,000 connections across the country, almost entirely in urban areas. These connections represented consumers who had invested in larger systems partly because the buy-back rate made their investment more financially viable. In February 2026, NEPRA replaced net metering with a net billing framework under the Prosumer Regulations 2026, cutting the buy-back rate from Rs22 to 27 per unit to approximately Rs11 per unit, a policy reversal whose consequences are still unfolding.

The Informal Supply Chain Did the Heavy Lifting

Unlike many countries where solar adoption is managed through centralisedprogrammes, Pakistan’s boom was built on a decentralised, largely informal supply chain. Thousands of small traders, local installers, and neighbourhood distributors spread solar access to consumers that formal retail channels could not reach. This democratised adoption at a speed no government programme could have achieved, though it also created a market with significant quality variation, particularly in battery storage components. The boom is real. The challenge now is managing its consequences for the grid, for distribution companies, and for those consumers who remain dependent on grid electricity they cannot afford to escape.

References

TransitionZero and PRIED, ‘Shedding Light on Pakistan’s Distributed Solar Revolution’ (October 2025) https://www.transitionzero.org/shedding-light-on-pakistans-distributed-solar-revolution accessed 10 April 2026

PV Magazine, ‘Pakistan’s Installed PV Capacity Estimated above 27 GW’ (20 January 2026) https://www.pv-magazine.com/2026/01/20/pakistans-installed-pv-capacity-estimated-above-27-gw/ accessed 10 April 2026

Wikipedia, ‘Solar Power in Pakistan’ (updated 2026) https://en.wikipedia.org/wiki/Solar_power_in_Pakistan accessed 10 April 2026

Renewables First, ‘The Great Solar Rush in Pakistan’ (2024) https://uploads.renewablesfirst.org/The_Great_Solar_Rush_in_-Pakistan_38157451a3.pdf accessed 10 April 2026

REN21, ‘GSR 2025 Snapshot: Pakistan’ (2025) <https://ww w.ren21.net/gsr-2025/snapshots/pk/> accessed 10 April 2026

International Growth Centre, ‘Sustainable Pakistan: Addressing Climate-Driven Demands and Fiscal Challenges for Electricity’ (2024) https://www.theigc.org/publications/sustainable-pakistan-energy-crisis accessed 10 April 2026.

Copyright Business Recorder, 2026

What Net Metering Did and Why It Was Contested

Under the net metering framework established by the Alternative and Renewable Energy Distributed Generation Regulations of 2015, rooftop solar consumers could offset imported units against exported units on a one-to-one basis at the prevailing retail tariff. When retail tariffs were Rs 16 per unit, this was a modest benefit. When tariffs rose to Rs 48 to 60 per unit by mid-2024, the arrangement became extraordinarily generous, and financially devastating for distribution companies. By April 2025, net-metered solar capacity stood at 5.3 GW across 466,000 connections. Cumulative buy-back obligations at retail rate had shifted approximately Rs 159 billion in costs onto non-solar consumers by December 2024. NEPRA warned that if the framework remained unchanged, that cost transfer could balloon to Rs 4.24 trillion by 2034.

The net-metered consumers shifted Rs 159 billion in fixed costs to non-solar consumers by December 2024, a burden projected to reach Rs 4.24 trillion by 2034 without reform.

The Structural Problem: Fixed Costs in a Variable World

The fundamental issue is that Pakistan’s electricity tariff was designed to recover fixed costs, capacity payments, transmission charges, and DISCO operating expenses, through volumetric consumption. In FY2024, capacity payments to power producers exceeded Rs 1.9 trillion, a 46 percent year-on-year increase. These payments are contractually fixed regardless of how much electricity is actually consumed. When a large consumer installs solar and reduces grid consumption by 80 percent, they continue using the grid for backup, nighttime power, and frequency stability, but their contribution to recovering those fixed costs collapses. The shortfall is spread over remaining grid consumers, who are disproportionately lower-income households that cannot afford solar.

The sustainable solution is a fixed network access charge levied on all grid-connected consumers, regardless of solar generation, which recovers the unavoidable infrastructure costs fairly.

The New Regime and Its Controversies

Under the Prosumer Regulations 2026, DISCOs purchase surplus generation at the National Average Energy Purchase Price, approximately Rs 11 per unit, while consumers pay retail tariffs of Rs 40 to 60 per unit for grid consumption. This asymmetry reflects the actual commodity value of solar electricity rather than the retail value inflated by network and capacity charges. The model is economically coherent. But its implementation was legally problematic: NEPRA initially applied it to existing consumers mid-contract, breaching seven-year agreements signed under the 2015 regulations. Following public pressure, the authority confirmed that existing valid contracts would be honoured until expiry.

The Real Reform Still Required

Net billing is a necessary correction, but it is not sufficient reform. The deeper structural problem, that Pakistan’s tariff recovers network costs through volumetric consumption, remains unaddressed. The sustainable solution is a fixed network access charge levied on all grid-connected consumers, regardless of solar generation, which recovers the unavoidable infrastructure costs fairly. Until that reform is made, tariff instability and cost-shifting will continue to incentivise grid defection rather than grid integration, which is the opposite of what the country needs.

References

NEPRA, ‘Prosumer Regulations 2026’ (SRO 251(I)2026, 9 February 2026) <https://www.nepra.org.pk/Legisltion/3 Reg/3.35%20NEPRA%20%20Prosumer%20Regulations%202026/NEPRA%20Prosumer%20Regulations%20(SRO%20251(I)2026)%2009-02-26.PDF> accessed 10 April 2026

Ferozpower, ‘NEPRA Prosumer Regulations 2026: A Setback for Solar Users’ (6 March 2026) https://www.ferozepower.com/prosumer-regulations-nepra-2026-solar-users-pakistan accessed 10 April 2026

Profit (Pakistan Today), ‘How Will Existing Solar Net Metering Users Be Affected by NEPRA’s New Regulations?’ (12 February 2026) <https://profit.pakistanto day.com.pk/2026/02/11/how-will-existing-solar-net-metering-users-be-affected-by-nepras-new-regulations/> accessed 10 April 2026

REN21, ‘GSR 2025 Snapshot: Pakistan’ (2025) https://www.ren21.net/gsr-2025/snapshots/pk/ accessed 10 April 2026

Renewables First, ‘Pakistan Electricity Review 2025’ https://uploads.renewablesfirst.org/Pakistan_Electricity_Review_2025_89f0b613d6pdf accessed 10 April 2026

The Express Tribune, ‘NEPRA Rolls Out New Regulations Abolishing Net Metering’ (9 February 2026) https://tribune.com.pk/story/2591628/nepra-rolls-out-new-regulations-abolishing-net-metering accessed 10 April 2026

Copyright Business Recorder, 2026

The geopolitical uncertainties and global partnership shifts are shaping future decision making. This year’s theme calls for a fundamental rethinking of traditional playbooks considering today’s complex economic realities. As organizations contend with cost pressures driven by energy prices, constrained liquidity, and rapidly shifting market dynamics, CFOs are required to adopt agile frameworks, leverage emerging technologies responsibly, and balance short-term stability with long-term value creation. The conference’s focus on finance transformation, ethical integration of artificial intelligence, the global evolution of shared services, and leadership mindsets for sustainable decision-making is particularly pertinent in this context.

The theme “The New Playbook – Adapt, Innovate, Elevate” strongly aligns with the Government of Pakistan’s vision for economic stabilization and renewal. By encouraging innovation, strengthening governance, embracing digital transformation, and promoting efficient resource allocation, finance leaders play a pivotal role in steering organizations—and the broader economy—through challenging times. As we pursue structural reforms and prudent economic management, the role of CFOs in supporting transparency, resilience, and investor confidence becomes increasingly critical.

In conclusion, I would like to express my sincere appreciation to Mr. Samiullah Siddiqui, President ICAP, Mr. Muhammad Zaid Kaliya, Chairman PAIB Committee ICAP, and the entire organizing team for their dedication in delivering this important conference. I am confident that the deliberations and insights emerging from this forum will equip finance leaders with the clarity, confidence, and strategic foresight needed to navigate today’s challenges and elevate performance in an ever-evolving economic landscape.

In today’s challenging global and domestic economic environment, the importance of resilience, discipline, and adaptability cannot be overstated. For Pakistan, steering the economy towards stability while laying the foundations for sustainable growth requires strong, forward-looking corporate structures and leadership. In this context, the role of CFOs has become increasingly strategic, extending well beyond traditional financial stewardship to encompass transformation, innovation, and value creation.

I am particularly pleased to note that this year’s conference theme, “The New Playbook – Adapt, Innovate, Elevate,” aptly reflects the realities facing organizations today. It emphasizes the need for finance leaders to rethink conventional approaches, embrace responsible technological innovation—including the ethical use of artificial intelligence—and build agile operating models capable of navigating uncertainty. This theme strongly aligns with the Government of Pakistan’s ongoing efforts to promote fiscal responsibility, economic reform, and sustainable development.

I also commend ICAP for organizing the Professional Excellence Awards (PEA), an admirable initiative that recognizes outstanding leadership, professional excellence, and the global impact of ICAP members. In closing, I would like to express my appreciation to Mr. Samiullah Siddiqui, President ICAP, Mr. Muhammad Zaid Kaliya, Chairman PAIB Committee ICAP, and all those involved in organizing this important conference and the PEA ceremony. I extend my best wishes for the continued success of the CFO Conference and trust that its deliberations will contribute meaningfully to strengthening financial leadership and economic progress in Pakistan.

Copyright Business Recorder, 2026

The CFO Conference has firmly established itself as a hallmark event within Pakistan’s financial and business community, representing excellence, innovation, and leadership. Since its inception, ICAP has successfully organized 24 editions of the CFO Conference, attracting over 10,000 participants from diverse sectors and professional backgrounds. This remarkable journey reflects ICAP’s unwavering commitment to providing a platform where leaders and finance professionals can connect, learn, and collaborate to address evolving challenges.

This year’s theme, “The New Playbook – Adapt, Innovate, Elevate,” reflects a complex and uncertain economic environment—one marked by inflationary pressures, technological disruption, and heightened stakeholder expectations. Leaders are expected to navigate through these complexities through the ability to adapt swiftly, innovate responsibly, and elevate organizational performance.

The conference to explore critical areas shaping the future of finance, including evolving economic landscapes, finance transformation, the ethical integration of artificial intelligence, the global evolution of shared services, and the leadership mindset required for sound strategic decision-making. Through insightful keynotes, engaging panel discussions, and real-world case studies, the conference aims to equip finance leaders with practical tools and forward-looking perspectives to navigate uncertainty with confidence and resilience.

Copyright Business Recorder, 2026

Business leaders around the world face deepening geopolitical and economic uncertainty, growing cost pressures, rapid technological advancement, and rising expectations around sustainability and transparency. In this context, the theme of this year’s conference, “The New Playbook – Adapt, Innovate, Elevate,” is both timely and compelling. It reflects the urgent need for leaders to think beyond traditional approaches to the thorny challenges and exciting opportunities of our time.

The role of the CFO has evolved to comprise much more than financial stewardship. Today’s finance leaders are strategic partners in the long-term success of a business. They are expected to balance growth with resilience, harness emerging technologies—including artificial intelligence—responsibly, and embed strong governance and ethical decision-making into every aspect of corporate strategy. The “new playbook” for CFOs amounts to a blueprint for many key elements of long-term organizational success. The discussion at the CFO Conference 2026 is, therefore, very timely.

At IFAC, we remain firmly committed to supporting the development, adoption, and implementation of high-quality international standards, preparing the accountancy profession for a rapidly changing world, and speaking out as the global voice of the profession. Our mission is advanced through strong collaboration across the IFAC family—of which ICAP is a valued and active member. We are grateful for our deep and longstanding partnership, which dates to IFAC’s founding in 1977.

I applaud ICAP for convening this important platform for dialogue and collaboration. May this event serve as a catalyst for new ideas, meaningful partnerships, and renewed leadership that elevates the role of CFOs in driving sustainable economic progress.

Copyright Business Recorder, 2026

In today’s complex economic environment, the role of finance professionals has become more critical. Chief Financial Officers and Chartered Accountants are central to ensuring financial discipline, improving governance, and maintaining transparency within organizations. Their work supports informed decision-making, strengthens investor confidence, and contributes to sustainable economic growth.

Pakistan’s corporate sector is expanding, with thousands of new companies being registered each year. This growth is increasing the need for skilled professionals who can uphold high standards of financial reporting, compliance, and governance. Strengthening professional capacity will be essential to support this growth and to align with international best practices.

The theme of this year’s conference, “The New Playbook – Adapt, Innovate, Elevate,” reflects the direction the financial sector must take. Embracing innovation, adapting to technological changes, and maintaining strong governance standards will be key to navigating future challenges.

The Securities and Exchange Commission of Pakistan remains committed to promoting transparency, facilitating ease of doing business, and strengthening the regulatory framework. We believe that strong institutions, supported by competent professionals, are essential for building resilient and efficient financial markets.

I commend ICAP for providing a platform for dialogue among finance professionals and wish the conference every success.

Copyright Business Recorder, 2026

This year’s conference is being held at a critical juncture for organizations operating amid economic pressures such as rising fuel and energy costs, inflationary challenges, and heightened uncertainty. Against this backdrop, the theme “The New Playbook – Adapt, Innovate, Elevate” calls for a fundamental rethinking of how leaders lead, decide, and create value. It underscores the need for leaders to move beyond conventional approaches and adopt agile, innovative, and forward-looking strategies to steer their organizations through disruption.

The evolving role of CFOs today extends far beyond financial stewardship. Finance leaders are expected to be strategic partners, transformation champions, and custodians of ethical and sustainable decision-making. Through this year’s agenda, the PAIB Committee aims to foster meaningful dialogue on finance transformation, responsible adoption of emerging technologies including artificial intelligence, leadership mindsets, shared services, and governance frameworks that support long-term resilience and growth. By bringing together diverse perspectives, we seek to equip finance professionals with practical insights and strategic foresight to navigate uncertainty with confidence and purpose.

About the Institute of Chartered Accountants of Pakistan:

The Institute of Chartered Accountants of Pakistan (ICAP), is a premier regulatory body for the profession of accounting that has a robust membership with over 10,000 dedicated Chartered Accountants, globally since 1961. With chapters spanning ASEAN, Australia, New-Zealand, US, Canada, UK, Ireland, Bahrain, Qatar, UAE and KSA, ICAP fosters collaboration for sustainable economies worldwide, empowering individuals and organizations alike.

ICAP CFO CONFERENCE OVERVIEW:

ICAP’s CFO Conference, a flagship initiative launched in 2010, stands today as a pivotal platform bringing together finance leaders, policymakers, regulators, and industry experts to deliberate on critical themes shaping the profession. With 26 conferences held across Pakistan and internationally, including Dubai and the Middle East, the CFO Conference has firmly established itself as the premier forum for knowledge sharing, strategic dialogue, and high-level networking, attracting a diverse and influential audience.

PROFESSIONAL EXCELLENCE AWARDS 2026

The ICAP Professional Accountants in Business (PAIB) Committee held the 4th edition of the Professional Excellence Awards (PEA) on May 11, 2026.

The awards aim to recognize ICAP members in business—including those serving in non-profit organizations, government bodies, and other entities—for their outstanding contributions, performance, and value addition within their respective organizations.

We are delighted to announce the esteemed recipients of the Professional Excellence Awards 2026, who have excelled in their respective categories and demonstrated exceptional leadership, professionalism, and expertise.

Copyright Business Recorder, 2026

The nation stood firm with unwavering resolve when Pakistan faced a defining moment one year ago.

The events of May last year were not merely a military confrontation; they marked a critical test of our national resolve and collective spirit. Under the pretext of the Pahalgam false flag operation, India launched unprovoked aggression against Pakistan, targeting military installations as well as innocent civilians and places of worship. In response to this unprovoked aggression, Pakistan responded with restraint, strategic clarity, discipline, and national unity. Operation BunyanumMarsoos, which became the central pillar of Marka-e-Haq, demonstrated to the world the professionalism and strength of our Armed Forces, reinforced by the unwavering support of the Pakistani nation. Our response was carefully measured, proportionate, precise, and fully aligned with the demands of the situation. Our message was clear and unequivocal.

Marka-e-Haq has reaffirmed that Pakistan’s defence capability is not based on rhetoric but on professional excellence, institutional preparedness, integrated coordination among all branches of the Armed Forces, and the indomitable spirit of a nation that never bows before aggression. On this occasion, we pay tribute to the courage and sacrifices of our Armed Forces and honour all martyrs who gave their lives for the sovereignty, dignity, and security of Pakistan. It is part of our national commitment that whenever the country is challenged, every Pakistani rises in its defence, some in uniform and many without it.

Today, Pakistan stands recognized not only as a sovereign state fully capable of defending itself, but also as a responsible actor committed to peace and regional stability. During recent tensions in West Asia, Pakistan pursued balanced and principled diplomacy and contributed meaningfully to efforts that helped facilitate dialogue, de-escalation, and a ceasefire between key regional actors. These efforts reflect Pakistan’s consistent commitment to preventing conflict and promoting stability wherever possible.

On this occasion, it is important to reiterate that the Jammu and Kashmir dispute remains the core issue affecting peace and stability in South Asia. No objective assessment of regional security can ignore this reality. The legitimate aspirations of the Kashmiri people, as recognized in United Nations Security Council resolutions, remain unfulfilled despite decades of hardship. Pakistan remains steadfast in its principled position for a just, peaceful, and lawful resolution of the dispute in accordance with the wishes of the Kashmiri people.

The Indus Waters Treaty, brokered by the World Bank in 1960, has long stood as a rare example of cooperation despite political tensions and conflicts. Any attempt to unilaterally suspend or undermine this agreement amounts to the weaponization of water and places the lives and livelihoods of millions at risk. Water must never be used as a tool of political pressure. Pakistan will defend its water rights with full resolve and determination.

We also reaffirm our firm stance on terrorism. Pakistan itself has suffered immensely as a frontline state in the fight against terrorism. We remain fully committed to eliminating all forms of extremist and militant threats, including Fitna al-Khawarij and Fitna al-Hindustan. Pakistan continues its constructive engagement with the interim Afghan authorities and expects full implementation of commitments under the Doha framework to ensure that Afghan soil is not used against Pakistan or any other country.

Pakistan does not seek confrontation. However, it will never accept coercion, intimidation, or hegemonic ambitions.

We remain firmly committed to safeguarding our sovereignty, upholding international law, and promoting a peaceful region where disputes are resolved through dialogue and diplomacy rather than force.

Marka-e-Haq now stands as a defining chapter in our national history. It was not a moment of choice, but when the moment arrived, the nation responded with unity, resilience, and determination.

This day will continue to remind us that a nation which remains conscious of its dignity and united in purpose will always possess the strength to defend its sovereignty, protect its people, and uphold its honour.

Copyright Business Recorder, 2026

Marka-e-Haq is a day to bow in gratitude before Allah Almighty for His countless blessings upon us. Today, we commemorate Pakistan’s valiant stand in adversity and the crushing defeat we inflicted on the enemy. The nation pays tribute to its martyrs, their families and the ghazis who stood like a steel wall to defend their homeland. The well-coordinated and synchronized response of our forces across land, sea, air and cyber domains established Pakistan as an invincible nation.

Marka-e-Haq bears testimony that Pakistanis are a peace-loving, yet courageous, resilient, and dignified nation who can neither be intimidated nor subdued by any aggressor. Marka-e-Haq is etched in history as an epic feat of achieving overwhelming dominance over an enemy, bent on unprovoked aggression. The enemy was administered a heavy dose of reality serum to dispel its illusion of invincibility.

We pay rich tribute to the Chief of Army Staff and Chief of Defence Forces, Field Marshal Syed AsimMunir, for his bold and courageous leadership. We also pay tribute to Air Chief Marshal Zaheer Ahmed Baber and Admiral Naveed Ashraf for their strategic prudence.

We also salute officers and soldiers of the valiant Armed Forces, who, with unflinching support of the Pakistani nation, inscribed a new chapter in Pakistan-India context. Pakistan clearly manifested its desire for peace, while re-establishing deterrence and safeguarding its security, sovereignty and territorial integrity.

Let there be no doubt that any aggression to undermine Pakistan will be met with an immediate, befitting and full-spectrum response. We stand determined and vigilant to ensure security along our frontiers. We also remain steadfast in our efforts to root out “Fitna al-Khawarij“ and “Fitna al-Hindustan“ and take the fight against terrorism to its logical conclusion.

No story of Pakistan is complete without Kashmir, which remains the unfinished agenda of the Subcontinent’s partition. Strategic stability in South Asia, without the resolution of Kashmir issue, would remain a distant dream which needs to be resolved in accordance with the United Nations resolutions and the aspirations of the Kashmiri people. Pakistan shall continue to stand by the fundamental right of freedom and self-determination of Kashmiri people.

Today, Pakistan is recognized as a responsible nation that not only knows how to defend itself, but has also emerged as a guarantor of global peace and stability. Pakistan’s pivotal role as a key mediator during the ongoing US-Iran conflict and our efforts to seek an end to violence, has earned worldwide acknowledgement. Pakistan remains committed in its efforts aimed at peaceful resolution of the conflict.

Commemorating the sacrifices of our martyrs during Marka-e-Haq, let us pledge to face our adversaries like a “Steel Wall” and work selflessly for the destined glory of this great homeland.

Copyright Business Recorder, 2026

Today, we mark one year since Marka-e-Haq, a defining moment in our national journey. It is not just a date on the calendar; it is a story of courage, unity, and unwavering resolve. A story where every soldier stood firm and every citizen stood behind them.

On this day, I salute the bravery of our armed forces, our sons and daughters, who rose with discipline and determination to defend our homeland.

I also salute, the people of Pakistan, whose unity became our greatest strength. Because when the nation stands as one, no force on earth can shake its foundations.

Last year, when aggression was imposed upon us, Pakistan under the leadership of Prime Minister Muhammad Shehbaz Sharif acted with calm resolve and moral clarity. Our response was measured, responsible, and precise; guided not by emotion, but by principle.

Operation BunyanumMarsoos was more than a military success. Acting in accordance with the UN Charter, Pakistan exercised its inherent right of self-defence under the then General Asim Munir, now Field Marshal and Chief of Defence Forces; delivering a determined, decisive, and proportionate response directed solely at military installations of the aggressor.

Under the command of Air Chief Marshal Zaheer Ahmed Baber Sidhu, the Pakistan Air Force achieved notable operational successes, including the downing of multiple Indian fighter jets and the neutralisation of key military targets — these facts remain well documented and beyond any dispute. Simultaneously, the Pakistan Navy, led by Admiral Naveed Ashraf, maintained full readiness to counter any aggression in the maritime domain.

Through this calibrated and resolute response, Pakistan sent a clear and unambiguous message: Pakistan stands for peace, but it will never compromise on its dignity, sovereignty, territorial integrity, and political independence.

During this critical period, I alongwith my colleagues in the Foreign Office undertook an active diplomatic outreach, effectively presenting Pakistan’s position on bilateral and global platforms; reinforcing international understanding of Pakistan’s lawful and restrained response.

The events of last year also remind us that lasting peace in South Asia cannot be achieved without addressing the core issues — foremost among them, the just resolution of Jammu and Kashmir dispute, in accordance with UN Security Council resolutions and the aspirations of its people.

Pakistan remains committed to regional peace and stability. We believe in dialogue, in diplomacy, and in resolving disputes through justice and mutual respect. At the same time, we reaffirm that any threat to our homeland will be met with national unity, unshakeable resolve, and strength through all means available.

The anniversary of Marka-e-Haq is not only about remembering the past; it is about shaping the future—a future where Pakistan is strong not just in defence, but also in economy, education and all social sectors; a future where our youth leads with confidence and our nation rises with dignity among the comity of nations.

Let this day renew our collective pledge: to stand united; to reject division; to work tirelessly for a peaceful and prosperous Pakistan — because the spirit of Marka-e-Haq lives not just in our history, but also in our hearts - now and forever Inshallah.

Pakistan Zindabad!

Copyright Business Recorder, 2026

On the first anniversary of the historic victory of Marka-e-Haq, I extend my heartfelt felicitations to the people of Pakistan and pay tribute to our Armed Forces. This day stands as a defining chapter in our national history — a moment when courage, unity, and professional excellence converged, and the nation stood shoulder to shoulder with its defenders like a wall of steel to safeguard our sovereignty.

Marka-e-Haq was not merely a military success; it was a line permanently drawn. What the world witnessed was not only Pakistani capability, but also its restraint. Let there be no miscalculation: any future aggression against Pakistan will invite a response far more decisive, comprehensive, and overwhelming.

Pakistan neither sought confrontation then nor seeks it today. We remain committed to peace, regional stability, and responsible statecraft. Yet our desire for peace must never be mistaken for weakness. Any misadventure against Pakistan will not remain limited in scope. We possess both the resolve and the capacity to shape the course and consequences of any escalation imposed upon us.

If anyone still believes Pakistan can be pressurised, isolated, or coerced, Marka-e-Haq has buried that illusion forever. Today, our capabilities across land, sea, air, cyber, and emerging domains are more integrated, responsive, and battle-ready than ever before.

Our greatest strength remains our unbreakable national unity. The people of Pakistan, the state, and the Armed Forces stood united in purpose as BunyanumMarsoos — an unbreakable steel wall - and that unity fundamentally reshaped the strategic balance.

Pakistan remains committed to peaceful resolution of the Jammu and Kashmir dispute in accordance with United Nations resolutions and the aspirations of the Kashmiri people.

Pakistan today stands recognised as a responsible and resilient state that not only safeguards its own security but also contributes to regional and global stability through balanced and responsible diplomacy.

On this Youm-e-Marka-e-Haq, we honour the sacrifices of our martyrs and renew our pledge that whenever Pakistan faces a challenge, the nation will stand united with its Armed Forces. This day is not only a remembrance of victory, but a commitment to move forward with confidence, clarity, and unwavering resolve.

Pakistan Zindabad!

Copyright Business Recorder, 2026

Youm-e-Marka-e-Haq reminds us of those historic moments when the Pakistan Armed Forces and the entire nation stood like a Steel Clad Wall, and thwarted the enemy’s aggression. Undoubtedly, this great victory was the result of Nusrah from Allah SWT, our national unity, the professional excellence of the Armed Forces of Pakistan, and the sacrifices of our Shuhada. We cannot forget the moments when the enemy, under the guise of the Pahalgam false flag operation, targeted civilian population and mosques, resulting in the martyrdom of innocent civilians, including women, children, and the elderly In response to this blatant aggression, Pakistan Armed Forces launched the Operation BunyanumMarsoos and gave a clear message that we remain ever-ready and resolute like a ‘steel clad wall’ to defend our territorial integrity as well as our citizens.

On that day our land, naval, and air forces shattered the illusion of the enemy’s numerical superiority and proved that our resolve to defend every inch of the motherland is unwavering and decisive. Marka-e-Haq was not merely a military operation; it was a display of national honour and dignity. The world today recognizes Pakistan as a strong and self-respecting state. Indeed, we have attained this stature through our steadfastness and national unity.

In order to meet the complex future challenges, it is vital to attain mastery over modern technology. I assure the nation that, Alhamdulillah, Pakistan’s Armed Forces are fully cognizant, and completely capable of bracing the future challenges of conventional, unconventional and hybrid threats. If anyone dares to challenge our sovereignty, our response will be far more severe and swift than they can imagine. I also want to make it clear that without a just resolution of the issue of Kashmir, lasting peace in South Asia will remain an elusive dream. We stand with the people of Kashmir in their just struggle for the right to self-determination and will continue to extend our moral and diplomatic support, at every level. We are determined to take the war on terror to its logical end, we will crush all threats to Pakistan’s security and stability, including Fitna al-Khawarij and Fitna al-Hindustan. Operation Gazablil-Haq reflects our resolve that we will not allow the territory of any country, including Afghanistan, to be used against us.

I am proud of the capabilities of our youth. Indeed, they are our most valuable asset. I owe my gratitude to them for demonstrating their abilities during Operation BunyanumMarsoos, and defeating the enemy’s false propaganda. Our youth is our future, and I have complete confidence in their potential. I am certain that whenever they are called upon for the defence of Pakistan, they will stand shoulder to shoulder with the Armed Forces at every front.

Alongside the nation, my message to the global community is; Pakistan is a self-respecting and resilient nation. We have endured through testing times and emerged triumphant in all adversities, our national cohesion remains our foremost strength.

Let us pay homage to the sacrifices of the Shuhada of our homeland; let us renew our pledge that whenever the nation faces adversity, we will stand united like BunyanumMarsoos. “Indeed, Allah loves those who fight in His cause in rows as though they are a solid-impenetrable structure.” (Al Quran, Surah As-Saff: Verse 4)

Pakistan Zindabad!

Copyright Business Recorder, 2026

Officers, Sailors and the resilient people of Pakistan, as we commemorate the Victory Day, we thank Allah SWT and reflect upon a defining moment in our national history, the May 2025 conflict, where Pakistan Armed Forces demonstrated unwavering resolve against unwarranted aggression by India. Pakistan Navy, throughout the conflict, stood as nation’s sentinel in the vast expanse of the Arabian Sea.

In the lead-up to the conflict, Indian Navy made numerous attempts to deploy its naval units in the North Arabian Sea with the objective, rooted in a false sense of superiority, to threaten our maritime infrastructure, disrupt our maritime trade and strangle our economic lifelines. However, they underestimated the resolve, strategic foresight, combat capabilities and operational readiness of Pakistan Navy. Our surveillance network ensured comprehensive and round the clock maritime domain awareness. As the adversary deployed its naval assets, our long-range maritime patrol assets and networked capabilities detected and tracked their every move. When an Indian P-8I aircraft attempted to approach our air space, it was promptly picked up, intercepted and forced to retreat. The enemy aircraft earner, after briefly adopting a forward posture, receded deep into the ocean and remained at a standoff distance from our coast — well outside the strike range of our weapon systems, within its ’perceived safe zone’. Their pride, INS VIKRANT did not close in, sensing the risk to its survival and credibility, had it ventured closer within our strike zone. This operational agility maintained continuous deterrence at sea.

Pakistan Navy’s employment strategy and layered defence, ensured that our sea lines of communication remained uninterrupted and untouched. While commercial activity on the western coast of India suffered considerable disruptions, our ports of Karachi, Bin Qasim and Gwadar remained fully functional, with commercial shipping entering and exiting without any hiatuses. The arteries of our national economy remained safe and unimpeded with smooth flow of seaborne trade and energy. This was not merely a military success; it was a strategic victory. With Allah SWT’s blessings and the professionalism of nation’s sea sentinels, we were able to decisively deter the adversary during Marka-e-Haq 2025. To deter the enemy, and if need be, to fight and win future wars we are alive to the changes shaping maritime security environment and adapting to evolving character of warfare.

The future battle space is transforming at an unprecedented pace and scale. As the security environment in the Indian Ocean Region remains fluid and contested, we are acutely aware that the traditional domain centric warfare has given way to multi domain operations. Looking forward, we recognize that future conflicts will be won not just by firepower, but by forces that are intellectually astute, technologically superior, info-ops savvy and seamlessly integrated.

The induction of advanced platforms like Type 054A/P Frigates, Hangor Class Submarines with Air-Independent Propulsion and Jet LRMPs have further sharpened our combat edge. We are investing in emerging technologies, including autonomous unmanned systems assisted by AI decision support tools, space and cyber capabilities to keep pace with the requirements of future battle space. We are aligning our force structure and war plans to undertake multi-domain operations to generate cross-domain effects and ensure that we keep the adversary from any misadventure or even casting an evil eye on our territorial integrity and maritime interests.

To the nation, I reaffirm my pledge that Pakistan Navy remains fully capable to defend our maritime frontiers in line with our proud legacy, anytime and anywhere. We will not only maintain deterrence, but also dominate the maritime domain against any aggression in future, Insha Allah.

Pakistan Navy Zindabad!

Pakistan Paindabad!

Copyright Business Recorder, 2026

On commemoration of 1st Anniversary of Marka-e-Haq, Operation BunyanumMarsoos, I commend all citizens and personnel of Defence Forces of Pakistan for their professionalism and valour against Indian aggression.

Indeed, this day is of great significance in our history. The enemy once again challenged the very existence of a peaceful country in the wake of Pahalgam incident, little knowing about our indomitable will to fight. Undoubtedly, Pakistan Air Force, in synergy with sister services, delivered a decisive punch to the adversary, which stunned the entire world. I am proud that on the strength of exemplary courage, consummate professionalism and matchless spirit of sacrifice, PAF once more upheld its glorious legacy of fighting the outnumbered and being “Second to None” as envisioned by the Quaid.

My Dear Countrymen! For the first time in its history, Pakistan Air Force conducted Full Spectrum Operations employing Multi-Domain Warfare Capabilities; including integration of Space, Cyber, Electronic Warfare along with Niche and Disruptive technologies.

I would like to share that this resounding success was made possible on the strength of aggressive modernization efforts undertaken by PAF in recent years through smart and swift inductions, besides vigorous pursuit of a comprehensive indigenization strategy; with special focus on latest trends in contemporary warfare.

On this special day, I assure that PAF being a potent element of defence will continue to accomplish its national obligation of defending the aerial frontiers of this sacred country with even more ferocity in the times ahead. On this occasion, we pay rich tributes to Shuhada of Marka-e-Haq Operation BunyanumMarsoos, who rendered supreme sacrifice to ensure that we live with peace and honour.

May Allah Almighty guide our endeavors to safeguard aerial frontiers of our great country (Aameen).

Pakistan Air Force Zindabad!

Pakistan Paindabad!

Copyright Business Recorder, 2026

It gives me great pleasure to extend my felicitations to the Institute of Cost and Management Accountants of Pakistan (ICMA International) and the South Asian Federation of Accountants (SAFA) on the convening of the SAFA International Future of Finance Summit 2026 in Lahore.

This occasion is made even more significant as ICMA International celebrates 75 years of distinguished service to the accountancy profession, contributing immensely to the development of financial expertise and institutional strength in Pakistan.

In an era marked by rapid technological transformation and evolving economic dynamics, the role of the accountancy profession has become increasingly pivotal in ensuring transparency, accountability, and sustainable development. The Summit’s theme, “Reimagining Accountancy: Sustainability, Technology & the Future of Trust,” is both timely and relevant.

Pakistan remains committed to strengthening institutional frameworks that promote economic resilience and inclusive growth. Professional bodies such as ICMA play a vital role in nurturing competent human capital and reinforcing public trust in financial systems.

I commend the organizers for bringing together distinguished professionals and thought leaders from across the region. I am confident that the deliberations of this Summit will contribute meaningfully to shaping a progressive financial future.

I wish the Summit every success.

Copyright Business Recorder, 2026

I also take this opportunity to congratulate ICMA International on completing 75 years of excellence, a remarkable journey marked by its consistent contribution to professional development, governance, and economic progress in Pakistan.

As Pakistan advances on the path of economic reform and digital transformation, the importance of a robust and forward-looking financial ecosystem cannot be overstated. The accountancy profession stands at the forefront of this transformation.

The theme of the Summit, “Reimagining Accountancy: Sustainability, Technology & the Future of Trust,” reflects the direction modern economies must pursue—where innovation, sustainability, and trust form the core of financial systems.

I appreciate ICMA International and SAFA for providing a regional platform that encourages collaboration and knowledge sharing among professionals and policymakers.

I am confident that this Summit will generate valuable insights contributing to strengthening Pakistan’s financial and economic landscape.

My best wishes for the success of the Summit

Copyright Business Recorder, 2026