Business
Naqvi urges business community to bring back 20-30% of offshore funds | The Express Tribune
Interior minister says if traders act decisively, up to $10b could return to Pakistan before upcoming budget
KARACHI:
Interior Minister Mohsin Naqvi on Tuesday urged the business community to repatriate a portion of overseas-held wealth, estimating that nearly $100 billion has been moved out of the country over the past three to four years.
Addressing business leaders in Karachi, the minister said that if traders act decisively, up to $10b could return to Pakistan before the upcoming budget.
He encouraged investors to utilise existing financial channels, including Roshan Digital Accounts, to bring back between 20-30% of their offshore funds.
He assured the business community that the government would provide a more conducive and business-friendly environment, emphasising that Pakistan offered some of the highest returns on investment globally.
“If you invest in Pakistan, the level of profit available here is unmatched anywhere in the world,” he said.
The minister revealed that a proposal was being prepared to introduce a special passport for genuine businesspersons, similar to official and diplomatic passports. The proposal would soon be presented to Prime Minister Shehbaz Sharif.
“The initiative aims to ease visa-related challenges faced by legitimate traders, particularly for travel to countries such as China, the United States, Europe and the United Kingdom,” he added.
Highlighting governance reforms, Naqvi said the Federal Investigation Agency (FIA) would be made more business-friendly, stressing that the entire business community should not suffer due to the actions of a small minority. However, he warned that strict action would be taken against those involved in illegal money transfers.
He acknowledged concerns regarding the role of money changers, stating that several major transaction groups in Karachi had already been identified and would face action without leniency.
Naqvi also questioned the effectiveness of the current system, suggesting that financial transactions could be better regulated through formal banking channels.
On broader economic development, the minister noted the government was actively working on housing sector reforms despite challenges linked to the International Monetary Fund, expressing optimism that positive developments would be announced soon.
He also highlighted investment opportunities in infrastructure and tourism.
Referring to plans in Islamabad, he said there was strong demand for new hotels and that development was underway to transform areas near the Margalla Hills into a modern urban hub inspired by global cities.
Additionally, Naqvi pointed to tourism potential in Balochistan, particularly Astola Island, which he said could rival international destinations if developed properly. He indicated that the government would engage with provincial leadership to promote investment through roadshows and infrastructure development.
Reiterating the government’s commitment, the interior minister said creating a business-friendly environment remained a top priority, urging both domestic and overseas Pakistanis to seize emerging opportunities and contribute to the country’s economic growth.
Business
Lidl and Iceland ads banned under new ‘less healthy’ food rules
Ads for supermarkets Lidl and Iceland have become the first to be banned under new rules governing “less healthy” food and drink.
The rules, which came into effect at the beginning of the year, are part of Government efforts to tackle childhood obesity by preventing ads for food and drink that is high in fat, salt and sugar (HFSS) appearing on television between 5.30am and 9pm, and online at any time.
The new ban applies to products that fall within 13 categories considered to play the most significant role in childhood obesity, including soft drinks, chocolates and sweets, pizzas and ice creams, but also breakfast cereals and porridges, sweetened bread products, and main meals and sandwiches.
Products that fall into these categories are than also assessed as to whether they are “less healthy” based on a scoring tool that considers their nutrient levels and whether products are high in saturated fat, salt or sugar.
Only products that meet both of the two criteria are included in the restrictions.
The Advertising Standards Authority (ASA) said an Instagram post for Lidl Northern Ireland by influencer Emma Kearney featured the grocer’s cheese pretzel, which was not categorised as HFSS and therefore did not fall within the restrictions, and its Pain Suisse product, which was classified as both HFSS and a sweetened bread product and was therefore banned under the new rules.
Lidl said the ad had been removed and they had liaised with their marketing agency to ensure that all future ads complied with the new rules.
In a separate case, Iceland confirmed that two ads included a tub of Swizzles Sweet Treats, a packet of Chupa Chups Laces, a bag of Chooee Disco Stix and a bag of Haribo Elf Surprises, which were all classified as HFSS.
They also provided nutrient profile information from their supplier which confirmed that Pringles Sour Cream & Onion crisps, also included in the ads, were not an HFSS product.
Iceland’s Luxury Aberdeen Angus Beef Roasting Joint, Vegetable Spring Rolls, Sticky Chicken Skewers and Lurpak Spreadable Butter, which were also included in the ads, did not fall within the new restrictions.

The ASA did not uphold a complaint against an Instagram post by influencer John Fisher – known to many as Big John – which featured him promoting menu items at a new German Doner Kebab outlet because the specific items shown in the ad were not classified as less healthy foods.
The watchdog also cleared a TV ad for On The Beach promoting free airport lounge access which featured a boy approaching a buffet and taking a chocolate ring doughnut.
The ASA said viewers would see the ad as showing an example of what was available in the lounge rather than for the doughnut itself, meaning it did not break the rules.
ASA chief executive Guy Parker said: “As the ad regulator, our role is to remain impartial and independent, making sure our new LHF rules, which reflect the law, are applied fairly and consistently.
“These initial rulings are an important step in building a clearer picture of how the rules are applied in reality.
“We’ll be continuing to play our role in administering and enforcing them, including by using tech-assisted proactive monitoring.”
An Iceland spokesman said: “The products highlighted were part of a bigger range in the specific display ad and were featured due to a technical fault with a data feed from a third-party supplier.
“As the ASA has pointed out, these initial rulings are helping to build a clearer picture of how the new rules are applied, following the initial confusion and debate around the regulations.”
Business
Crisis grants launched for struggling Bradford families
At a meeting of the local authority’s executive on Tuesday, MacBeath said the scheme aimed to move beyond emergency aid by helping families become more financially “resilient”, offering advice on managing money, accessing benefits, reducing debt and finding work.
Business
Help to Buy mostly helped high earners, IFS says
People with lower incomes benefitted less from the house-buying scheme than those with high incomes, the influential think tank says.
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