Latest news with #JunaidIqbal
Express Tribune
01-05-2025
- Business
- Express Tribune
Over Rs300b lost annually to illicit cigarette trade
Listen to article In a recent episode of The Express Tribune Podcast, in collaboration with #BehtareenPakistan, experts warned that Pakistan loses more than Rs300 billion annually due to the unchecked trade of illicit cigarettes. The conversation highlighted how tax evasion, weak enforcement of the Track and Trace system, and regulatory loopholes are crippling both public revenue and health safeguards. Speaking on the podcast, CEO of the Institute for Public Opinion Research (IPOR), Junaid Iqbal, said, 'This is not just a health issue—it's an economic crisis. When more than 40% of the cigarette market goes untaxed, the state loses the ability to fund vital services. Smugglers are filling the gap while legitimate businesses suffer.' Panelists revealed that illegal cigarette manufacturers are exploiting the system by avoiding the Federal Excise Duty and producing below the legal price threshold. These untaxed products are then sold cheaply, undercutting lawful manufacturers and contributing to a shadow economy that thrives on regulatory inaction. The podcast also explored the broader impacts of the illicit trade. Experts emphasised that this is not simply a revenue issue—it also has dire implications for public health. Consumers of illegal cigarettes are often exposed to unregulated, potentially more harmful products. In response to these challenges, the panel advocated for the urgent implementation of a fully functional track-and-trace system to digitally monitor cigarette production and distribution. They also called for tougher penalties for violators and more transparent oversight by tax authorities. Iqbal stressed, 'There needs to be a serious political will to act. The solution is not just about enforcement—it's about protecting Pakistan's economy from systemic exploitation.' The podcast concluded with a consensus that only a coordinated approach—combining technology, regulation, and awareness—can dismantle the illegal trade and reclaim lost revenue for the nation.
Khaleej Times
24-03-2025
- Business
- Khaleej Times
Venture Capital and startups in the UAE's thriving economy
Junaid Iqbal, a long-time resident of Dubai, has played an active role in shaping the professional and economic landscape of the region. With extensive experience in venture capital, he is currently the Founder and CEO of Salt Ventures, a UAE-based firm dedicated to investing in innovative startups. Junaid's expertise in startup financing has supported numerous young entrepreneurs across Pakistan, the Middle East, and Saudi Arabia. He is particularly optimistic about the UAE's economic environment, praising its business-friendly policies and forward-thinking leadership. "With its world-class infrastructure and ability to anticipate the future, the UAE has firmly established itself on the global economic stage. The country's prosperity has grown exponentially, driven by the vision of its rulers, who continuously integrate new ideas, technology, and cultural advancements," he said. A Key Player in Venture Capital and Media Recently, Junaid gained regional recognition as an investor panellist on Shark Tank Pakistan, a widely acclaimed business reality show. The programme, televised across the region, provided a groundbreaking platform for Pakistani entrepreneurs to pitch their ideas. Junaid described the experience as 'incredible,' as it was Pakistan's first major initiative of its kind. 'Many participants presented innovative ideas, and beyond being an educational experience, the show helped young entrepreneurs secure crucial funding to bring their visions to life,' he added. He firmly believes in the potential of young entrepreneurs, observing a global trend of individuals eager to launch their own startups. As an entrepreneur himself, Junaid understands the challenges that come with building a business and is committed to supporting emerging founders. Currently, Junaid is leading two major ventures: Salt Ventures: A startup investment firm that focuses on sectors such as fintech, agritech, and healthtech. Caravan Media: A digital media company specialising in business and economic content, catering to an audience seeking expert insights on regional industries. Through Caravan Media, Junaid aims to highlight the vast opportunities in emerging sectors like mergers and acquisitions, blockchain, artificial intelligence, and finance. His goal is to create functional media products that inform and empower professionals across industries. With a deep understanding of venture capital and media, Junaid continues to contribute to the region's startup ecosystem, helping businesses scale and thrive in an ever-evolving economic landscape.
