ISLAMABAD, Sep 05 (APP): The Caretaker Minister of Planning, Development & Special Initiatives, Muhammad Sami Saeed reiterated that the caretaker government was committed to providing avenues for the ease of doing business in the country while directing the relevant ministries to play their effective role in the implementation.
The minister made these remarks while chairing a “Sub-Committee on Proposed Law of Pakistan Business Portal” to promote the ease of doing business in the country, said a press release issued here.
The meeting was attended by the Secretary Ministry of Finance, Secretary Board of Investment (BOI), Joint Secretary Ministry of Commerce, Senior Joint Secretary Power Division and representatives from the Law Division were also present at the occasion.
The digitalization of regulatory bodies for the ease of doing business was the priority of the government, said the minister while directing the relevant ministries to ensure the complete facilitation for the ease of doing business in the country.
It is noted that the Special Investment Facilitation Council (SIFC) was set up to bring foreign direct investment to revive the country’s economy which envisages capitalising Pakistan’s untapped potential in key sectors which include defence production, agricultural and livestock, minerals and mining, information technology and energy.
During the meeting, the BOI gave a detailed briefing while highlighting the key features of the proposed law. The proposed law provides a legal mandate for establishing a registry to map regulations prescribed by government departments and then empirically assess the need for these regulations through global best practices necessary to attract, realize, and retain investments with an aim to eliminate unnecessary regulations, simplify and automate cumbersome procedures.
The BOI representatives informed the meeting that the implementation of this law will have several benefits for the economy, including increased investment, job creation, and economic growth. It will also help improve our competitiveness in the global market and attract foreign investors who are looking for a stable and predictable regulatory environment.
“The Sub Committee has geared up its efforts for creating an enabling environment to facilitate the ease of doing business in the country,” said the minister while directing the relevant stakeholders to ensure the digitalization of the regulatory bodies in order to facilitate the ease of doing business and new startups in the country.
During the briefing, the minister was also apprised about the several steps taken by the BOI which include Pakistan Regulatory Guidebook, Regularity Principles and Code of Practice, Assan Karobar Act, Pakistan Business Portal PBP and Pakistan Regulatory Modernization Initiative, a key initiative of the government for the modernization and regulation of local business for providing a conducive business environment in the country.
It is noted that the caretaker prime minister has already set up a cabinet committee on economic revival to focus on short-term actions. Since the caretaker government has assumed the charge, several steps have been taken to improve the country’s economy.