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ISLAMABAD, Jun 27 (APP): Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar Khan Friday met with Scott Jacobs, Managing Director of JC&A, and the Board of Investment (BOI) Reforms Team.
The delegation briefed the SAPM on the progress of the ‘Regulatory Reform Packages’ being implemented under the roadmap approved by Prime Minister, said a press release.
Discussions during the meeting covered a wide range of topics, including Pakistan’s economic outlook, industrial policy, regulatory reforms, the SECP Act, and matters relating to foreign exchange.
Scott Jacobs commended Prime Minister vision and reform efforts to strengthen the country’s economic framework and investment climate.
SAPM Haroon Akhtar Khan emphasized that the private sector must be the primary engine for economic growth and job creation in Pakistan. “Industrial policy, regulatory reforms, and tariff reforms together can play a pivotal role in transforming the economy,” he noted.
He stressed the need to eliminate redundant regulations that hinder the start and expansion of businesses. “Private sector engagement is essential as it is the primary channel for attracting foreign investment into the country,” he said.
The SAPM appreciated the BOI’s work in reforming the business environment, particularly in simplifying procedures related to business registration, licensing, certifications, and permits.
He further directed a comparative review of the regulatory systems of the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan (SECP), and the Federal Board of Revenue (FBR) to identify overlapping and outdated practices.
“Unnecessary scrutiny should be avoided when investments are coming through proper foreign exchange channels,” he said adding that enhanced monitoring mechanisms already exist for countries outside the FATF list, and duplicative procedures must be avoided.
He reaffirmed that a five-year Industrial Policy has been finalized under the Prime Minister’s vision, aiming to reduce the cost of production by safeguarding the industrial sector.
“Aligning Pakistan’s regulatory framework with international standards is essential for ensuring global competitiveness and long-term economic sustainability,” he concluded.