ISLAMABAD, Jun 14 (APP): Adviser for Institutional Reforms and Austerity, Dr.Ishrat Hussain on Monday appreciated the Board of Investment (BOI) efforts for improving the ‘Ease of Doing Business’ (EODB) for big industries and Small and Medium Enterprises (SMEs) at district level.
The launch of Pakistan Regulatory Modernization Initiative Strategy (PRMI) of today’s initiatives is an attempt to eliminate superfluous, redundant regulations that are hindering progress of businesses in the country, the adviser said.
Board of Investment (BOI) launched Pakistan Regulatory Modernization Initiative Strategy (PRMI), Special Economic Zone Management System (SEZMIS) and Investor Relationship Management System (IRMS) here, said a press release issued by BOI here.
The launching ceremony held at Islamabad was attended by Adviser for Institutional Reforms and Austerity,Dr. Ishrat Hussain, Secretary BOI, Fareena Mazhar, stakeholders including World Bank Group, International Finance Corporation (IFC), UK Aid, Overseas Investors Chamber of Commerce and Industry (OICCI), Pakistan Business Council (PBC) and senior federal and provincial government officials.
Dr. Ishrat further shared that due to automation of Federal Board of Revenue (FBR), refunds to the businesses are being provided within 72 hours.
FBR, during the last one year, processed refunds worth Rs.250 billion which is highest in the history of Pakistan, he said.
The key outcome of PRMI is effective coordination among Federal, Provincial and district levels that was lacking in the past.
He congratulated the BOI team for chalking out a strategy in extensive consultation with the private sector.
The design and strategy of PRMI is driven by the private sector and thanked all stakeholders for their cooperation, he said.
He highlighted that these efforts will culminate in the Pakistan Business Portal which will reduce the cost of doing business and make Pakistan competitive.
He said, similarly, for International trade, Pakistan Single Window will allow automated processing which will contribute to improved governance.
In her opening statement, Secretary BOI, Fareena Mazhar explained the objective of the launch of PRMI strategy and the two online platforms, which aim to make the regulatory environment business friendly, provide local and foreign investors the ease of online registration for zone enterprises and a comprehensive database of existing and potential investors that will promote investment activities.
She stated that gradual transition to a paperless environment will undoubtedly reduce the compliance burden for businesses and promote the formal economy as well.
Secretary BOI also acknowledged the role of the stakeholders for their support in the successful execution of the three initiatives and encouraged the private sector to benefit from the online modules and to continue partnering with BOI for regulatory modernization.
The BOI initiatives were welcomed and endorsed by the private sector.
Secretary General OICCI Abdul Aleem and CEO, PBC Ehsan Malik, in their remarks expressed satisfaction with the government’s direction for acceleration of private sector growth through digitization and reformation of the regulatory landscape.
The representatives acknowledged that the joint efforts of the public and public sector ensure the success of the reform drive that stands to greatly benefit the businesses. They congratulated BOI for its efforts and assured of their continued cooperation for Pakistan’s economic growth.
Additional Secretary BOI, Mr. Mukarram Jah Ansari apprised the audience about the three launch initiatives. He stated that the PRMI strategy is the outcome of extensive consultation with private sector and regulators. So far over a dozen reforms have already been implemented and more than 15 are in the pipeline. He also briefed the audience about SEZMIS & IRMS.
Country Director, WBG, Mr. Najy Benhassine,launched Pakistan Regulatory Modernization Initiative (PRMI) British High Commissioner to Pakistan, Christian Turner, launched Special Economic Zone Management Information System (SEZMIS) Senior Private Sector Specialist, IFC, Mr. Charles Schneider launched Investor Relationship Management System (IRMS)
At the end of the launch ceremony, Dr. Ishrat Hussain presented certificates to officers for participation in a training session on Investor Relationship Management System (IRMS).
Representatives of the Donor agencies also expressed confidence in the favorable impact the initiatives will have on Pakistan’s economy. “IFC’s engagement with the Board of Investment is comprehensive.
“We have been working with BOI to design and implement investment strategies while modernizing systems through revamped websites and digital portals,” said Nadeem A. Siddiqui, IFC Senior Country Manager for Pakistan.
“We have also partnered with BOI to strengthen its capacity in regulatory reforms through the PRMI, which is part of BOI’s broader strategy to improve productivity, increase exports, and boost economic growth.” He said.
“Future of Pakistan anchors around its economic growth “stated British High Commissioner to Pakistan Christian Turner.
“UK with its partners is very proud to be supporting the regulatory efforts at Federal and Provincial level as these will lay the foundation for the regulatory system of tomorrow’s Pakistan, I have firm belief that Pakistan has immense potential and having an enabling environment supported by effective regulations will increase job opportunities and FDI in the country.”
“PRMI will greatly contribute to sustainable regulatory reforms and integrate compliance across federal & provincial levels through automation. It will help simplify & harmonize the regulatory regime across Pakistan, “says Najy Benhassine WB Country Director for Pakistan. The automation of regulatory service delivery with the development of Pakistan Business Portal will further reduce the need for businesses to visit multiple offices for regulatory compliance.”
