Prime Minister Muhammad Shehbaz Sharif on Friday held a meeting regarding regulatory reforms and to review the measures taken to facilitate business activities, promote investment and make the regulatory system more effective, transparent and business-friendly.
PM reviews measures to facilitate business activities
ISLAMABAD, Oct 02 (APP): Prime Minister Muhammad Shehbaz Sharif on Friday held a meeting regarding regulatory reforms and to review the measures taken to facilitate business activities, promote investment and make the regulatory system more effective, transparent and business-friendly.
The Prime Minister said that regulatory reforms are indispensable for facilitating business activities and promoting investment.
“The government is taking effective steps to facilitate the business community and eliminate unnecessary regulations,” he said adding, Drug Regulatory Authority of Pakistan (DRAP) has been modernized through reforms and reforms should be brought in other regulatory institutions in the same manner.
The Prime Minister directed that a regulatory registry be established so that all the regulatory requirements and rules and regulations existing in the country could be compiled under a comprehensive system.
He said, “The Ease of Doing Business Act should be implemented across the country so that there is harmony in the regulatory system in all provinces and business people are provided equal facilities.”
He ordered that third-party validation of these reforms should also be conducted to assess their impact and effectiveness so that the practical results of the reforms could be impartially assessed.
The Prime Minister said, “ease of doing business is of fundamental importance for the promotion of investment. The desired goals of domestic and foreign investment cannot be achieved without providing a conducive and easy business environment to investors.”
He directed that the regulatory reforms carried out by the Special Investment Facilitation Council (SIFC) should be effectively highlighted so that the business community was aware of these reforms and could benefit from them to the fullest.
He said that a delegation from SIFC should visit all the provinces and take the provincial governments into confidence about the process of regulatory reforms, so as to create harmony in the business facilitation and regulatory system across the country.
The Prime Minister directed Adviser on Industries Haroon Akhtar Khan to lead the delegation for visits to the provinces and ensure effective coordination with the provincial governments regarding regulatory reforms.
He asked all ministries and divisions to ensure timely implementation of the reforms approved by the cabinet. He directed SIFC and the Chief Secretary Punjab to complete the process of merging ‘eBiz Punjab’ and ‘BFC Islamabad’ by March 2027.
The Prime Minister emphasized that the reforms should result in tangible benefits for businesses and directed SIFC to actively collaborate with the private sector and ensure that the facilities provided are effectively communicated and utilized.
The meeting was briefed on government initiatives for ease of doing business. The meeting was further informed that the Business Facilitation Center was being modernized on the lines of the Punjab government’s E-BIZ.
Export Policy Order and Import Policy Order are being simplified.
SIFC is in touch with all provinces, including Azad Kashmir and Gilgit-Baltistan, regarding regulatory reforms.
The Cabinet’s Regulatory Reforms Committee has approved 557 reforms in seven multi-sectors, which are expected to save Rs 460 billion annually.
As many as 8717 applications were initiated from BFC, out of which 71 percent were completed. 4612 new businesses were facilitated from the Islamabad Business Facilitation Center.
SIFC is also working on regulatory reforms as well as policy governance and institutional reforms.
Deputy Prime Minister and Foreign Minister, Muhammad Ishaq Dar, Federal Minister for Law and Justice, Azam Nazir Tarar, Federal Minister for Climate Change, Musadik Malik, Federal Minister for Economic Affairs, Ahad Khan Cheema, Federal Minister for Finance and Revenue, Muhammad Aurangzeb, Federal Minister for Information and Broadcasting, Attaullah Tarar, Federal Minister for Information Technology and Telecommunication, Shaza Fatima, Advisor to the Prime Minister on Industries, Haroon Akhtar, Minister for Finance and Railways, Bilal Azhar Kayani and relevant senior government officials attended the meeting.
