Prime Minister Shehbaz Sharif has said the government is taking effective measures to facilitate the business community and eliminate unnecessary regulations.
He was chairing a meeting on Regulatory Reforms regarding ease of doing business in Islamabad today.
The Prime Minister said regulatory reforms are essential for ease of doing business and promotion of investment.
He said the Drug Regulatory Authority of Pakistan has been modernized through reforms, and directed that similar reforms should be introduced in other regulatory institutions as well.
Shehbaz Sharif also directed the establishment of a comprehensive regulatory registry to consolidate all regulatory requirements, rules and regulations in the country.
He also directed the enforcement of Ease of Doing Business Act across the country to harmonize regulatory systems among the provinces and provide uniform facilities to businesses.
The Prime Minister called for third-party validation of regulatory reforms to independently assess their impact and effectiveness. He added that the ease of doing business is of fundamental importance for promotion of investment.
He further said the desired targets for domestic and foreign investment cannot be achieved without providing investors with a conducive and convenient business environment.
He directed the Special Investment Facilitation Council to effectively highlight the regulatory reforms and ensure that the business community is fully informed about and able to benefit from the facilities being provided.
The Prime Minister asked the delegation to visit all provinces and take the provincial governments into confidence regarding the regulatory reform process, with a view to creating uniformity in business facilitation and the regulatory system across the country.
He also advised his Adviser on Industries, Haroon Akhtar Khan to lead the delegation during visits to the provinces and ensure effective coordination with provincial governments on regulatory reforms.
He instructed all ministries and divisions to ensure timely implementation of reforms approved by the Cabinet.
He also directed the SIFC and the Chief Secretary of Punjab to complete the process of integration of eBiz Punjab and BFC Islamabad by March next year.
The Prime Minister stressed that reforms must result in tangible benefits for businesses.
He directed the SIFC to actively cooperate with the private sector and ensure that businesses are effectively informed about the facilities being provided and are able to benefit from them.
The meeting was informed that the Business Facilitation Centre is being modernized on the pattern of the Punjab government’s E-BIZ initiative.
It was told that the Export Policy Order and Import Policy Order are being simplified. The meeting was briefed that the SIFC is in contact with all provinces, including Azad Jammu and Kashmir and Gilgit-Baltistan, regarding regulatory reforms.
The Cabinet’s Regulatory Reforms Committee has approved 557 reforms in seven multi-sector areas, which are expected to result in annual savings of four hundred and sixty billion rupees.
The processing has begun on 8,717 applications received through Business Facilitation Centres, of which 71 percent have been completed.
The Islamabad Business Facilitation Centre has provided facilities to 4,612 new businesses.
The SIFC is working not only on regulatory reforms but also on policy governance and institutional reforms.
