BOI implements 100 reforms to facilitate businesses

ISLAMABAD: The Board of Investment (BOI) has completed 100 reforms out of the 168 proposed reforms under Regulatory Reforms and Guillotine Initiatives (PRMI) that aim to identify, simplify, modernize or eliminate the regulatory bottlenecks for facilitation of businesses, particularly Small and Medium Enterprises (SMEs).

The data on the progress of these reforms was presented on Thursday during the sixth steering committee (SC) meeting of the PRMI, chaired by Advisor to the Prime Minister on Commerce and Investment Abdul Razak Dawood.

According to official sources, a total of 168 reforms were proposed to federal and provincial departments of which 100 reforms were implemented while others were at various stages of implementation.

BOI Additional Secretary Mukarram Jah Ansari, while sharing an overview of the progress of the Regulatory Guillotine mechanism, said, “The entire exercise has been carried out in close collaboration with business associations of various sectors to ensure accurate identifications of cumbersome regulations that are hampering business growth.”

The secretary also appreciated the support of the World Bank, Foreign Commonwealth and Development Office (FCDO) and Office for Product Safety and Standards of the Government of UK, in capacity building and helping the Pakistan government departments regarding smart regulations.

Representatives from Punjab and Khyber Pakhtunkhwa (KP) governments also briefed the meeting on the progress of initiation of provincial One Stop Shop (OSS) and Zero Time To Start-up (ZTTS) policies.

Addressing the meeting, Razak Dawood expressed satisfaction with the performance of stakeholders and encouraged them to continue the momentum towards ensuring a business-friendly environment in the country. “It’s heartening to see acknowledgment of government endeavors by the private sector as it is a testament of the on-ground positive impact,” he stated.

BOI Secretary Fareena Mazhar acknowledged the active involvement of the private sector in supporting the successful execution of the ongoing initiative. She expressed gratitude to the prime minister and his team for their support while also reaffirming federal and provincial governments’ commitment to improving the business climate of the country through perpetual regulatory reforms.

The meeting also reviewed the implementation of decisions made in the fifth meeting of the steering committee, and the unveiling of an interactive portal showcasing the implemented reforms along with supporting evidence.