KARACHI: Pakistan has introduced more than 70 percent of the industry reforms related to the World Bank’s ease of doing business index, aiming at 50th rank in the coming years, a senior official said.
“So far around 54 reforms have been completed and are in implementation stage… 75 different reforms were identified to ease doing of business,” Sumaira Nazir Siddique, secretary of Board of Investment (BoI) said, addressing a workshop, which was co-hosted by BoI and the World Bank.
Siddique said the government has taken all the possible measures to improve business environment in the country for achieving higher economic growth.
She said the government aimed at improving the country’s ease of doing business rank, which is the flagship document of the World Bank. “The government is aiming to improve the ranking from existing 147 to below 50 in the coming years,” she said. “In the first phase we target 100th rank with the implementation of reforms.”
Secretary BoI said facilitating the businesses would help in generating economic activities and employment. “There are issues in obtaining gas, electricity and other utility connections, which would be improved under reforms program.”
Siddique said the time for company registration with the Securities and Exchange Commission of Pakistan (SECP) has been reduced to four hours. The SECP introduced Companies Act 2017 and Limited Liability and Partnership Act 2017. There is one-stop shop to get company registered and obtain national tax number.
