Ayesha Mudassar

The prevailing complicated regulations are hurting the business community, so a critical review of the regulatory framework is needed to help the business community set up their operations, said Additional Secretary of the Board of Investment (BOI) Ambreen Iftikhar. Talking to WealthPK, she said businesses and organizations in Pakistan struggle to comply with a complex, multi-tiered, and inefficient regulatory regime that has over 40 regulatory agencies. Redundant procedures and inconsistent enforcement have hindered the business operations in Pakistan, she added. She said the BOI is working on several reforms such as streamlining the regulatory framework, reducing the time and cost associated with starting a business, and improving service effectiveness. The reforms also deal with the automation and digitization of processes. These reforms are aimed at improving productivity and enhancing exports to achieve sustainable economic growth, Ambreen said.

Elaborating on the initiatives for fostering a favorable business environment, Director General of BOI Zulfiqar Ali told WealthPK that the Pakistan Regulatory Modernization Initiative (PRMI) is an extension of the EODB framework and is aimed at eliminating unnecessary regulations and simplifying the complex procedures. The implementation of this holistic approach will surely address the legal, procedural, and regulatory impediments and, as a result, establish a competitive business environment, he said. PIDE Vice Chancellor Nadeem ul Haque also believes in providing a level playing field to the business community. “Regulatory reforms are crucial for fostering economic growth, attracting foreign investment, and improving the overall business environment in Pakistan. Such reforms will boost investor confidence, create employment opportunities, and facilitate the private sector,” he said. By implementing these reforms and encouraging the ease of doing business, Pakistan can create a more favorable environment for investment, entrepreneurship, and economic growth. All this will ultimately contribute to socio-economic development.

Credit: INP-WealthPk