Fozia Azam

As part of its ongoing efforts to promote investment and economic growth, the Pakistan Regulatory Modernisation Initiative (PRMI) launched by the Board of Investment (BoI) aims at streamlining the process of doing business by involving a comprehensive reform agenda, says a senior official.

Director General PRMI Zulfiqar Ali said while talking to WealthPK that the reforms focus on regulatory changes, improving technology, and simplifying procedures to create a more competitive and business-friendly environment and promote private sector-led growth. He said the second phase of ease of doing business (EODB) is built on the success of the first phase, and represents a major step towards creating a more business-friendly environment in the country.

“Previously, the first phase provided a measure of EODB through a set of objective indicators that focus on the impacts of laws, regulations and their enforcement, as Pakistan has consistently made efforts to improve business environment in the country,” he added. “Under the new initiative, businesses will benefit from a range of improvements to the regulatory framework, including faster processing times for registration and licensing, improved access to credit, and more efficient dispute resolution mechanisms,” he continued.

Zulfiqar said the government is also investing in modernising the infrastructure and building capacity to facilitate growth across various sectors. “The second phase of the EODB initiative is a comprehensive and coordinated effort to promote investment and economic growth in Pakistan. It is based on a whole-of-government approach and builds on the lessons learned from the first phase, which has already yielded positive results," he said.

Overall, the PMRI initiative is expected to create a more favourable investment climate in Pakistan, paving the way for increased foreign direct investment and enhanced economic growth. The government's focus on regulatory modernisation and capacity building will create a more dynamic business ecosystem, making it easier for entrepreneurs and businesses to start and grow their ventures and, in turn, improving the country's economic prospects.

Credit: Independent News Pakistan-WealthPk