REGULATORY REFORMS – KEY DRIVER FOR SUSTAINABLE ECONOMIC DEVELOPMENT

Insights received from public and private sector stakeholders

The second workshop on “Regulatory Reforms through Principle Based Regulatory Framework” for Pharmaceutical & Healthcare, Science & Technology and IT and Commerce, Exports and Intellectual Property sectors, organized by Board of Investment under the umbrella of Pakistan Regulatory Modernization Initiative PRMI held on August 01, 2023 at a local hotel in Islamabad.

The workshop was actively attended by large number of senior officials from relevant Ministries & Departments as well as Mentors from the Private Sector and Academia with the aim to develop reform proposals for simplification, modernization and elimination of regulatory bottlenecks for facilitation of businesses in these sectors.

The workshop was carried out in collaboration with Revenue Mobilization for Investment & Trade-REMIT, FCDO, USAID, International Finance Corporation -IFC, Pakistan Single Window-PSW, Pakistan Institute for Development Economics-PIDE, Pakistan Business Council- PBC, Overseas Investors Chamber of Commerce & Industry-OICCI, and Federation of Pakistan Chamber of Commerce & Industry-FPCCI.

Mr. Adnan Munir, Director Reforms at Board of Investment in his introductory remarks highlighted that the key objectives of the Pakistan Regulatory Modernization Initiative are to reduce the compliance burden of businesses and improve the effectiveness of regulatory regime. Under this initiative, so far BOI has been able to implement 170 reforms in 30 sectors in coordination with 90 departments of the Federal and Provincial Governments having a direct impact on hundreds of businesses and through similar workshops and consultative sessions, BOI will keep the process going.

Breakout sessions were carried out on mapping of the Regulatory Requirements, Analysis & Problem identification, Self-Assessment on specific parameters, proposed solutions and Solution Design including steps involved in implementing reforms which involved brainstorming and healthy discussion between Public sector regulators and private sector mentors to transform the findings of the day into actionable recommendations.

During the workshop, the regulators collaborated closely with the Private Sector and Development Partners, resulting in a substantial number of actionable reform proposals. The Board of Investment will thoroughly review these proposals. Subsequently, they will be taken up with the relevant agencies for implementation and final report will be presented to the Federal Cabinet for consideration and directions. The aim is to seek the Cabinet’s approval and endorsement of the proposed regulatory reforms, which will pave the way for enhanced ease of doing business and attract much needed investments in the country.

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