Workshop on “Regulatory Reforms through Principle Based Regulatory Framework” (Day 1)- July 31 2023

BOI organized a workshop on “Regulatory Reforms through Principle Based Regulatory Framework” for Energy (Power & Petroleum), Water Resources, Maritime (Ports), and Media & Communications sectors on July 31, 2023 at a local hotel in Islamabad to identify regulatory reforms by lowering compliance burden on businesses. A large number of senior officials from relevant Ministries and Departments attended the Workshop. Moreover, Mentors from the Private Sector and Academia were engaged in development of reform proposals in active collaboration with Public sector during the workshop.
The workshop was carried out under Pakistan Regulatory Modernization Initiative (PRMI), an initiative of the Federal Government to reduce compliance burden of businesses in Pakistan. The main objective was to facilitate a comprehensive self-assessment of RLCOs (Registrations, Licenses, Certifications, and Other Permits) with an aim of identifying and eliminating redundant regulations. Additionally, it sought to streamline and modernize cumbersome procedures that hindered the ease of doing business for investors and businesses in Pakistan. To achieve this objective, the regulators collaborated closely with the Private Sector and Development Partners to transform the findings into actionable reform proposals and recommendations.
Mr. Zulfiqar Ali, the Director General of Reforms, BOI in his opening remarks emphasized the significance of principle-based regulatory frameworks for Pakistan’s socio-economic development. He along-with other speakers from USAID, REMIT and PSW highlighted how regulatory frameworks play a crucial role in shaping progress and prosperity, especially in a rapidly evolving global landscape where businesses and societies are interconnected.
The workshop was carried out in collaboration with various partners of BOI under PRMI including Revenue Mobilization for Investment & Trade-REMIT, 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.
Breakout sessions 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 were carried out during the workshop which involved brainstorming and discussion between Public sector regulators and private sector mentors to transform the findings of the day into actionable recommendations.
As a result, substantial number of reform proposals were received from the stakeholders. 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.