REGULATORY REFORMS: A VITAL CATALYST FOR FOSTERING INVESTMENT ATTRACTION.

A Four day workshop on “Regulatory Reforms through Principle Based Regulatory Framework” organized by Board of Investment in collaboration with public and private sector partners  concluded today in Islamabad. The participants of today’s workshop were from Housing & Construction, Human Resource/Employment, ICT Administration, Tourism and Finance & Revenue sectors.

The workshop was attended by 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 reengineering and digitization and elimination of regulatory bottlenecks for facilitation of businesses in all sectors of economy.

Objective of these 04 day workshops was to conduct self-assessment exercise to eliminate redundant and needless regulations and also simplify / modernize the cumbersome procedures by the Public Sector Regulators in collaboration with Private Sector and Development Partners.

During the workshops, close collaboration and discussions between the public and private sector stakeholders resulted 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. The whole process will be carried out under supervision of Pakistan Regulatory Modernization Initiative (PRMI) Steering Committee with executive oversight by Prime Minister’s Office.

Acknowledging the contributions of regulators, private sector mentors, and development partners, Ms. Ambreen Iftikhar, Additional Secretary Reforms at the Board of Investment, expressed her commendation for their proactive engagement and dedication in ensuring the success of these workshops. She highlighted the workshops’ productivity in generating actionable reform proposals. Emphasizing the value of a principle-based regulatory structure, she encouraged stakeholders to embrace a framework that offers flexibility for innovation and adaptation in the face of evolving circumstances. Ms. Iftikhar reiterated the collective potential to drive change and stressed the importance of nurturing the momentum of this regulatory reform journey through similar collaborative sessions.

Mr. Stephen Berlinguette, Deputy Director, Office of Climate & Sustainable Development USAID Pakistan also spoke on the occasion and highlighted the role of USAID Pakistan in Regulatory Reform Journey.

The Board of Investment extends its gratitude to its partners Revenue Mobilization, Investment & Trade Programme-REMIT, Foreign Commonwealth and Development Office, 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. Their invaluable support has been instrumental in achieving the success of these workshops.

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