PM Imran Khan gives instructions for regulatory framework linked with new business

PM Imran Khan gives instructions for regulatory framework linked with new business
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ISLAMABAD - Prime Minister Imran Khan has directed Board of Investment for early completion of consultation process with the relevant stakeholders for streamlining and simplifying laws and regulatory framework related to business in various sectors of economy.

In a meeting on removing regulatory hurdles in Islamabad on Wednesday, the Prime Minister also directed that the process of "guillotining" unnecessary regulations should be completed as soon as possible so to improve ease of doing business and facilitate business community .

Chairman BOI Zubair Gilani briefed the meeting that an extensive stakeholders' consultation process is underway for removing hurdles in ease of doing business.

He said this process involves elimination of irrelevant or obsolete regulations, review of existing regulatory framework and amendment in existing laws.

The Prime Minister directed that special attention should be paid towards promoting digital economy and offering digital solutions to the start-up enabling them to capitalize their potential in IT sector.

Imran Khan said automation of the regulatory procedure and online availability of required information will help businesses in smooth operations.

It was further informed that a digital "Business Regulatory Mapping Portal" has been designed to ensure transparency and accuracy in business transactions through E-Commerce.

The Prime Minister was informed by Minister Industries Punjab Mian Aslam Iqbal that the Government of Punjab has undertaken a number of initiatives to facilitate businesses including unifying taxes, eliminating inspections, offering one window facilitation and introducing Punjab Smart Regulation Act.

He was informed that as per his directions, Petroleum, Housing and Works, Power Division and BOI will soon be presenting plans regarding removal of unnecessary regulatory hurdles in their respective divisions.

The Prime Minister directed that all other divisions should come up with similar plans and present for approval and implementation.

Economy