PTI Government to unleash new initiative for business growth in Pakistan

PTI Government to unleash new initiative for business growth in Pakistan

Mukarram Jah Ansari Additional Secretary, Board of Investment, has said that the government is working every single moment to develop a Pakistan Business Portal which will be a virtual one-stop-shop platform and would reduce lot of compliance requirements for businesses and facilitate better growth of business activities in future.

While giving a presentation on reforms measures being undertaken by the BOI to improve Ease of Doing Business and Pakistan Regulatory Modernization Initiative (PMRI) to facilitate investment and business activities in the country. Sialkot, Lahore, Faisalabad, Karachi and other Chambers of Commerce & Industry were present via video link.

Mukarram Jah Ansari said that with the implementation of new reforms, Pakistan would hopefully be included in the top 90 economies of the world in ease of doing business ranking 2021. He acknowledged that businesses in Pakistan were facing high burden of regulatory requirements and the aim of PMRI was to reduce compliance burden and cost on businesses by eliminating unnecessary procedures and processes. He said that mapping of 550 business regulations has been done for analysis, simplification, elimination of unnecessary laws and said that all systems and procedures would be automated for the facilitation of the business community.

The Additional Secretary BOI said that soon, there would be a Single Window facility for registration of businesses that would be communicated to all relevant departments and organizations through an integrated system. He said that changing the mind-set and behavior of people took time, therefore, the government was focusing on changing the methods and processes to address

problems and facilitate the businesses.

He said that reforms under PMRI would be completed by 2023 in consultation with the private sector and the purpose of holding this online session with other chambers of commerce from ICCI was a part of getting their input to further improve the reforms process.

Speaking at the occasion, Acting President Islamabad Chamber of Commerce & Industry (ICCI), Fatma Azim appreciated the Pakistan Regulatory Modernization Initiative of BOI and said that this process should be completed priority so that the private sector could start reaping the fruits of these reforms. She said government should provide them maximum facilitation to make Pakistan a hub of business and investment activities.