ISLAMABAD – Securities and Exchange Commission of Pakistan (SECP) hasrecognized as the 7th most effective regulator in the World in ‘GlobalCompetitiveness Report-2019′ of World Economic Forum. According to thereports Pakistan ranked as the 52 most dynamic economies in the world.Pakistan secured this by improving 15 points from last year where it stoodat 67 in 2018, a press statement, issued by Mishal Pakistan, the CountryPartner Institute of the Future of Economic Progress System Initiative hereon Wednesday said.
The progress on Pakistan’s competitiveness was due to the achievements madeduring the last 12 months.
The most effective improvements were made due to the initiative andstrategies adopted by the apex regulator for the corporate sector and thecapital markets, supervising and regulating insurance, non-bankingfinancial companies and private pension schemes.
The SECP improved Pakistan’s competitiveness rankings by improving thenumber of days to start a business, where Pakistan stands at the globalrank of 90 as compared to 96 in 2018.
SECP Chairman Aamir Khan briefed the Word Economic Forum’s Future ofEconomic (WEF) partner team and said, the commission is working hard todevelop new approaches to connect and facilitate its stakeholders, thiswill bring structural changes in terms of attitude towards entrepreneurialrisk and growth of innovative companies, where Pakistan already has animpressive global position of 53 among 141 nations globally.
Notably, the strategy adopted by SECP is also instrumental in creating morecompanies embracing disruptive ideas.
The SECP is working with other stakeholders to collaborate in creatinglegal framework’s adaptability to digital business models, where Pakistanis performing better than 100 other countries in the world.
According to him, the SECP is committed to revolutionize its technologyinfrastructure so as to give shareholders a world class service experience,envisioned by the federal government.
Read Top Stories
Aamir Khan said, “We all must work together to improve the collectiveunderstanding of all the stakeholders for a meaningful change in thebusiness environment.”
Digital solutions deployed by the SECP made companies registration and postincorporation compliance simple, faster and cost effective.
In September 2019, 96 pc of companies registered online through SECP’seService and 50pc of companies incorporated the same day. Most importantly,85 foreign applicants completed registration of companies from overseasusing eService.
The overarching goal of the project is to bring services to the people,rather than making them seek out support leading to efficient communicationbetween the SECP and its regulated entities while bringing them a broaderrange of digital services
Mishal Pakistan will be creating a competitiveness 4.0 media fellowshipprogramme this year to improve the skillsets of the working journalists tounderstand and improve the financial and business sector reporting in thecountry.
The fellowship will aim to capacitate journalists to make governments moreaccountable with data-driven journalism, especially on the indices definingthe future orientation of the government’s vision and policies.
