Islamabad: Prime Minister’s Advisor on Commerce and Investment, Abdul Razak Dawood on Thursday appreciated the regulatory reforms introduced for facilitation of Small and Medium Enterprises under the Board of Investment (BOI) led Regulatory Reforms and Guillotine Initiative.
Chairing the sixth Steering Committee (SC) meeting on Pakistan Regulatory Modernization Initiative (PRMI) held here at BOI, he expressed satisfaction on performance of stakeholders and encouraged them to continue the momentum towards ensuring a business friendly environment in the country.
He said it’s heartening to see acknowledgement of government endeavors by the private sector as it is testament of the on ground positive impact.
According to a press release, Secretary BOI, Ms Fareena Mazhar acknowledged the active involvement of private sector in supporting BOI in successful execution of the ongoing initiative. She expressed gratitude to the Prime Minister and his team for supporting the timely and successful implementation of the regulatory reform activity.
She reaffirmed federal and provincial governments’ commitment to improve the business climate of the country through continued regulatory reforms. The meeting reviewed implementation of decisions made in 5th SC meeting, briefing by BOI on regulatory guillotine activities and provincial groups on their respective agendas related to PRMI.
Additional Secretary BOI, Mukarram Jah Ansari gave a broad overview of the working and progress of Regulatory Guillotine mechanism which aims to identify, simplify, modernize or eliminate the regulatory bottle necks for facilitation of businesses particularly Small and Medium Enterprises.
The entire exercise has been carried out in close collaboration with business associations of varied sectors to ensure accurate identifications of cumbersome regulations that are hampering business growth.
To date, three rounds of regulatory reform and guillotine have been launched by BOI. A total number of 168 reform proposals have been taken up with federal and provincial departments of which over 100 reforms have been implemented and others are under various stages of implementation.
A dedicated interactive portal showcasing the implemented reforms along with supporting evidence was also viewed by the forum. The meeting concluded with commitment of stakeholders to fast-track the process of reform implementation to promote industry and export led growth in the country.