6th steering committee meeting review regulatory reform on PRMI

ISLAMABAD:The sixth Steering Committee (SC) meeting on Pakistan Regulatory Modernization Initiative (PRMI) on Thursday reviewed implementation of decisions on regulatory guillotine activities and provincial groups on their respective agendas related to PRMI.

The sixth SC meeting reviewed the implementation made in the 5th SC meeting and briefing by BOI on regulatory guillotine activities, said a press release issued by BOI here.

The sixth Steering Committee (SC) meeting on Pakistan Regulatory Modernization Initiative (PRMI) chaired by the Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood was held at the Board of Investment (BOI).

Abdul Razak Dawood while chairing the Steering Committee (SC) meeting on Pakistan Regulatory Modernization Initiative (PRMI) appreciated the regulatory reforms introduced for facilitation of small and Medium Enterprises (SMEs) under BOI led Regulatory Reforms and Guillotine Initiative.

He expressed satisfaction on the performance of stakeholders and encouraged them to continue the momentum towards ensuring a business friendly environment in the country.

The adviser said it was heartening to see acknowledgment of government endeavors by the private sector as it was testament of the on ground positive impact.

Secretary BOI, Ms. Fareena Mazhar acknowledged the active involvement of the private sector in supporting BOI in successful execution of the ongoing initiative.

The secretary 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.

Former Advisor to PM on Institutional Reforms and Austerity Dr. Ishrat Hussain who is currently included as private member in PRMI SC, Secretary BOI Ms. Fareena Mazhar, Additional Secretary Commerce, Joint Secretary Industries and Production, Provincial and Regional Chief Secretaries/representatives, Director ICT, representatives of private sector i.e. PBC, FPCCI, OICCI, KCCI, LCCI, FCCI and Pakistan’s international development partners World Bank Group & FCDO attended the meeting in person and virtually.

Additional Secretary BOI, Mukarram Jah Ansari gave a broad overview of the working and progress of the Regulatory Guillotine mechanism which aims to identify, simplify, modernize or eliminate the regulatory bottlenecks 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.

Ansari also appreciated the support of World Bank, FCDO and Office of Product Safety and Standards in the capacity building and hand holding of the government departments regarding smart regulations.

Provincial representatives of KP and Punjab briefed on progress on initiation of provincial One Stop Shop (OSS) & Zero Time To Start-Up (ZTTS) policies respectively.

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.