The sectary of the Board of Investment (BOI) shared that PRMI has taken initiative for modernization and regulation of local business.
ISLAMABAD, (APP): Federal Secretary, Board of Investment (BOI), Fareena Mazhar on Monday said Pakistan Regulatory Modernization Initiatives (PRMI) was a key initiative of the government for the modernization and regulation of local business for providing a conducive business environment in the country.
Implementation of these reforms, initiated by BOI, was part
of the broader strategy of the government aimed at improving productivity and
enhancing exports to achieve the objective of sustainable economic growth in
the country, Secretary BOI, Fareena Mazhar told APP here.
The Secretary BOI said main objective of PRMI reforms
strategy was to improve the entry and operation environment for business,
focusing on the simplification and automation of the regulatory framework at
all three government levels including federal, provincial and district level.
She said the vital success indicator of the initiative would
be increase in the overall private sector and foreign direct investment level
without compromising the effectiveness of the various regulatory regimes.
Fareena Mazhar said enabling a business environment played a
pivotal role in attracting domestic and foreign investment.
She said all over the world, the emphasis was on improving
the business climate.
Replying to a question, she said the World Bank’s coming,
Ease of Doing Business (EODB) report 2021-22 to be issued in December this
year, which was expected to further improve Pakistan’s ranking below 100.
“Improving Pakistan’s ‘Ease of Doing Business Ranking’ will
boost foreign investment in the country”, she said.
The Secretary said higher rankings in the World Bank Ease of
Doing Business (EODB) index indicated better regulations for businesses and
stronger protections of their rights.
An environment where new entrants with drive and innovative
ideas could get started in business, she said adding, areas where productive
firms could invest, expand, and create new jobs was our prime focus.
The Secretary said EoDB ranking was instrumental to improve
the size of the formal sector, to curb corruption through transparency and
accountability.
She said in short improvements in EoDB ranking would help
reduce time, cost and processes involved in starting and operating a business.
Fareena said it was very encouraging to say that during last
two years, Pakistan advanced from 39 places to 108th place on the ease of doing
business global ranking.
The company’s registration has shown a 63 percent growth and
99 percent of these registrations were done online while 45 percent applicants
were issued registration certificates on the same day, she said.
She said the credit of this outstanding performance on the
global stage went to the collective and coordinated efforts of the federal and
the provincial governments of Punjab and Sindh spearheaded by the Board of
Investment.
Replying to another question, the Secretary said the
Securities and Exchange Commission of Pakistan (SECP), Federal Board of Revenue
(FBR) and Employees Old- Age Business Institution (EOBI) have also played a key
role for driving reforms under the federal indicators where Pakistan has
demonstrated an exemplary performance.
She said for every DB cycle, an Action plan containing more
than 50 reforms actions across all 10 indicators was prepared in consultation
with all relevant stakeholders.
So far, Pakistan had implemented six reform Action Plans,
she said adding, today “we are gathered here to launch the 7th plan”.
She informed the ‘7th Reform Action Plan’ is mainly focusing
on improvements in firm entry regulations, reliability of electricity, tax
regulations, trade regulations, creditors’ rights, better property rights, and
court efficiency etc. and reforms in these areas play a major role in the
process of economic development.
The Board of Investment (BOI) was working hard to attract
foreign investment in the country and improve the ‘Ease of Doing Business’ by
cost of doing business in the country, the Secretary said.
In this regard, the BOI was working on about 50 reforms to
create a conducive environment for business and enhance the industrialization
in the country.
In the last two years, “we have improved the World Bank’s
EODB ranking by 39 points in ease of doing business, which is very beneficial
for attracting foreign investment and growth of the local industrial sector”.
The Secretary BOI said the Board was working hard on
business reforms which would increase industrial competitiveness in the country
and improve the climate for foreign investment in the country.