SAPM urges reforms to support local industries, boost exports

June 18, 2025 (MLN): Reforms that support domestic industries and boost exports were urged by Haroon Akhtar Khan, Special Assistant to the Prime Minister, Ministry of Industries & Production, emphasizing that Pakistan's resilient business community must be at the heart of sustainable economic revival.

This was discussed during the National Regulatory Reforms Conference 2025, successfully hosted by the Board of Investment (BOI), Prime Minister’s Office, under the theme “Enabling Business, Empowering Pakistan.”

Haroon Akhtar emphasized the need for a policy mix that bridges academic insights with ground realities.

He identified high power tariffs, elevated tax rates, and a lack of investor confidence as key challenges, as per the press release issued.

The conference brought together an esteemed gathering of federal ministers, government officials, regulatory authorities, international experts, and development partners.

Representatives from the private sector and academia also participated in deliberate on Pakistan’s evolving regulatory landscape and charting a dynamic roadmap for future reforms.

In her welcome remarks, Ambreen Iftikhar, Additional Secretary, BOI, emphasized that regulatory reforms cannot be the government’s responsibility alone.

A coordinated, inclusive, and consultative approach, bringing together businesses, regulators, academia, and development partners, is essential.

She outlined key reform initiatives under the Pakistan Regulatory Modernization Initiative (PRMI), projects like SMART and DEEP, Regulatory Guillotine, and the Pakistan Business Portal (PBP), all aimed at simplifying the regulatory environment and reducing business compliance costs.

In his keynote address, Qaiser Ahmed Sheikh, Federal Minister for Investment, candidly reflected on the challenges facing Pakistani businesses.

He stressed the need for robust joint ventures and shared successful examples of his own collaboration with Korean and Malaysian firms.

He called for a more efficient one-window operation and emphasized that Pakistan has the potential to compete globally, provided regulatory inefficiencies are addressed.

Rana Ihsaan Afzal Khan, Coordinator to the Prime Minister on Commerce, discussed Pakistan’s structural economic constraints, particularly the boom-bust cycles caused by current account deficits.

He advocated for an export-oriented economy, rationalization of tariffs, and a transparent customs regime to build long-term economic stability.

Dr. Jehanzaib Khan, Secretary of the SIFC Apex Committee, called for a more balanced regulatory approach.

He proposed third-party inspections, a regulatory quality system, and quality checks to replace overly punitive regulatory measures.

International expert Scott Jacobs acknowledged Pakistan’s progress and underlined the importance of a principle-based, sequenced approach to regulatory reforms.

He commended BOI and the SMART team for incorporating global best practices in reform implementation in line with global best practices.

A technical presentation by Ahmed Waqar, Director Reforms, BOI, detailed the journey “From Bottlenecks to Breakthroughs,” showcasing identification of pain in RLCOs (regulatory licenses, certificates, and other obligations) and the development of short, medium, and long-term reform strategies.

Representing the private sector, Atif Akram Sheikh underscored the need for quarterly consultations, co-designed interventions, and mutual accountability to make Pakistan a country where doing business becomes a competitive advantage.

Representing development partners, Jo Moir, Development Director at the British High Commission, reaffirmed the UK’s support for Pakistan’s reform efforts.

She cited REMIT’s ongoing technical assistance and highlighted Pakistan’s untapped economic potential, especially in youth and entrepreneurship.

She urged continued momentum in regulatory reforms for investment promotion in the country.

From the regulatory institutions, Dr. Ubaidullah Malik, CEO DRAP, presented the paradigm shift in Pakistan’s therapeutic goods regulation, including the launch of a Case Management System.

Muzaffar Ahmed Mirza from SECP emphasized digitization for investor facilitation, while Tariq Mehmood Bhatti from NHA highlighted delays in NOC issuance, urging procedural reforms.

The business community, represented by Abdul Aleem (OICCI), called for clarity on institutional roles, especially between SIFC and BOI, to avoid ambiguity.

He emphasized investor confidence, tax reforms, and procedural streamlining.

Sheikh Waqar Ahmed of Nestlé Pakistan shared a successful case study in regulatory harmonization, expressing appreciation for BOI and SIFC’s support.

Umair Rafiq, former Chairman of the Pakistan Electric Fan Manufacturers Association, stressed the need for human resource development and compliance burden reduction to retain businesses in Pakistan.

Hamed Yaqoob Sheikh, Secretary, Housing & Works, former Team Lead of REMIT, reaffirmed the government’s unwavering support for the Board of Investment’s reform agenda.

He emphasized the importance of eliminating unnecessary regulations and fostering an enabling environment to attract investment and promote economic competitiveness.

He acknowledged and appreciated the teamwork between BOI and REMIT Teams.

Concluding the event, Ambreen Iftikhar, Additional Secretary BOI, thanked all distinguished guests and panelists from the Public and Private sectors for their active role in the reforms journey and participation in the event.

She appreciated the BOI Team for their dedication and hard work, leading to the timely preparation of reform packages.