August 01, 2023 (MLN): The Board of Investment (BOI) on Monday organized a workshop on “Regulatory Reforms through Principle Based Regulatory Framework” with the main objective to facilitate a comprehensive self-assessment of Registration / License / Certificate / Other Permit (RLCOs) to identify and eliminate redundant regulations.
The workshop was conducted for Energy (Power & Petroleum), Water Resources, Maritime (Ports), Media & Communications sectors along with Private Sector Mentors and Academia.
It was carried out under the Pakistan Regulatory Modernization Initiative (PRMI), an initiative of the Federal Government to reduce the compliance burden of businesses in Pakistan.
To achieve this objective, the regulators collaborated closely with the Private Sector and Development Partners to transform the findings into actionable reform proposals and recommendations.
As a result, a substantial number of reform proposals were received that will be thoroughly reviewed by BOI.
Subsequently, they will be taken up with the relevant agencies for implementation and the final report will be presented to Federal Cabinet for consideration & directions.
The aim is to seek the Cabinet's approval and endorsement of the proposed regulatory reforms, which will pave the way for enhanced ease of doing business and attract much-needed investments in the country.
