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Mettis Global News
Mettis Global News
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BOI hope to improve Pakistan’s EODB ranking below 100

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Aug 26, 2021: Federal Secretary, Board of Investment (BOI), Fareena Mazhar on Thursday said the World Bank's coming, Ease of Doing Business (EODB) report 2021-22 to be issued in December this year, which is 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 Board of Investment (BOI) is working hard to attract foreign investment in the country and improve the ‘Ease of Doing Business’ by cost of doing business in the country, Federal Secretary, BOI Fareena Mazhar told APP besides the launching ceremony of 7th Reform Action Plan organized by BOI here.

In this regard, the BOI is 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 local industrial sector.

The Secretary BOI said that the Board is working hard on business reforms which will increase industrial competitiveness in the country and improve the climate for foreign investment in the country.

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

Fareena Mazhar said that enabling a business environment plays a pivotal role in attracting domestic and foreign investment.

She said that all over the world, the emphasis is on improving the business climate.

The Secretary said that higher rankings in the World Bank EODB index indicate better regulations for businesses and stronger protections of their rights.

An environment where new entrants with drive and innovative ideas can get started in business and where productive firms can invest, expand, and create new jobs, she said.

The Secretary said that EoDB ranking is instrumental to improve the size of the formal sector, to curb corruption through transparency and accountability.

She said that in short improvements in EoDB ranking reduces the time, cost and processes involved in starting and operating a business.

Fareena said that it is very encouraging to say that during the last two years Pakistan advanced 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 goes to the collective and coordinated efforts of the federal and the provincial governments of Punjab and Sindh spearheaded by the Board of Investment.

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 that for every DB cycle an Action plan containing more than 50 reforms actions across all 10 indicators is prepared in consultation with all relevant stakeholders.

So far Pakistan had implemented 6 reforms Action Plans, today “we are gathered here to launch 7th plan”.

APP

Posted on: 2021-08-26T15:13:00+05:00

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