Pakistan's focus lies on reducing regulatory burdens to enhance investment climate

January 05, 2024 (MLN): As Pakistan strives to enhance its investment climate, the focus lies on reducing unnecessary regulatory burdens and streamlining business processes at provincial and local levels, secretary board of investment, Sohail Rajpot highlighted at a seminar organized by ReMIT yesterday.

Representatives from across Pakistan gathered in Islamabad for this enlightening seminar to discuss the Pakistan Regulatory Modernization Initiative (PRMI) and its pivotal role in enhancing the regulatory landscape of the country.

The event served as a platform for provinces and regions to showcase progress, share successes, address challenges, and outline future plans regarding regulatory reforms.

Secretary Board of Investment, Sohail Rajpot expressed the paramount importance of regulatory reforms in adapting to changing circumstances and optimizing governance structures.

Addressing the audience of the seminar, Secretary Rajpot expressed gratitude for their presence and underscored the importance of the gathering, emphasizing the need to discuss the evolving regulatory landscape in the country.

Expressing gratitude for the participants' presence, Secretary Rajpot emphasized the need to discuss the evolving regulatory landscape in the country.

He highlighted that in an era marked by rapid technological advancements, shifting economic landscapes, and evolving societal expectations, regulatory reforms have gained paramount significance.

Such reforms are deemed vital for adapting to changing circumstances, fostering innovation, and ensuring the efficient functioning of both public and private sectors.

Acknowledging the diligent efforts of provincial and regional governments in the past year, Secretary Rajpot commended positive changes brought about through business reforms in various economic sectors.

He stressed the role of reducing unnecessary regulatory burdens and streamlining business processes at the provincial and local levels to enhance the investment climate in Pakistan.

The seminar provided each province and region with the opportunity to present progress in areas like PRMI, key regulatory reform successes, ongoing challenges, and plans for the future.

Secretary Rajpot highlighted the importance of collaboration and knowledge sharing between provinces and regions to establish uniform best practices and ensure regulatory coordination across Pakistan.

"With continued support from our development partners like FCDO and ReMIT, I am confident that our collective efforts will make Pakistan an even more attractive destination for investment and business over the coming years," said Secretary Rajpot.

He concluded by expressing gratitude for the participants' commitment to the agenda of regulatory reforms, highlighting the ongoing role of the Board of Investment as a platform for meaningful engagement between Federal and provincial governments.

"I am certain that this collaborative approach will significantly expedite the reform agenda and help us in attaining our economic objectives in a shorter period of time.

Thank you all for your participation and commitment to this important agenda of regulatory reforms," concluded Secretary Rajpot.

This collaborative approach is expected to expedite the reform agenda, contributing significantly to the attainment of Pakistan's economic objectives in a shorter period.

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