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Razzak Dawood appreciates regulatory reforms to facilitate SMEs

January 13, 2021: Advisor to the PM on Commerce and Investment, Abdul Razak Dawood while chairing the sixth Steering Committee (SC) meeting on Pakistan Regulatory Modernization Initiative (PRMI) appreciated the regulatory reforms introduced for the facilitation of SMEs under BOI led Regulatory Reforms and Guillotine Initiative, said a press release issued on Thursday.

He expressed satisfaction with the performance of stakeholders and encouraged them to continue the momentum towards ensuring a business-friendly environment in the country. He said it’s heartening to see acknowledgement of government endeavours by the private sector as it is a testament to the on-ground positive impact.

Secretary BOI, Ms Fareena Mazhar acknowledged the active involvement of the private sector in supporting BOI in the successful execution of the ongoing initiative. The Secretary expressed gratitude to the Prime Minister and his team for supporting the timely and successful implementation of the regulatory reform activity.

She reaffirmed Federal and Provincial governments’ commitment to improve the business climate of the country through continued regulatory reforms.

The sixth Steering Committee (SC) meeting on Pakistan Regulatory Modernization Initiative (PRMI) chaired by Advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood was held at Board of Investment (BOI) on 13th January 2022.

The meeting reviewed the implementation of decisions made in the 5th SC meeting, briefing by BOI on regulatory guillotine activities & provincial groups on their respective agendas related to PRMI. Former Advisor to PM on Institutional Reforms & Austerity Dr Ishrat Hussain who is currently included as a private member in PRMI SC, Secretary BOI Ms Fareena Mazhar, Additional Secretary Commerce, Joint Secretary Industries & Production, Provincial & Regional Chief Secretaries/representatives, Director ICT, representatives of private-sector i.e. PBC, FPCCI, OICCI, KCCI, LCCI, FCCI and Pakistan’s international development partners World Bank Group & FCDO attended the meeting in person and virtually.

Additional Secretary BOI, Mr Mukarram Jah Ansari gave a broad overview of the working and progress of the Regulatory Guillotine mechanism which aims to identify, simplify, modernize or eliminate the regulatory bottlenecks for facilitation of businesses particularly Small & Medium Enterprises.

The entire exercise has been carried out in close collaboration with business associations of varied sectors to ensure accurate identifications of cumbersome regulations that are hampering business growth. To date, three rounds of regulatory reform and guillotine have been launched by BOI.

A total number of 168 reform proposals have been taken up with federal and provincial departments of which over 100 reforms have been implemented and others are under various stages of implementation. A dedicated interactive portal showcasing the implemented reforms along with supporting evidence was also viewed by the forum.

 Mr Ansari also appreciated the support of the World Bank, FCDO & the Office of Product Safety & Standards in the capacity building and handholding of the government departments regarding smart regulations. Provincial representatives of KP & Punjab briefed on progress on initiation of provincial One Stop Shop (OSS) & Zero Time To Start-Up (ZTTS) policies respectively.

The meeting concluded with the commitment of stakeholders to fast-track the process of reform implementation to promote industry and export-led growth in the country.

Press Release

Posted on: 2022-01-13T23:35:34+05:00

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