PM directs BoI for early completion of consultative process for simplifying laws, regulations

ISLAMABAD: Prime Minister Imran Khan Wednesday directed Board of Investment for early completion of consultation process with the relevant stakeholders for streamlining and simplifying laws and regulatory framework relating to business in various sector of economy.

The prime minister also directed that the process of, “guillotining” unnecessary regulations, should be completed as soon as possible so as to improve ease of doing business and facilitate business community especially start-up companies.

He was chairing a meeting on removing regulatory hurdles at Prime Minister’s office. The meeting was attended by Advisor on Commerce Abdul Razak Dawood, Advisor on Institutional Reforms Dr. Ishrat Hussain, Chairman Board of Investment (BOI) Zubair Gilani, Punjab Minister for Industries Mian Aslam Iqbal, Country Director World Bank and senior officials, PM office media wing in a press release said.

Chairman BOI Zubair Gilani briefed that an extensive stakeholders’ consultation process was underway for removing hurdles in ease of doing business.

This process involved elimination of irrelevant or obsolete regulations, review of existing regulatory framework and amendment in existing laws.

It was further informed that a digital “Business Regulatory Mapping Portal” has been designed to ensure transparency and accuracy in business transactions through E-Commerce. The automation of procedures would facilitate business community besides ensuring transparency in the system.

The prime minister was informed by Punjab minister for Industries that the provincial government had undertaken a number of initiatives to facilitate businesses including unifying taxes, eliminating inspections, offering one-window facilitation and introducing Punjab Smart Regulation Act.

The prime minister directed that special attention should be paid towards promoting digital economy and offering digital solutions to the start-up enabling them to capitalize their potential in IT sector.

He said that facilitating investors and increasing ease of doing business was the top most priority of the government.

He said the automation of the regulatory procedure and online availability of required information would help businesses in smooth operations.

The prime minister was informed that as per his directions, petroleum, housing & works, power division and BOI will soon be presenting plans regarding removal of unnecessary regulatory hurdles in their respective divisions.

The prime minister directed that all other divisions should come up with similar plans and present for approval and implementation.