Dawood hails regulatory reforms introduced for facilitation of SMEs

Dawood hails regulatory reforms introduced for facilitation of SMEs

Staff Report

ISLAMABAD: Advisor to the Prime Minister on Commerce and Investment Abdul Razak Dawood Thursday appreciated the regulatory reforms introduced for facilitation of small and medium-sized enterprises (SMEs) under Board of Investment (BOI) led regulatory reforms and guillotine Initiative.
While chairing the sixth Steering Committee (SC) meeting on Pakistan Regulatory Modernization Initiative (PRMI), he expressed satisfaction on 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 testament of the on ground positive impact. BOI Secretary Fareena Mazhar acknowledged the active involvement of private sector in supporting BOI in successful execution of the ongoing initiative. The Secretary reaffirmed federal and provincial governments’ commitment to improve the business climate of the country through continued regulatory reforms. The meeting reviewed implementation of decisions made in 5th SC meeting, briefing by BOI on regulatory guillotine activities & provincial groups on their respective agendas related to PRMI. BOI Additional Secretary Mukarram Jah Ansari gave a broad overview of the working and progress of Regulatory Guillotine mechanism which aims to identify, simplify, modernize or eliminate the regulatory bottle necks for facilitation of businesses particularly SMEs.
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. Ansari also appreciated the support of World Bank, FCDO & Office of Product Safety & Standards in the capacity building and hand holding 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 commitment of stakeholders to fast-track the process of reform implementation to promote industry and export led growth in the country.
Former Advisor to PM on Institutional Reforms & Austerity Dr. Ishrat Hussain who is currently included as private member in PRMI SC, BOI Secretary Fareena Mazhar, Additional Secretary Commerce, Joint Secretary Industries & Production, Provincial & Regional Chief Secretaries/representatives, ICT Director, representatives of FPCCI, OICCI, KCCI, LCCI, FCCI and Pakistan’s international development partners World Bank Group & FCDO attended the meeting in person and virtually.