PRMI key initiative to regulate businesses: official

Web DeskWeb Editor

30th Aug, 2021. 03:47 pm
Board of Investment

ISLAMABAD: The Pakistan Regulatory Modernisation Initiatives (PRMI) is a key initiative of the government for the modernisation and regulation of local business for providing a conducive business environment in the country, a government official said on Monday.

Implementation of these reforms, initiated by the Board of Investment (BoI), was part of the broader strategy of the government aimed at improving the productivity and enhancing exports to achieve the objective of sustainable economic growth in the country, BoI secretary Fareena Mazhar told APP.

The BoI secretary said the main objective of PRMI reforms strategy was to improve the entry and operation environment for business, focusing on the simplification and automation of the regulatory framework at all three government levels, including federal, provincial and district levels.

The success indicator of the initiative would be increased in the overall private sector and foreign direct investment level without compromising on the effectiveness of various regulatory regimes, she said.

Fareena Mazhar said that enabling a business environment played a pivotal role in attracting domestic and foreign investment, add investment that the world is emphasising on improving the business climate.

The World Bank’s Ease of Doing Business (EODB) Report 2021/22, to be issued in December this year, 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 BoI secretary said higher rankings in the World Bank Ease of Doing Business (EODB) index indicated better regulations for businesses and stronger protections of their rights.

It will be an environment where new entrants with drive and innovative ideas could get started in business, she said, adding that areas where productive firms could invest, expand, and create new jobs was the prime focus.

Fareena Mazhar said that EoDB ranking was instrumental in improving the size of the formal sector, to curb corruption through transparency and accountability.

She said in short, improvements in the EoDB ranking would help reduce time, cost and processes involved in starting and operating a business.

Fareena Mazhar also said it was 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 per cent growth and 99 per cent of these registrations were done online, while 45 per cent applicants were issued registration certificates on the same day, she added.

The credit of this outstanding performance on the global stage went to the collective and coordinated efforts of the federal and the provincial governments of Punjab and Sindh spearheaded by the Board of Investment.

The BoI secretary said the Securities and Exchange Commission of Pakistan (SECP), Federal Board of Revenue (FBR) and the Employees Old-Age Benefit Institution (EOBI) have also played a key role in driving reforms under the federal indicators where Pakistan has demonstrated an exemplary performance.

For every Doing Business cycle, an action plan containing more than 50 reform actions across the 10 indicators was prepared in consultation with all the relevant stakeholders.

The Board of Investment was working hard to attract foreign investment in the country and improve the “Ease of Doing Business” by reducing the cost of doing business in the country, the secretary said.

In this regard, the BoI was working on around 50 reforms to create a conducive environment for business and enhance industrialisation in the country.

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