Report: FT Correspondent:
ISLAMABAD — Prime Minister Muhammad Shehbaz Sharif chaired an important meeting on regulatory reforms, reviewing measures aimed at facilitating businesses, promoting investment and making the regulatory framework more effective, transparent and business-friendly.
The Prime Minister said regulatory reforms were essential for facilitating business activities and promoting investment. He said the government was taking effective measures to facilitate the business community and eliminate unnecessary regulations.
He directed that reforms introduced in the Drug Regulatory Authority of Pakistan (DRAP) be replicated in other regulatory institutions to modernize and improve their functioning.
The Prime Minister also directed the establishment of a regulatory registry to consolidate all regulatory requirements, rules and regulations applicable in the country under a comprehensive system.
He called for nationwide implementation of the Ease of Doing Business Act to harmonize regulatory systems across provinces and provide uniform facilities to businesses.
The Prime Minister further directed that third-party validation of regulatory reforms be conducted to objectively assess their impact and effectiveness.
The meeting was informed that the Cabinet’s Regulatory Reforms Committee had approved 557 reforms across seven multi-sector areas, with annual savings of around Rs460 billion expected from these measures.
The Prime Minister directed the Special Investment Facilitation Council (SIFC) to effectively highlight its regulatory reforms and work closely with the private sector to ensure businesses are aware of and benefit from the facilities being provided.
He also directed an SIFC delegation to visit all provinces and take provincial governments on board in the regulatory reform process to ensure greater coordination and business facilitation across the country.
The Prime Minister directed Adviser to the Prime Minister on Industries Haroon Akhtar Khan to lead the delegation and ensure effective coordination with provincial governments.
The meeting was informed that Business Facilitation Centres (BFCs) were being modernized on the model of Punjab’s E-BIZ system, while the Export Policy Order and Import Policy Order were also being simplified.
SIFC is coordinating with all provinces, including Azad Jammu and Kashmir and Gilgit-Baltistan, on regulatory reforms.
The meeting was informed that 8,717 applications had been initiated through Business Facilitation Centres, of which 71 percent had been completed. The Islamabad Business Facilitation Centre had also provided facilities to 4,612 new businesses.
The Prime Minister directed all ministries and divisions to ensure timely implementation of reforms approved by the Cabinet. He also directed SIFC and the Chief Secretary Punjab to complete the integration of E-BIZ Punjab and BFC Islamabad by March 2027.
The meeting was attended by Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Federal Minister for Law and Justice Azam Nazeer Tarar, Federal Minister for Climate Change Musadik Masood Malik, Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Finance and Revenue Muhammad Aurangzeb, Federal Minister for Information and Broadcasting Attaullah Tarar, Federal Minister for IT and Telecom Shaza Fatima Khawaja, Adviser to the Prime Minister on Industries Haroon Akhtar, Minister for Finance and Railways Bilal Azhar Kayani and senior government officials.
