Calls for speeding up process of removing unnecessary regulations. PHOTO: FILE
ISLAMABAD: Prime Minister Imran Khan has directed the Board of Investment (BOI) for early completion of the consultation process with relevant stakeholders in order to streamline and simplify laws and the regulatory framework relating to businesses in various sectors of the economy.
Chairing a meeting at the Prime Minister's Office on Wednesday, he directed the investment board to speed up the process of removing unnecessary regulations for improving the ease of doing business and facilitating the business community, especially start-ups.
According to a press release, the PM emphasised the need for paying special attention to the digital economy and offering digital solutions to the start-ups in a bid to enable them to capitalise on their potential in the IT sector.
He reiterated that facilitating investors and improving the ease of doing business was the topmost priority of the government.
Speaking on the occasion, BOI Chairman Zubair Gilani revealed that an extensive stakeholders' consultation process was underway for removing hurdles in the way of ease of doing business.
"This process will involve elimination of irrelevant or obsolete regulations as well as a review of the existing regulatory framework and amendments to existing laws," Gilani said.
"A digital Business Regulatory Mapping Portal has been designed to ensure transparency and accuracy in business transactions through e-commerce."
He added that the automation of procedures would facilitate the business community besides ensuring transparency in the system.
Punjab Minister for Industries Mian Aslam Iqbal stated that the provincial government had undertaken several initiatives to facilitate businesses. These included unifying taxes, eliminating inspections, offering one-window solutions and introducing Punjab Smart Regulation Act.
The prime minister was informed that as per his directives, Petroleum, Housing, and Works, Power Divisions and BOI would soon be presenting plans on the removal of unnecessary regulatory hurdles in their respective divisions.
The prime minister directed all other divisions to come up with similar plans and present them for approval and implementation.
The meeting was also attended by Adviser to Prime Minister on Commerce Abdul Razak Dawood, Adviser to PM on Institutional Reforms Dr Ishrat Husain, World Bank country director and other senior officials.
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