Enabling environment key for economic revival

Experts say regulatory architecture may be reformed

ISLAMABAD: Creating evidence-based policy and establishing a level playing field for all is as important as an enabling environment for businesses to revive the economy and ensure a better regulatory environment.

This was stated by economic and business experts on Wednesday during an online dialogue on ‘The prerequisites for a better business environment’. The dialogue had been organised by the Sustainable Development Policy Institute (SDPI) on Wednesday.

Sohail Qadri, the director of policy at the Punjab Board of Investment and Trade, said that the Punjab government has taken several steps to ensure a better business regulatory environment. He added that evidence-based legislation and policy is required for all future endeavours to ensure easy and low compliance-cost for businesses.

Assuring that the government aims to create an enabling environment of business, he explained that this will be achieved by identifying gaps, mapping requirements and removing anomalies as well as reforming the regulatory architecture.

He added that the government is focusing on a tax harmonization agenda, balancing high energy costs and de-regularization.

European Union Delegation’s Deputy Head of Mission Anne Marchal said that they will be focusing on supporting business, investment and trade interventions under future programmes.

Marchal said that improvement in the business regulatory environment should also cut across the labour, health, fair trade and technology transfer sectors.

Better business regulations, Marchal said, are becoming more and more important due to the emergence of new risks such as terrorism, climate change and now pandemics.

All provinces should, therefore, develop their ‘Best Business Regulatory’ guides considering the risks, she added.

State Bank of Pakistan’s Farzand Ali said that they are constantly working for improving the business regulatory environment based on the feedback received from various private and public sector entities.  

Published in The Express Tribune, June 25^th, 2020.