Cabinet body okays 104 business reforms

BOI targets 90-day implementation; regulatory overhaul aims to slash compliance costs, approval timelines

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ISLAMABAD:

The Cabinet Committee on Regulatory Reforms (CCoRR), chaired by Federal Minister for Investment Qaiser Ahmed Sheikh, concluded a series of three meetings to review the Regulatory Reform Package-01 submitted by the Board of Investment (BOI).

According to an official statement on Thursday, the meetings marked a key milestone in the government's effort to modernise Pakistan's regulatory environment in line with the prime minister's directives.

The BOI's reform package included 136 proposals aimed at reducing compliance burdens, eliminating outdated procedures, and improving the ease of doing business.

The package focused on streamlining federal-level Registrations, Licenses, Certificates and Other Permits (RLCOs) and modernising the Companies Act, 2017 for unlisted companies.

During the meetings, the committee reviewed all 136 proposals in detail. A sub-committee led by Haroon Akhtar Khan, Special Assistant to the Prime Minister for Industries and Production, was formed to consult on the Companies Act with the Securities and Exchange Commission of Pakistan (SECP) and other stakeholders.

Out of 136 proposals, 104 reforms were endorsed for implementation. These include the removal of 19 redundant regulatory requirements and streamlining of 57 procedural steps through simplification, modernisation, and digitalisation.

Once implemented, the approved reforms are expected to deliver significant cost savings, shorten approval timelines, and create a more transparent and business-friendly regulatory ecosystem.

The committee directed relevant ministries and departments to implement the reforms within set deadlines, up to 90 days depending on each reform's complexity.

BOI will coordinate implementation and regularly report progress to the committee.

The committee noted that more reform packages are in development, targeting key sectors of the economy. These future reforms aim to reduce compliance pressures and create space for businesses to invest and grow locally and globally.