Govt eyes top business ranking

Federal, provincial reforms ease regulations for investors

KARACHI:

The federal and provincial governments have launched a joint drive to ease business regulations, reduce bureaucratic hurdles, improve access to ports, lower freight costs and attract investment as Pakistan seeks to become one of the world's 10 easiest countries in which to do business.

The measures were outlined at a joint press conference in Karachi on Wednesday by Prime Minister's Special Assistant on Industries Haroon Akhtar, Sindh Irrigation Minister Jam Khan Shoro and Sindh Chief Minister's Special Assistant on Investment Syed Qasim Naveed Qamar. The government has designated 6,409 acres of Pakistan Steel Mills land as a special economic zone, where investors will be offered renewable 30-year leases without upfront payments, the officials announced, adding that work is also under way on the Ring Road to improve access to Karachi and other ports.

"The federal government initiated the process a year and a half ago, with Sindh and Punjab subsequently joining the effort," Akhtar said. "The reforms will not involve shutting down institutions but instead bring about meaningful changes in how they operate," he added.

Akhtar said the government was reviewing existing laws and regulations to remove unnecessary obstacles to businesses. Amendments had been made to the Companies Act, while rules governing restaurants, pharmacies and factories had been revised. A Pakistan Business Portal would be established, he said.

Investors needed protection from unnecessary official interference and uncertainty, he said. "Investment will come to Pakistan when investors feel secure," he added, noting that investors would not commit funds simply because they had an attachment to the country.