Regulatory reforms: Public-private dialogue in key agricultural markets held

ISLAMABAD: Following the directives of the Prime Minister, the Public-Private Dialogue on Regulatory Reforms in Key Agricultural Markets was held in Islamabad on Thursday, gathering prominent industry leaders, public sector representatives, and development partners to address essential regulatory improvements in Pakistan’s agriculture sector.

The event, that took place under Secretary of the Board of Investment (BoI) Rahim Hayat Qureshi and Additional Secretary AmbreenIftikhar, marked a critical step toward advancing the agricultural regulatory framework to foster growth, innovation, sustainability, and inclusivity across Pakistan’s agricultural landscape.

With sectors such as agri-input, agri-food processing, livestock, crops, and fisheries central to Pakistan’s economy, effective regulatory support is essential for addressing climate challenges, meeting global standards, and supporting the nation’s food security and export potential.

The dialogue focused on three main objectives: reviewing existing regulatory frameworks, identifying reform proposals, and developing actionable solutions to enhance Pakistan’s agriculture sector.

The BoI emphasised that recommendations from the dialogue will be shared with the Prime Minister, who has shown a commitment to improving the ease of doing business and encouraging investment across Pakistan.

The BoI also highlighted Pakistan’s ongoing regulatory modernisation through the Pakistan Regulatory Modernization Initiative (PRMI), which launched in 2016.

This private-sector-led effort has already achieved over 170 regulatory reforms nationwide, thanks to the collaboration of government bodies, industry stakeholders, and international development partners.

Secretary BoI Qureshi emphasised the significance of public-private partnerships in making these regulatory reforms effective, practical, and sustainable.

With unprecedented investment inflows from regions including Southeast Asia, Europe, and Latin America, Pakistan’s regulatory improvements have led to higher investor confidence, improved Ease of Doing Business (EoDB) rankings, and increased foreign direct investment (FDI).

The BoI expressed confidence that Pakistan’s ranking will continue to improve with further regulatory enhancements under the World Bank’s new B-Ready initiative.

This dialogue exemplifies the Prime Minister’s commitment to unlocking the full potential of Pakistan’s agriculture markets. The BoI thanked REMIT-FCDO, Pakistan Business Council, SMEDA, IFC, and other stakeholders for their support in advancing Pakistan’s agricultural regulatory framework.

Copyright Business Recorder, 2024