CCoRR addresses 4 critical reform areas: Faster and clearer regulatory framework rolled out

ISLAMABAD: The Cabinet Committee on Regulatory Reforms (CCoRR) approved a comprehensive set of landmark reforms under Regulatory Reform Package-IV, aimed at reducing regulatory bottlenecks and ensuring a faster, clearer and more predictable regulatory framework for businesses across the country.

The approved package addressed four critical reform areas, including streamlining Foreign Exchange management, development of a modern Venture Capital regulatory framework, rationalization of regulatory requirements for the surgical instruments manufacturing industry, and high-impact regulatory reforms at the provincial level in Khyber Pakhtunkhwa.

The BOI reforms team presented a structured and phased approach to reforming Pakistan’s Foreign Exchange management regime, advocating gradual and well-sequenced reforms instead of abrupt liberalization. The proposed interventions included 16 short-term reforms, medium-term reforms involving the development of a liberalization roadmap, and long-term reforms including the replacement of the Foreign Exchange Regulation Act (FERA), 1947.

The Committee endorsed all reform interventions proposed by BOI, emphasizing that these measures would facilitate ease in bringing foreign exchange into the country, repatriation of funds, and export facilitation. It was noted that the short-term reforms, developed with input from leading international experts, should be approved unless the State Bank of Pakistan (SBP) has strong reservations. The SBP expressed its full commitment to the proposed reforms.

The BOI Reforms Team also presented proposals to modernize the Venture Capital framework, highlighting the role of unicorns in mobilizing capital for innovators and startups, with reference to international best practices, including India’s experience. The Committee directed SECP to submit a separate draft Venture Capital framework within 30 days.

Reforms for the surgical instruments manufacturing industry were also discussed, focusing on the introduction of a unified single application form. It was highlighted that businesses currently submit 114 documents, nearly half of which are duplicative. A risk-based regulatory approach, particularly under DRAP, was proposed, with an estimated economic impact of PKR 6.8 million. The Committee fully endorsed the reforms and directed the Government of Punjab to take the lead in provincial implementation.

The final agenda item focused on streamlining high-impact regulatory procedures in Khyber Pakhtunkhwa. The Committee was briefed that 46 high-impact procedures were reviewed in close coordination with KPBOIT. Appreciating KPBOIT’s proactive engagement, the Committee directed fast-track implementation of the agreed reforms.

The meeting concluded with a reaffirmation of the Government of Pakistan’s commitment to delivering coordinated, impactful, and investor-centric regulatory reforms.

The Federal Minister for the Board of Investment (BOI), Qaiser Ahmed Sheikh, chaired the 6th meeting of CCORR, alongside the Special Assistant to the Prime Minister (SAPM) on Industries & Production, Haroon Akhtar.

Copyright Business Recorder, 2026