Business-friendly environment: Speed up work on regulatory reform, PM tells officials

ISLAMABAD: As Pakistan is desperately seeking to enhance foreign investment, Prime Minister Shehbaz Sharif was informed on Friday that over 200 business-to-business (B2B) agreements along with a memorandum of understanding worth $70 million have been signed with various Chinese companies.

The prime minister presided over a review meeting to assess the progress of current projects and various initiatives under Aleem Khan-led Board of Investment (BOI).

Sharif emphasized the need for developing a robust and all-encompassing strategy to ensure the successful completion of B2B agreements and the execution of signed memoranda of understanding (MoUs) with international investors.

The work on regulatory reforms should be accelerated to provide a conducive environment for business in the country, he said, adding such targets should be set for investment that can be achieved as soon as possible.

He underscored the need for effective marketing to showcase investment prospects in the country, aimed at attracting the foreign investors.

Sharif also directed that the construction of business facilitation centres across the country be accelerated, emphasizing that the organisation of road shows and other similar initiatives is crucial to attract foreign investment.

He was informed that approximately 35 Special Economic Zones (SEZs) within the country have been surveyed using Geographical Information System (GIS) technology, whereas, extensive data is available on the SEZs to accelerate the progress of current projects.

The BOI officials said that an 18-point plan has also been developed to enhance the effectiveness of SEZs. Additionally, the proposals with regard to the Ease of Doing Business Act, 2024 were also discussed in the meeting.

The meeting was informed that under the Ease of Doing Business Act, 2024, the BoI would be able to establish a regulatory framework for business in the country that aligns with the contemporary standards.

Aleem Khan, the Federal Minister for Privatization and other senior BoI officials and of other relevant departments attended the meeting.

Copyright Business Recorder, 2024