Investment climate: Sprint-III of doing business plan launched

The federal government in collaboration with the governments of Punjab and Sindh has launched the 100-Day Sprint-III of Doing Business Reform Plan to facilitate businesses and improve the investment climate in the country. The launching ceremony was chaired by Adviser to the Prime Minister on Trade, Industry, Textile and Investment, Abdul Razzak Dawood that was attended by Chairman BOI Haroon Sharif, FBR Chairman Dr Jehanzeb Khan, representatives from Punjab and Sindh governments, delegates from private sector and senior officers of BOI Islamabad.
The adviser to the prime minister on trade, industry, textile and investment told media that for the economy to grow and flourish, improving the business environment is indispensable. While shedding light on main components of the plan, he commented that by simplifying laws and regulations, many more firms and entrepreneurs will switch to the formal sector. In the formal sector, workers have benefits like social security, pension and insurance coverage, while the government benefits from the taxes.
The adviser emphasized, "Our main objective must be to expand the reforms to different cities." He reiterated the government's commitment to improve competitiveness by working for public infrastructure, increasing support for the development of the private sector, and reducing the regulatory and administrative burden on enterprises.
Chairman BOI Haroon Sharif highlighted that the World Bank Doing Business ranking is based on a survey circulated to contributors from the private sector. The report measures eleven indicators - from laws, frameworks and procedures facilitating or hampering starting of an enterprise to others across the life cycle of a business. In Sprint-III, Board of Investment and various government departments planned to implement 45 reforms action in different business indicators.
Sharif said that the private sector will be consulted at all levels from planning to implementation of these reforms. The Board of Investment will ensure that private sector is its partner in this journey.
The Board of Investment acts as a secretariat for the Steering Committee on Doing Business Reforms. The committee is chaired by the Prime Minister. The World Bank has been supporting the government of Pakistan as a business climate reform partner. The Sprint-I and Sprint-II were the first two 100-days reform drives that were carried out under the steering committee in which various reform actions were implemented.