ISLAMABAD: The government is working on a number of reforms including simplifying the regulatory framework, and reducing the time and cost of setting up a business to make it easier for businesses to start and operate in Pakistan.

This was stated by Ambreen Iftikhar, Additional Secretary Board of Investment (BOI), here on Wednesday, while addressing a workshop titled, “Regulatory Framework of Pakistan: Challenges and Way Forward” jointly organised by the BOI and the Pakistan Institute of Development Economics (PIDE).

The workshop aimed to discuss opportunities for enabling business environment. It also discussed regulatory challenges between the private sector and regulators.

Iftikhar said that the government has introduced a number of reforms to simplify the tax system and reduce the compliance burden for businesses, saying that government would establish principle-based regulations that ensure compliance with regulations and deter non-compliance.

She said that regulatory reforms are crucial for fostering economic growth, attracting foreign investment, and improving the overall business environment in Pakistan. The BOI is always ready to provide maximum support to the business community for investment in Pakistan, she added.

She said that the government would introduce reforms that make it easier for businesses to start and operate in Pakistan, adding that this includes simplifying the regulatory framework, reducing the time and cost of setting up a business and improving the efficiency of government services. She said that the government would strengthen the enforcement of regulations by focusing on ex-post regulations and adopting risk-based ex-ante regulations.

Iftikhar said that the government believes in providing a level playing field to the business community and would safeguard their interests. She said that regulatory reforms are crucial for fostering economic growth, attracting foreign investment, and improving the overall business environment in the country.

PIDE Vice Chancellor Nadeem Haque in his opening remarks highlighted the importance of the regulatory framework in Pakistan. He said that such workshops are critical to discuss and review Pakistan’s regulatory landscape, its challenges, and deliberate on the way forward for an enabling business environment. He said that PIDE in collaboration with the BOI and other government entities will work to find suitable solutions for the problems being faced by the businessmen in setting up their operations in the country.

Director General BOI Zulfiqar Ali presented his copy titled, “Pakistan Regulatory Modernization Initiative.” A discussion between the private sector and regulators titled, regulatory challenges, was also part of the programme.

Copyright Business Recorder, 2023