ISLAMABAD: The Board of Investment (BoI) organised a workshop on “Regulatory Reforms through Principle Based Regulatory Framework” for energy (power and petroleum), water resources, maritime (ports), and media and communications sectors on Monday at a local hotel in Islamabad to identify regulatory reforms by lowering compliance burden on businesses.

A large number of senior officials from relevant ministries and departments attended the workshop.

Moreover, mentors from the private sector and academia were engaged in the development of reform proposals in active collaboration with the public sector during the workshop.

The workshop was carried out under the Pakistan Regulatory Modernization Initiative (PRMI), an initiative of the federal government to reduce compliance burden of businesses in Pakistan.

The main objective was to facilitate a comprehensive self-assessment of RLCOs (Registrations, Licenses, Certifications, and Other Permits) with an aim of identifying and eliminating redundant regulations.

Additionally, it sought to streamline and modernise cumbersome procedures that hindered the ease of doing business for investors and businesses in Pakistan. To achieve this objective, the regulators collaborated closely with the private sector and development partners to transform the findings into actionable reform proposals and recommendations.

Zulfiqar Ali, the director general of reforms, BoI in his opening remarks emphasized the significance of principle-based regulatory frameworks for Pakistan’s socio-economic development. He along with other speakers from USAID, REMIT, and PSW highlighted how regulatory frameworks play a crucial role in shaping progress and prosperity, especially in a rapidly evolving global landscape where businesses and societies are interconnected.

The workshop was carried out in collaboration with various partners of BoI under PRMI including Revenue Mobilization for Investment and Trade-REMIT, USAID, International Finance Corporation-IFC, Pakistan Single Window-PSW, Pakistan Institute for Development Economics-PIDE, Pakistan Business Council- PBC, Overseas Investors Chamber of Commerce and Industry-OICCI, and Federation of Pakistan Chamber of Commerce and Industry-FPCCI.

Copyright Business Recorder, 2023