ISLAMABAD-A four-day workshop on “Regulatory Reforms through Principle Based Regulatory Framework” organised by the Board of Investment (BOI) in collaboration with public and private sector partners concluded.
The participants of Tuesday’s workshop were from Housing and Construction, Human Resources/Employment, ICT Administration, Tourism, Finance and Revenue sectors. The workshop was attended by senior officials from relevant ministries and departments as well as mentors from the private sector and academia with the aim to develop reform proposals for simplification, modernisation reengineering and digitisation and elimination of regulatory bottlenecks for facilitation of businesses in all sectors of economy.
The objective of the workshop was to conduct self-assessment exercise to eliminate redundant and needless regulations and also simplify/modernise the cumbersome procedures by the Public Sector Regulators in collaboration with Private Sector and Development Partners. During the workshops, close collaboration and discussions between the public and private sector stakeholders resulted in a substantial number of actionable reform proposals. The Board of Investment will thoroughly review these proposals. Subsequently, they will be taken up with the relevant agencies for implementation and the final report will be presented to the Federal Cabinet for consideration and directions.
The aim is to seek the Cabinet’s approval and endorsement of the proposed regulatory reforms, which will pave the way for enhanced ease of doing business and attract much-needed investments in the country. The whole process will be carried out under the supervision of the Pakistan Regulatory Modernisation Initiative (PRMI) Steering Committee with executive oversight by the Prime Minister’s Office. Acknowledging the contributions of regulators, private sector mentors, and development partners, Ambreen Iftikhar, Additional Secretary Reforms at the Board of Investment, expressed her commendation for their proactive engagement and dedication in ensuring the success of these workshops.
She highlighted the workshops’ productivity in generating actionable reform proposals. Emphasising the value of a principle-based regulatory structure, she encouraged stakeholders to embrace a framework that offers flexibility for innovation and adaptation in the face of evolving circumstances. Iftikhar reiterated the collective potential to drive change and stressed the importance of nurturing the momentum of this regulatory reform journey through similar collaborative session.