Islamabad: Federal Minister Qaiser Ahmed Sheikh presided over a meeting of the Cabinet Committee on Regulatory Reforms to evaluate the 5th Regulatory Reforms Package, aimed at enhancing the business climate in Pakistan as envisioned by Prime Minister Muhammad Shehbaz Sharif. The session concentrated on addressing regulatory challenges in the fisheries and dairy sectors to foster investment and export growth.

According to Press Information Department: The meeting included Federal Minister Jam Kamal Khan, Special Assistant to the Prime Minister Haroon Akhtar Khan, senior officials from the Board of Investment, regulatory reform team members, and other stakeholders. Detailed discussions focused on reducing the complex regulatory landscape in the fisheries sector, which involves 55 requirements across 24 departments, leading to significant administrative burdens and export limitations.

Minister Qaiser Ahmed Sheikh identified the excessive regulations as a barrier to the fisheries sector’s potential, while SAPM Haroon Akhtar Khan and international expert Mr. Scott Jacobs emphasized the need for structural reforms and the adoption of international best practices. Proposed reforms include eliminating redundant requirements, streamlining processes, and digitizing approvals to ensure efficiency and ease of doing business.

The Committee also discussed policy issues like the ban on joint ventures in the Exclusive Economic Zone, advocating for their promotion under certain conditions to attract foreign investment and technology transfer. Operational challenges were noted, and the formation of committees within 30 days was directed to ensure timely implementation of reforms.

The meeting underscored the economic potential of the fisheries sector, with tuna exports alone representing a substantial opportunity, and reiterated the commitment to advancing regulatory reforms to create a more competitive economic environment in Pakistan.