Islamabad: Prime Minister Shehbaz Sharif has announced a series of regulatory reforms aimed at enhancing the ease of doing business and encouraging investment in Pakistan. Chairing a meeting focused on regulatory reforms in Islamabad, the Prime Minister emphasized the need for modernizing regulatory frameworks and reducing bureaucratic hurdles to promote both domestic and foreign investments.

According to Radio Pakistan, Prime Minister Sharif highlighted the modernization of the Drug Regulatory Authority of Pakistan as a model and instructed similar reforms across other regulatory bodies. He called for the creation of a comprehensive regulatory registry to streamline all existing regulations and facilitate businesses. Additionally, he stressed the importance of implementing the Ease of Doing Business Act uniformly across provinces to ensure consistent business facilitation nationwide.

The Prime Minister also emphasized the necessity of third-party validation to assess the effectiveness of these reforms. He directed the Special Investment Facilitation Council (SIFC) to actively promote the reforms and ensure that the business community is aware of and can capitalize on these initiatives. Adviser on Industries, Haroon Akhtar Khan, was tasked with leading a delegation to consult provincial governments to ensure a cohesive approach to regulatory reform.

Furthermore, the Prime Minister instructed the integration of eBiz Punjab and Business Facilitation Centre (BFC) Islamabad by the following March and underscored that reforms should yield tangible benefits for the business sector. The meeting was informed of the modernization of the Business Facilitation Centre, following the model of Punjab’s E-BIZ initiative, and simplifications in the Export and Import Policy Orders. The SIFC is coordinating with all provinces, including Azad Jammu and Kashmir and Gilgit-Baltistan, to facilitate these reforms.

The Cabinet’s Regulatory Reforms Committee has approved 557 reforms across various sectors, expected to produce significant financial savings. Progress was reported on numerous applications received through Business Facilitation Centres, with a substantial completion rate. The Islamabad Business Facilitation Centre has already assisted thousands of new businesses. The SIFC’s efforts extend beyond regulatory reforms, encompassing policy governance and institutional reforms to foster a more inviting business environment in Pakistan.