BOI launches major initiatives to promote investments

With the support of the multilateral donor agencies and private sector, the Board of Investment (BOI) launched three major initiatives for fostering an enabling business climate with automation and reduced compliance burden to help boost foreign investment in Pakistan.

The launch ceremony was attended by Advisor for Institutional Reforms and Austerity Ishrat Hussain, BOI Secretary Fareena Mazhar and officials from the World Bank Group, International Finance Corporation and others.

These initiatives are Pakistan Regulatory Modernization Initiative Strategy (PRMI), Special Economic Zone Management Information System (SEZMIS) & Investor Relationship Management System (IRMS).

World Bank's Country Director for Pakistan Najy Benhassine, while launching PRMI said it will greatly contribute to sustainable regulatory reforms and integrate compliance across federal and provincial levels through automation. It will help simplify and harmonise the regulatory regime across Pakistan.

IFC Senior Country Manager for Pakistan Nadeem Siddiqui said IFC's engagement with Board of Investment is comprehensive. "We have been working with BOI to design and implement investment strategies while modernizing systems through revamped websites and digital portals," he said. "We have also partnered with BOI to strengthen its capacity in regulatory reforms through the PRMI, which is part of BOI's broader strategy to improve productivity, increase exports, and boost economic growth."

British High Commissioner to Pakistan Christian Turner, while launching SEZMIS said future of Pakistan anchors around its economic growth. "UK with its partners is very proud to be supporting the regulatory efforts at federal and provincial level as these will lay the foundation for regulatory system of tomorrow's Pakistan.

I have firm belief that Pakistan has immense potential and having an enabling environment supported by effective regulations will increase job opportunities and FDI in the country."

Hussain said launch of these initiatives is an attempt to eliminate superfluous, redundant regulations that are hindering progress of businesses. The design and strategy of PRMI is driven by the private sector & thanked all stakeholders for their cooperation.

These efforts will culminate in Pakistan Business Portal, which will reduce cost of doing business and make Pakistan competitive.

PRMI will carry out national level modernization of all regulatory requirements of businesses including registrations, licenses, certificates and other permits. This private sector driven reform drive will be undertaken to identify difficulties faced by business entities & feedback regarding regulatory compliance challenges.

The processes of business entry and operations will be simplified and unnecessary laws and regulations will be removed. This modernization will reduce the compliance burden and cost of doing business which will increase industry competitiveness.

With SEZMIS, enterprises and zone developers can file applications electronically which will be processed in a paperless environment.