ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif chaired an important meeting on regulatory reforms, where measures to facilitate businesses, promote investment and make the regulatory system more effective, transparent and business-friendly were reviewed.
Addressing the meeting, Prime Minister Shehbaz Sharif said regulatory reforms were essential for facilitating business activities and promoting investment.
He said the government was taking effective measures to facilitate the business community and eliminate unnecessary regulations.
The prime minister said reforms had transformed the Drug Regulatory Authority of Pakistan (DRAP) along modern lines, directing that similar reforms be introduced in other regulatory institutions.
He directed the formation of a regulatory registry to consolidate all regulatory requirements, rules and regulations in the country under a comprehensive system.
Shehbaz Sharif also directed that the Easy Business Act be implemented across the country to bring greater harmonisation among regulatory systems in all provinces and ensure uniform facilities for businesses.
The prime minister further ordered third-party validation to assess the impact and effectiveness of regulatory reforms, saying an independent evaluation was necessary to determine their practical outcomes.
He said ease of doing business was fundamental to promoting investment, adding that the country could not achieve its desired targets for domestic and foreign investment without providing investors with a conducive and facilitative business environment.
The prime minister also directed that regulatory reforms undertaken by the Special Investment Facilitation Council (SIFC) be effectively highlighted and communicated to the business community so that businesses could benefit fully from the measures.