The Digital Economy Enhancement Program (DEEP) of the World Bank aims to strengthen digitally facilitated public service delivery for citizens and businesses, promoting increased accessibility and efficiency in Pakistan. Under the project, the regulatory processes are to be overhauled and streamlined to ensure the ease of doing business. A significant portion of the WB funding, amounting to $78 million, will be allocated to the DEEP initiative. An official of the Board of Investment told WealthPK on condition of anonymity that traditionally, business registration in Pakistan had been marred by bureaucratic hurdles, deterring potential investors and hindering the growth of small and medium-sized enterprises. “However, with the launch of Pakistan Business Portal (PBP), these barriers are set to crumble. By centralizing registration and licensing procedures, the platform empowers entrepreneurs to navigate the regulatory process with ease, allowing them to focus on core business operations.”

He also highlighted that a significant number of investors had decided to leave Pakistan because of cumbersome regulatory environment, making it difficult for them to operate or achieve desired returns. “To attract more foreign investment into the technology sector, the government needs to ensure that there is stability and consistency in policy,” he suggested. “BOI is dedicated to turning the country into a top investment destination by transforming the business environment into a welcoming ecosystem for investors. Through the simplification of administrative processes, modernisation of regulations, and streamlining of license procedures, the board aims to minimize bureaucratic hurdles and accelerate decision-making,” he said. “By reducing administrative bottlenecks, the BOI is sending a positive signal to potential investors, demonstrating Pakistan's commitment to fostering a business-friendly environment.”

The Pakistan Investment Policy of 2023 aims to boost investment promotion and facilitate investor retention by simplifying the taxation policy, ensuring better enforcement of intellectual property rights, establishing a web-based investment project management system and improving investor protection. The policy underscores the promotion of high-quality, export-oriented, and import-substituting investments. Under the policy, the country is to improve the business climate by focusing on enhancing the ease of doing business, introducing good regulatory practices, reducing unnecessary regulatory burdens, and fostering improved coordination for government-wide reforms.

Credit: Independent News Pakistan