Insights received from public and private sector stakeholders The third workshop on “Regulatory Reforms through Principle Based Regulatory Framework” for Industries, Climate and Agriculture & Food sectors, organized by Board of Investment under the umbrella of Pakistan Regulatory Modernization Initiative PRMI held at a local hotel in Islamabad. The workshop was actively attended by large number of senior officials from relevant Ministries & Departments as well as Mentors from the Private Sector and Academia with the aim to develop reform proposals for simplification, modernization and elimination of regulatory bottlenecks for facilitation of businesses in these sectors.  The workshop was carried out in collaboration with Revenue Mobilization for Investment & Trade-REMIT, FCDO, USAID, International Finance Corporation -IFC, Pakistan Single Window-PSW, Pakistan Institute for Development Economics-PIDE, Pakistan Business Council- PBC, Overseas Investors Chamber of Commerce & Industry-OICCI, and Federation of Pakistan Chamber of Commerce & Industry-FPCCI.

Ms. Ambreen Iftikhar, Additional Secretary Reforms, Board of Investment in her introductory remarks highlighted that the key objectives of Pakistan Regulatory Modernization Initiative are to reduce the compliance burden of businesses and improve the effectiveness of regulatory regime. She also shed some light on the concept of principle-based regulatory framework. Unlike traditional rules that provide specific guidelines and strict parameters, a principle-based approach sets out high-level standards that entities and individuals must adhere to, giving them greater flexibility to innovate and adapt to changing circumstances. Breakout sessions were carried out on mapping of the Regulatory Requirements, Analysis & Problem identification, Self-Assessment on specific parameters, proposed solutions and Solution Design including steps involved in implementing reforms which involved brainstorming and healthy discussion between Public sector regulators and private sector mentors to transform the findings of the day into actionable recommendations.

During the workshop, the regulators collaborated closely with the Private Sector and Development Partners, resulting in a substantial number of actionable reform proposals. The Board of Investment will thoroughly review these proposals. Subsequently, they will be taken up with the relevant agencies for implementation and final report will be presented to the Federal Cabinet for consideration and directions.  The aim is to seek the Cabinet's approval and endorsement of the proposed regulatory reforms, which will pave the way for enhanced ease of doing business and attract much needed investments in the country.

Credit: Independent News Pakistan (INP)