Staff Reporter

For fostering an enabling business climate with automation & reduced compliance burden, Board of Investment launched Pakistan Regulatory Modernization Initiative Strategy (PRMI), Special Economic Zone Management System (SEZMIS) & Investor Relationship Management System (IRMS) on Monday.

The launch ceremony held at Islamabad was attended by Dr. Ishrat Hussain, Advisor for Institutional Reforms & Austerity, Secretary BOI, Ms. Fareena Mazhar and stakeholders including World Bank Group, International Finance Corporation (IFC), UK Aid, Overseas Investors Chamber of Commerce & Industry (OICCI), Pakistan Business Council (PBC) & senior Federal & Provincial government officials.

In her opening statement, Secretary BOI, Ms. Fareena Mazhar explained the objective of the launch of PRMI strategy & the two online platforms, which aim to make the regulatory environment business friendly, provide local & foreign investors the ease of online registration for zone enterprises and a comprehensive database of existing and potential investors that will promote investment activities.

She stated that gradual transition to a paperless environment will undoubtedly reduce the compliance burden for businesses and promote formal economy as well.

Secretary BOI also acknowledged the role of the stakeholders for their support in the successful execution of the three initiatives and encouraged private sector to benefit from the online modules and to continue partnering with BOI for regulatory modernization.

The BOI initiatives were welcomed & endorsed by the private sector. Mr. Abdul Aleem, Secretary General OICCI & Mr. Ehsan Malik, CEO, PBC in their remarks expressed satisfaction with government’s direction for acceleration of private sector growth through digitization and reformation of the regulatory landscape.

The representatives acknowledged that the joint efforts of the public & public sector ensure the success of the reform drive that stands to greatly benefit the businesses.

They congratulated BOI for its efforts & assured of their continued cooperation for Pakistan’s economic growth.

Representatives of the Donor agencies also expressed confidence in the favorable impact the initiatives will have on Pakistan’s economy.

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