Mohammad Arshad Islamabad
The Board of Investment in collaboration with the World Bank Group launched 7th Reform Action Plan here on Wednesday.
“The 7th Reform Action Plan is mainly focusing on improvements in firm entry regulations, reliability of electricity, tax regu-lations, trade regulations, creditors’ rights, better property rights, and court efficiency etc. as reforms in these areas play a major role in accelerating eco-nomic development” stated Secretary Board of In-vestment (BOI), Fareena Mazhar.
She further highlighted that during last two years Pakistan had advanced 39 places to secure 108th place on the ease of doing business global ranking.
While discussing how the recent initiatives facili-tated ease of doing business, she mentioned that the companies’ registration through SECP has shown a 63 % growth and 99 % of these registrations were done online while 45 % applicants were issued reg-istration certificates on the same day.
She expressed full confidence in further improve-ment in Pakistan’s Doing Business ranking in the future and appreciated the government of Punjab & Sindh and role of World Bank, International Fi-nance Corporation (IFC) and Foreign Common-wealth and Development Office (FCDO) for their full support and assistance.
The concerted effort of Board of Investment & Fed-eral & Provincial agencies has resulted in imple-mentation of major reforms that are resolving dec-ades old grievances of the private sector.
One of the most noticeable reforms has been the promulgation of commercial courts in Punjab. The milestone ini-tiative brings down the dispute resolution from 1000 to 180 days.
Similarly Pakistan has joined the league of fewer than 10 jurisdictions globally that offer single certi-fication system.
The single certificate can be applied for at SECP portal. Digitization of land records is another landmark reform that eliminates on ground inspection by introduction of Geographical Inspec-tion System.
Addressing the ceremony Advisor to the Prime Min-ister on Commerce & Investment, Abdul Razak Dawood apprised about various initiatives taken by the Government to promote economic growth such as tax reforms, improved trade policy, implemented a new ‘RAAST’ payment system, revised Foreign Exchange Manual so businesses can bring in and take out forex easily, new tariff rationalization ini-tiative that has created investment opportunities in engineering, textile, iron & steel, auto sector, phar-maceutical, corporate dairy, paper products, poultry and tourism sectors.
He said that he was confident that the 7th Reform Action plan would further im-prove the business environment in Pakistan.