The government is working to eliminate unnecessary regulations and simplify business procedures to improve the investment climate. This initiative was launched following special directives from Prime Minister Shehbaz Sharif.
Officials held the first meeting regarding these reforms in Punjab. Authorities reviewed every regulation, form, and the performance of individual regulators involved in the process.
The government intends to remove redundant requirements for permits, licences, Statutory Regulatory Orders, and No Objection Certificates. Rules or laws introduced 40, 50, or 60 years ago that are no longer necessary will be abolished.
Some procedures that previously took years to complete have been reduced to just a few days. The government introduced 170 amendments to the Companies Act as part of these changes.
Regulatory models from the United Kingdom, Canada, and the United States were studied to inform the new framework. A system is being established for businesses to submit applications via a single portal.
The Special Investment Facilitation Council was established to facilitate business activities and investment. Regulations concerning environmental protection, labour standards, and fire and building safety will remain in place.
Haroon Akhtar Khan, Prime Minister and Federal Minister for Industries and Production, said, "We want people to come to Pakistan to do business. We want foreign investment to flow into the country and new factories to be established." Punjab has undertaken significant reforms to simplify business processes over the last two years.
The e-Biz initiative is transforming business facilitation by digitising procedures. The provincial government is collaborating with the federal government to create an integrated one-window business facilitation system.
