Govt Launches Business Reform Plan to Improve Investment Climate
Focusing on the growth of business and investment in the country.
The plan will be in association with the provincial governments of Punjab and Sindh. Board of Investment (BOI) has launched the 100 Days – Sprint-III to “Doing Business Reforms Plan” to improve the investment climate in the country.
Who launched it?
The launching ceremony was chaired by Adviser to the Prime Minister. He advises the PM on Trade, Industry, Textile, and Investment.
The adviser told the media that improving the business environment is indispensable for the economy to grow.
He commented that we will simplify laws and regulations. Many more firms and entrepreneurs will switch to the formal sector.
In the former sector, workers have benefits like social security, pension, and insurance coverage. While the government benefits from the taxes.
What Is the Main Objective?
Adviser to the Prime Minister emphasized that it should be the main objective of the BOI to expand the reforms to different cities.
With the launching of the plan, Board of Investment will now establish a doing business reforms secretariat.
This secretariat is charged with the responsibility to ambitiously implement the reforms process. The process that was initiated earlier this year to improve the country’s business ranking by 2019.
The BOI acts as a secretariat for the Steering Committee on Doing Business Reforms. The Committee is charged by the Prime Minister.
The World Bank has been supporting the government like a business climate reforms partner.
Sprint-I and Sprint-II were the first two 100-days reform drives that were carried out under the steering committee in which various reform actions were implemented.
BOI Chairman, Haroon Sharif, explained the salient features of the new measure.
What is Sprint III
He said that under ‘Sprint-III’, the board of investment and various government departments plan to implement 45 reforms action in different business indicators.
The private sector will be consulted at all levels from planning to implementation of these reforms.
BOI will ensure that the private sector is its partner in this journey, he said.
BOI Chairman said that the ‘World Bank’s Doing Business’ ranking is based on a survey circulated to contributors from the private sector.
The reportes measure 11 indicators for laws, frameworks, and procedures facilitating or hampering starting of an enterprise to others across the life cycle of a business.
Ceremony was attended by Chairman BOI, Chairman FBR, representatives from Punjab and Sindh Governments, delegates from private sector and senior officials of BOI Islamabad.
Let us know what do you think about this initiative.