ISLAMABAD:
Adviser to Prime Minister for Industries and Production Haroon Akhtar Khan has said that the government is undertaking reforms to simplify business environment, remove unnecessary regulatory hurdles and promote domestic and foreign investment in Pakistan.
Addressing a press conference alongside Gilgit-Baltistan chief minister and members of his cabinet, the adviser said that complexity of the regulatory framework and difficulties in doing business had been among the major factors discouraging foreign investment in Pakistan.
“Over the past 78 years, laws and regulations have been introduced to meet different needs. However, with the passage of time, unnecessary complexities and overlapping requirements have accumulated, making it tough for businesses to run efficiently,” Khan said.
He explained that the government was conducting a comprehensive review of regulators, laws and regulations affecting businesses across the country. The reform process has made substantial progress, with approximately 60-70% of the overall work completed. Reform proposals submitted by various institutions recommend eliminating, on average, 70-75% of unnecessary or duplicating regulations.
The adviser said review meetings were being held every two weeks to ensure progress and implementation of several proposed reforms had already begun, while further measures were being developed to improve the ease of doing business and strengthen investor confidence.
Highlighting the proposed Asaan Karobar Act, Khan said the government was working to establish a business environment aligned with international best practices. The initiative aims to simplify regulatory procedures, reduce compliance costs and create a more predictable and investor-friendly framework for businesses.
He stated that 170 amendments to the Companies Act, 2017 had been approved by the federal cabinet and the relevant bill was forwarded to parliament. The proposed amendments will facilitate company registrations and business operations while modernising Pakistan’s corporate regulatory framework.
The PM aide mentioned that international regulatory systems, particularly those of Delaware in the United States, the United Kingdom and Canada, had been studied as benchmarks for the proposed reforms. The government had also engaged a senior international consultant with experience in regulatory reforms across 135 countries to support the process.
Khan said that regulatory reviews were underway in several sectors, including dairy, maritime, beverages, oil refineries, pharmaceuticals and restaurants.
