PM approved the formation of a steering committee on Pakistan Regulatory Modernization Initiative (PRMI), to devise a framework to ease the process of registration of new businesses, in a meeting on Monday, June 24, 2019.
PM said the purpose of the formation of this committee is to ease the attainment of NOCs to start new businesses and automation of the NOC process.
This would eventually lead to a better ranking of the country in the “ease of starting business” list. The country currently ranks 136 among 160 economies, according to the World Bank report.
Shehzad Arbab, an adviser to the PM on Establishment, further added that the main purpose of this initiative is to ease the registration of new businesses and to provide NOCs and permits to new ventures.
PM said that the process of attainment of NOCs for businesses has been subject to a lot of corruption in the past, hence, discouraging FDIs as well. He added that this initiative will also help reduce corruption and encourage the establishment of SMEs.
The committee would be jointly headed by advisor to the PM on Establishment Shehzad Arbab and advisor to the PM on Commerce Razaq Dawood, Commerce Secretary Sardar Ahmad Nawaz, FBR Chairman Syed Muhammad Shabbar, Chairman SECP Tahir Mehmood, Chairman BOI Naveed Kamran Baloch (Federal Secretary), President FPCCI Daroo Khan Achakzai and representatives of Pakistan Business Council, will be members of the steering committee.
Besides the PM, top advisors to the PM, Firdous Ashiq Awan, Yousaf Baig Mirza, and Chairman FBR also attended the meeting.