The Board of Investment, Prime Minister’s Office held an important engagement with key federal departments, all provincial and regional investment departments, and related agencies on the Pakistan Regulatory Modernization Initiative (PRMI). The main purpose of this engagement was to share successes and challenges of Investment reforms in Pakistan and to develop a robust coordination mechanism for uniformity and replication of successful investment reforms across federal and provincial governments. The meeting was chaired by Secretary BoI and senior representatives from all four provinces, two regions (GB and AJK), SECP, SMEDA, NITB, ICT Administration and sector agencies like DRAP were present. FCDO- funded Revenue Mobilization, Investment and Trade Programme partnered with BOI to bring all these key stakeholders together after months of exercises at the federal level and with provincial departments. Secretary BOI, Dr.Sohail Rajput highlighted the usefulness of such a coordination mechanism as participants from provinces and regions identified certain quick wins simply by learning from others. He said that it was insightful to see that it was not only Punjab and Sindh leading in reforms, but certain key reforms have been made by KP and Balochistan and other regions that could be replicated in other regions. Additional Secretary BoI, Ambreen Iftikhar expressed full support for sustaining this initiative as working in silos has resulted in slower progress on meaningful and impactful reforms. It was also decided that BoI will notify a formal structure of the coordination mechanism with specific ToRs to ensure consistency and sustainability. It was also agreed that meeting of the coordination group will take place on regular basis, while the individual members were encouraged to share information and coordinate more frequently and to develop a regular communique to develop a strong culture of knowledge sharing and cross fertilisation of ideas.
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