The Cabinet Committee on Regulatory Reforms (CCORR), mandated by the Federal Government to streamline Pakistan’s regulatory landscape, approved a comprehensive set of landmark reforms under Regulatory Reform Package-IV, aimed at reducing regulatory bottlenecks and ensuring a faster, clearer, and more predictable regulatory framework for businesses across the country.
The Federal Minister for the Board of Investment (BOI), Mr. Qaiser Ahmed Sheikh, chaired the 6th meeting of CCORR, alongside the Special Assistant to the Prime Minister (SAPM) on Industries & Production, Mr. Haroon Akhtar.
While underscoring the importance of building a competitive and business-friendly Pakistan, the Federal Minister emphasized the need for regulations that are smart, responsive, and efficient. He appreciated the SAPM for steering the extensive review of the Companies Act, 2017, and acknowledged the close collaboration between the Securities and Exchange Commission of Pakistan (SECP) and BOI, terming it an inclusive and consultative process.
The Federal Minister reiterated his confidence in the regulatory reform agenda, noting that 68 reforms have been successfully implemented to date, while 82 reforms remain delayed. A detailed progress review of these off-track reforms was conducted with the concerned departments. He appreciated the active participation and responsiveness of all stakeholders and commended BOI for its sustained follow-up and engagements.
SAPM Mr. Haroon Akhtar reaffirmed that advancing regulatory reforms remains among the top priorities of the current government. The approved package addressed four critical reform areas, including streamlining Foreign Exchange management, development of a modern Venture Capital regulatory framework, rationalization of regulatory requirements for the surgical instruments manufacturing industry, and high-impact regulatory reforms at the provincial level in Khyber Pakhtunkhwa.
The BOI Reforms Team presented a structured and phased approach to reforming Pakistan’s Foreign Exchange management regime, advocating gradual and well-sequenced reforms instead of abrupt liberalization. The proposed interventions included 16 short-term reforms, medium-term reforms involving the development of a liberalization roadmap, and long-term reforms including the replacement of the Foreign Exchange Regulation Act (FERA), 1947.
The Committee endorsed all reform interventions proposed by BOI, emphasizing that these measures would facilitate ease in bringing foreign exchange into the country, repatriation of funds, and export facilitation. It was noted that the short-term reforms, developed with input from leading international experts, should be approved unless the State Bank of Pakistan (SBP) has strong reservations. The SBP expressed its full commitment to the proposed reforms.
The BOI Reforms Team also presented proposals to modernize the Venture Capital framework, highlighting the role of unicorns in mobilizing capital for innovators and startups, with reference to international best practices, including India’s experience. SAPM Mr. Haroon Akhtar underscored the strategic importance of this reform, stating that Pakistan’s youth population is a key national asset and emphasizing that the objective is long-term and sustainable. The Commissioner SECP appreciated BOI’s efforts and supported the removal of regulatory hurdles. The Committee directed SECP to submit a separate draft Venture Capital framework within 30 days.
Reforms for the surgical instruments manufacturing industry were also discussed, focusing on the introduction of a unified single application form. It was highlighted that businesses currently submit 114 documents, nearly half of which are duplicative. A risk-based regulatory approach, particularly under DRAP, was proposed, with an estimated economic impact of PKR 6.8 million. The Committee fully endorsed the reforms and directed the Government of Punjab to take the lead in provincial implementation.
The final agenda item focused on streamlining high-impact regulatory procedures in Khyber Pakhtunkhwa. The Committee was briefed that 46 high-impact procedures were reviewed in close coordination with KPBOIT. Appreciating KPBOIT’s proactive engagement, the Committee directed fast-track implementation of the agreed reforms.
The meeting concluded with a reaffirmation of the Government of Pakistan’s commitment to delivering coordinated, impactful, and investor-centric regulatory reforms.
The Board of Investment remains fully committed to advancing regulatory reforms, improving ease of doing business, and facilitating both domestic and foreign investment in line with the Prime Minister’s vision for economic growth and development.
