Islamabad: Improving regulation and developing it on modern lines will facilitate business segment, especially Small and Medium Enterprises (SMEs).
Prime Minister (PM), Imran Khan while chairing a meeting on Pakistan Regulatory Modernization Initiative in Islamabad on Monday said that SMEs have suffered badly due to No Objection Certificate (NOC) requirement by different departments and lack of automation.
He said that multiple NOCs, new terms and conditions and various regulatory stages not only open ways for corruption but also affect foreign investment.
He approved to establish a Steering Committee, which would be headed by Advisor on Establishment, Shahzad Arbab and Advisor on Commerce, Abdul Razak Dawood.
Secretary Commerce, Chairmen Federal Board of Revenue, Securities and Exchange Commission of Pakistan, Board of Investment besides President of Federation of Pakistan Chambers of Commerce and Industry and presidents of Karachi, Lahore and Faisalabad chambers would be representatives.
Pakistan Business Council will also be part of Committee.
Pakistan Regulatory Modernization Initiative is first step in history of country taken at national level in consultation with provinces that aims at simplifying regulatory framework and registration process in order to facilitate business community.
Under the PRMI, process of mapping, rationalization, modernization and automation will be done.