Prime Minister Imran Khan says aim of improving regulation and developing it on modern lines will facilitate the business segment.
He was chairing a meeting on Pakistan Regulatory Modernization Initiative in Islamabad on Monday.
The Prime Minister said small and medium-sized industry has suffered badly due to no objection certificate (NOC) requirement by different departments and lack of automation.
He said multiple NOCs, new terms and conditions and various regulatory stages not only open the ways for corruption but also affect the foreign investment.
The Prime Minister approved to establish a Steering Committee, which will be headed by Advisor on Establishment Shahzad Arbab and Advisor on Commerce Abdul Razak Dawood. Secretary Commerce, Chairman FBR, Chairman SECP, Chairman Board of Investment, President FPCCI, Presidents of Chambers of Commerce of Lahore, Karachi and Faisalabad as well as representatives of Pakistan Business Council will be part of the committee. The Prime Minister was given a detailed briefing on PRMI.
Pakistan Regulatory Modernization Initiative is the first step in the history of the country taken at national level in consultation with provinces that aims at simplifying regulatory framework and registration process in order to facilitate the business community.
Under the PRMI, the process of mapping, rationalization, modernization and automation will be done.