Cabinet approves 170 amendments to Cos Act, 2017: 70-75pc of regulations being removed to boost the ease doing of business: Haroon

Islamabad: The Pakistani government has resolved to streamline business regulations by eliminating 70-75% of unnecessary rules, as the federal cabinet approved 170 amendments to the Companies Act, 2017, with a bill forwarded to Parliament. Adviser to the Prime Minister on Industries and Production Haroon Akhtar Khan emphasized this during a press conference alongside the Chief Minister of Gilgit-Baltistan (G-B), highlighting the government's commitment to simplify the business environment, remove regulatory hurdles, and promote both domestic and foreign investment in Pakistan.

The adviser stated that the complex regulatory framework and difficulties in doing business had deterred foreign investment, which had accumulated over the past 78 years. He explained that the government was reviewing regulators, laws, and regulations to identify and eliminate redundancies and overlapping requirements. About 60-70% of the overall work on reforms has been completed, with proposals recommending the removal of 70-75% of unnecessary regulations.

Prime Minister Shehbaz Sharif is personally overseeing the reform agenda, holding review meetings every two weeks to ensure progress.

The government is implementing reforms based on international best practices, such as those from Delaware in the US, the UK, and Canada. The proposed AsaanKarobar Act aims to align Pakistan's regulatory system with these standards, simplifying procedures, reducing compliance costs, and creating a more predictable and investor-friendly environment. The government has also engaged an international consultant to support reform efforts, having analyzed regulatory systems in 135 countries.

Reforms are underway in various sectors, including dairy, maritime, beverages, oil refineries, pharmaceuticals, and restaurants, to identify and eliminate redundant requirements, streamline procedures, and ensure regulations serve legitimate public and economic interests. The adviser stressed the necessity of coordination between federal, provincial, and regional administrations to align reforms nationwide, ensuring businesses operate in a simpler, more transparent, and consistent environment.

Haroon Akhtar Khan addressed the issue of industrial inspections, noting that businesses often faced multiple inspections from different departments, causing disruptions and unnecessary compliance costs. Proposed reforms aim to bring greater transparency and consistency to the inspection system, protect businesses' rights, and reduce unnecessary difficulties while maintaining essential regulatory safeguards.

An integrated, single-window digital portal is being developed to allow businesses to submit applications and connect with relevant authorities and regulatory bodies, reducing the need for multiple visits to different departments. The government's goal is to make investment easier, reduce the cost of doing business, restore investor confidence, and create an enabling environment for sustainable economic growth, industrial development, and job creation in Pakistan.