Cabinet Committee on Regulatory Reforms Emphasizes Elimination of Excessive Regulations and Promotion of Investment

Islamabad (Sardar Yousaf Khan)

A meeting of the Cabinet Committee on Regulatory Reforms was held under the chairmanship of Federal Minister for the Board of Investment Qaiser Ahmed Sheikh, during which the fifth Regulatory Reforms Package was reviewed in detail and various proposals aimed at improving the ease of doing business were considered.

The meeting was attended by Federal Minister Jam Kamal Khan, Special Assistant to the Prime Minister Haroon Akhtar Khan, relevant officials, and experts. Discussions focused on reforms in the fisheries and dairy sectors, the promotion of investment, and opportunities to increase exports.

The meeting was informed that the fisheries sector is currently subject to 55 different regulatory requirements, while 77 percent of the regulations contain unnecessary duplication, creating obstacles to business activities and export growth.

Federal Minister Qaiser Ahmed Sheikh stated that excessive regulations are a major impediment to the development of the fisheries sector, despite its export potential of up to $2 billion. Stressing the need for immediate reforms, he directed the relevant institutions to ensure implementation of reform measures within 30 days.

Special Assistant Haroon Akhtar Khan said that eliminating overlaps in the mandates of various institutions and removing unnecessary duplication in rules and regulations is essential to facilitate investors and improve the business environment.

Federal Minister Jam Kamal Khan remarked that fisheries is an important sector of Pakistan’s economy; however, several shortcomings exist within the current system, and the desired results cannot be achieved without addressing them.

International regulatory reform expert Scott Jacobs informed the meeting that the existing regulatory framework has largely been designed for the convenience of regulators, resulting in unnecessary complexities for businesses.

The meeting approved in principle the simplification and digitalization proposals presented by the Board of Investment. A consensus also emerged on allowing joint ventures in Special Economic Zones (SEZs).

Qaiser Ahmed Sheikh stated that promoting joint ventures would attract foreign investment, facilitate the transfer of modern technology, and enhance the skills of the local workforce, ultimately benefiting the national economy.

The meeting also issued directives to simplify the systems for boat registration, fishing permits, and port charges in order to reduce business costs and accelerate export-related processes.

At the conclusion of the meeting, participants reaffirmed the government’s commitment to continuing the process of regulatory reforms to create a more business-friendly environment, promote investment, and increase exports. Further deliberations on reforms related to the dairy and beverages sectors will be undertaken in the next meeting.