Ease of doing business, innovative strategies essential for sustainable business in country: President

Islamabad: President Dr Arif Alvi said ease of doing business and the use of innovative strategies by incorporating digital technology were essential to ensuring sustainable business activities in the country.

Addressing an event of Asaan Karobar Programme, the president emphasized a regulatory yet conducive environment that facilitated the businessmen to easily launch and operate their activities.

President Alvi said a country’s prime interest was to promote business activities and stressed the importance of taking on board the stakeholders for a successful policy formulation.

He mentioned that the government’s effective strategy of holding consultations with the relevant traders and businessmen helped revive the textile industry.

He lauded the online portal launched by the Ministry of Commerce aimed at identifying regulatory obstacles and problems through the active involvement of private sector and business associations.

He congratulated the State Bank of Pakistan, Securities and Exchange Commission of Pakistan, and Federal Board of Revenue for their coordinated efforts in ensuring a business-friendly environment in the country.

Dr Alvi also pointed out a few hiccups in the smooth flow of processes and the reasons for bureaucratic red-tapism, however, stressed the need for changing mindsets and improving attitude towards work or businesses for better efficiency and deliverance.

In this regard, he said, minimizing the human factor, increasing dependence on technology, and adhering to timelines could prove helpful.

President Alvi also urged offering women in the country the opportunities of ease of business through digital setups, adding that an across-the-board inclusion of population could lead to the vibrant and emergent middle class.

Abdul Razak Dawood, Adviser to Prime Minister on Commerce highlighted the reforms that had been implemented by the Board of Investment (BOI) to reduce the compliance burden on businesses and to promote ease of doing business specifically in small and medium enterprises.

He said the government had taken effective steps to facilitate the businessmen and traders that helped ensure economic growth in the country.

Minister of State & Chairman BOI Muhammad Azfar Ahsan termed the Asaan Karobar Programme as a historic and nationwide reform drive to improve ease of doing business in Pakistan.

Chairman BOI added that it is a harmonized system of regulations aimed at achieving a conducive business environment that is recognized and acknowledged globally.

He said more than 100 reforms had been implemented which had significantly contributed to transforming the investment climate of Pakistan.

He said the reforms had been introduced in three rounds. Around 167 reforms have been taken up with federal and provincial departments with a total of 115 reforms implemented involving 75 departments and have benefitted more than 30 sectors.

Chairman BOI added that the key sectors benefiting from these reforms include food processing, health sector, solar energy businesses, surgical sector, construction, tourism, etc.