BOI launches online platforms to make regulatory environment business friendly

For fostering an enabling business climate with automation & reduced compliance burden, Board of Investment (BOI) launched Pakistan Regulatory Modernization Initiative Strategy (PRMI), Special Economic Zone Management System (SEZMIS) & Investor Relationship Management System (IRMS) on Monday, said a press release.

“The launch ceremony held at Islamabad was attended by Dr. Ishrat Hussain, Advisor for Institutional Reforms & Austerity, Secretary BOI, Fareena Mazhar and stakeholders including World Bank Group, International Finance Corporation (IFC), UK Aid, Overseas Investors Chamber of Commerce & Industry (OICCI), Pakistan Business Council (PBC) & senior federal and provincial government officials.

“Pakistan Regulatory Modernization Initiative will carry out national level modernization of all regulatory requirements of businesses including registrations, licenses, certificates and other permits (RLCOs). This private sector driven reform drive will be undertaken to identify difficulties faced by business entities and feedback regarding regulatory compliance challenges. The processes of business entry and operations will be simplified and unnecessary laws & regulations will be removed. This modernization will reduce the compliance burden & cost of doing business which will increase industry competitiveness.

“With Special Economic Zone Management Information System (SEZMIS), enterprises and zone developers can file applications electronically which will be processed in a paperless environment. The data related to each zone is available to all stakeholders on their respective dashboards, allowing for better monitoring and regulation. The module is a leap into the digital future of SEZ led industrialization.

“Investor Relationship Management System (IRMS) records the interaction of Investment Officers with Investors to track and generate investment through engagements. It also creates a database encompassing information of company contacts, projects and related information for all investors. The key objective is to have data and tracking mechanism for all existing and potential investors. This will improve the effectiveness of investment promotion activities, and to identify any obstacles in the projects for speedy resolution.

“Secretary BOI, Ms. Fareena Mazhar explained the objective of the launch of PRMI strategy & the two online platforms, which aim to make the regulatory environment business friendly, provide local and foreign investors the ease of online registration for zone enterprises and a comprehensive database of existing and potential investors that will promote investment activities. She stated that gradual transition to a paperless environment will undoubtedly reduce the compliance burden for businesses and promote formal economy as well.

“Secretary BOI also acknowledged the role of the stakeholders for their support in the successful execution of the three initiatives and encouraged private sector to benefit from the online modules and to continue partnering with BOI for regulatory modernization.” 

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