ISLAMABAD: Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar Khan, Friday stressed the need for reviewing the regulatory frameworks of the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan (SECP), and the Federal Board of Revenue (FBR) to identify overlaps and outdated practices in a bid to provide a business-friendly environment to local and internal investors.
In a meeting with Scott Jacobs, managing director of JC&A, and the Board of Investment (BOI) reforms team, he said that to attract local and global investment further streamlining of the regulatory frameworks is a must, adding that the SBP, the SECP and the FBR must take necessary steps in this connection as early as possible.
He said that reviewing and reforming the regulatory frameworks will become a key step towards improving Pakistan鈥檚 investment climate and fostering inclusive economic growth. The session focused on reviewing the implementation progress of the 鈥淩egulatory Reform Packages鈥 initiated under the roadmap approved by Prime Minister Shehbaz Sharif.
During the meeting, the delegation provided a detailed briefing on ongoing reform initiatives, aimed at streamlining regulations and enhancing the ease of doing business in Pakistan. Key areas of discussion included the country鈥檚 economic outlook, industrial policy, foreign exchange frameworks, regulatory challenges, and the SECP Act.
Scott Jacobs lauded Prime Minister Shehbaz Sharif鈥檚 vision for reform and praised the administration鈥檚 efforts to strengthen Pakistan鈥檚 economic infrastructure and investment environment.
HaroonAkhtar Khan underscored the vital role of the private sector in driving economic growth and job creation. He emphasised that a coordinated approach involving industrial, regulatory, and tariff reforms could be transformative for Pakistan鈥檚 economy.
Calling for the removal of redundant regulations that hinder business operations, he reiterated that private sector engagement is essential to attracting foreign direct investment. He also acknowledged the BOI鈥檚 significant progress in simplifying processes related to business registration, licensing, and permits.
鈥淯nnecessary scrutiny should be avoided when investments are routed through proper foreign exchange channels,鈥 Khan noted, pointing out that sufficient monitoring mechanisms already exist for countries outside the FATF list.
He reaffirmed the finalisation of a five-year Industrial Policy aligned with the prime minister鈥檚 vision, aimed at reducing the cost of production and protecting the industrial sector. Aligning Pakistan鈥檚 regulatory environment with global standards, he said, is critical for enhancing competitiveness and ensuring long-term economic sustainability. The meeting concluded on a note of optimism, marking another milestone in Pakistan鈥檚 ongoing efforts to create a more investor-friendly and efficient economic framework.
Copyright Business Recorder, 2025