Tuesday, April 23, 2024

Pakistan Business Portal to be introduced by the Govt.

The Government is in the process of introducing the Pakistan Business Portal, which will serve as a virtual one-stop business site, as disclosed in a webinar by the Additional Secretary of the Board of Investment (BOI), Mukarram Jah Ansari.

This move is part of the reform initiatives undertaken by the BOI under the Pakistan Regulatory Modernization Initiative (PMRI), which aims to boost the ease of doing business and to promote the country’s investment and business activities.

Ansari said that this platform will decrease the requirements for enforcement and promote the growth of business activities in the country. The Pakistan Business Portal will incorporate all business-related public sector organizations so that the process of registration and licensing of firms can be relaxed.

He also said that “Pakistan will be included in the top 90 economies of the world with regard to ease of doing business” once the reform steps are complete. The goal of the PMRI is to reduce the company compliance and cost burden, which the Additional Secretary agreed to be a main burden on Pakistani companies.

For the analysis, simplification and removal of unnecessary laws in the process of building this portal, 550 business regulations were mapped.

Ansari said that all business group facilitation processes and procedures will be streamlined and, “Soon, there will be a single-window business registration facility that will be communicated through an integrated system to all relevant departments and organizations.”

To digitalize all facilities for the advantage of investors, BOI has already introduced three portals including the Electronic Joint Venture (EJV), the Branch Liaison Management Information System (BLMIS) and the SEZ Information Portal.

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