Islamabad, 18 July: The Cabinet Committee on Regulatory Reforms (CCoRR), chaired by Federal Minister for Investment Qaiser Ahmed Sheikh, has completed a series of three meetings to review the first Regulatory Reform Package presented by the Board of Investment (BOI).
According to an official statement, the meetings marked a significant step in the government’s mission to streamline Pakistan’s regulatory framework, in line with the Prime Minister’s directives.
The BOI submitted a comprehensive package with 136 proposals aimed at easing business processes by reducing compliance requirements, eliminating outdated practices, and updating regulations.
Key reforms include simplifying federal-level Registrations, Licenses, Certificates, and Other Permits (RLCOs), and revising the Companies Act, 2017 for unlisted companies. A sub-committee led by Haroon Akhtar Khan, Special Assistant to the Prime Minister on Industries and Production, was assigned to consult with the Securities and Exchange Commission of Pakistan (SECP) and other stakeholders on the Companies Act amendments.
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Out of the 136 proposed reforms, 104 were approved for implementation. These include eliminating 19 outdated regulatory requirements and simplifying 57 procedures through digitisation and modernisation.
The reforms are expected to significantly reduce costs, speed up approval times, and improve transparency for businesses. Ministries and departments have been instructed to implement the approved changes within a 90-day timeframe, depending on the complexity of each reform.
The BOI will oversee the implementation process and regularly report progress to the committee. Additional reform packages are currently being developed to further ease compliance pressures and attract both local and international investment.
