ISLAMABAD, Aug 21 (APP):Adviser to Prime Minister on Commerce, Textile, Industries, Production and Investment Razak Dawood on Wednesday appreciated the role of World Bank in the economic and social development of Pakistan by providing technical and financial assistance to Pakistan in various sectors of the economy.
World Bank country Director, Pakistan Patchamuthu Illangovan (Illango) called on adviser to Prime Minister on Commerce, Textile, Industries and Production, and Investment Razak Dawood, to deliberate on issues pertaining to regulatory and institutional reforms in Pakistan in order to improve business environment in the country, said a press release issued by Ministry of commerce here.
By introducing business reforms, Pakistan is boosting its industrial and commercial potential as government is focusing on higher exports through tariff rationalization, attracting trade related investment, undertaking institutional reforms and documentation of economy and easing out of business regulations, emphasized by adviser to PM.
The adviser informed the World Bank, Director that Pakistan has launched a program titled Regulatory Guillotine to ease the business regulations.
He also added that Pakistan has taken various effective steps to improve trade procedures by establishing better trade facilitation regime.
He further underlined that reducing regulatory burden will decrease cost of doing business besides inducing efficiencies in the business operations.
They discussed the progress on all the initiatives being undertaken by the incumbent to ease out regulatory burdens to attract investment in order to boost economic growth in the country.