BoI launches online platforms to assist investors

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ISLAMABAD: The Board of Investment (BoI) on Monday launched three platforms to provide local and foreign investors ease of online registration for zone enterprises as well as a comprehensive database of existing and potential investors that will promote business activities.

The three platforms — Pakistan Regulatory Modernization Initiative Strategy (PRMI), Special Economic Zone Management System (SEZMIS) and Investor Relationship Management System (IRMS) — were launched by World Bank Country Director Najy Benhassine, British High Commissioner to Pakistan Christian Turner and Senior Private Sector Specialist IFC Charles Schneider respectively.

Explaining the objectives of the platforms, BoI Secretary Fareena Mazhar said the aim was to go for gradual transition to a paperless environment that will reduce the compliance burden for businesses.

Secretary General Overseas Investors Chamber of Commerce & Industry Abdul Aleem and CEO Pakistan Business Council Ehsan Malik in their remarks expressed satisfaction with the government’s direction for acceleration of private sector growth through digitisation and reformation of the regulatory landscape.

“We have been working with BoI to design and implement investment strategies while modernising systems through revamped websites and digital portals,” said IFC Senior Country Manager for Pakistan Nadeem A Siddiqui.

“Future of Pakistan anchors around its economic growth,” said Mr Turner. “UK with its partners is very proud to be supporting the regulatory efforts at Federal and Provincial level as these will lay the foundation for regulatory system of tomorrow’s Pakistan,” he added.

Mr Benhassine said the PRMI will greatly contribute to sustainable regulatory reforms and integrate compliance across country through automation. “The automation of regulatory service delivery with the development of Pakistan Business Portal (PBP) will further reduce the need for businesses to visit multiple offices for regulatory compliance,” he added.

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