ISLAMABAD: Prime Minister Imran Khan on Monday approved to establish a steering committee on Pakistan Regulatory Modernisation Initiative (PRMI) to form a regulatory framework for simplifying the process of business registration.

The high-powered body will be headed by Advisor on Establishment Shahzad Arbab and Advisor on Commerce Abdul Razak Dawood. The secretary commerce, chairman Federal Board of Revenue (FBR), chairman SECP, chairman Board of Investment, president FPCCI, presidents of chambers of commerce of Lahore, Karachi and Faisalabad as well as representatives of Pakistan Business Council will be part of the committee.

“The aim of improving regulation and developing it on modern lines will facilitate the business segment,” Imran Khan said while chairing a meeting on Pakistan Regulatory Modernization Initiative (PRMI) in Islamabad. He was given a detailed briefing on the PRMI.

He said small and medium-sized industry had suffered badly because of no objection certificate (NOC) requirement by different departments and lack of automation.

The prime minister said multiple NOCs, new terms and conditions and various regulatory stages not only opened the ways for corruption but also affected the foreign investment.

Pakistan Regulatory Modernization Initiative is the first step in the history of the country taken at national level in consultation with provinces that aims at simplifying regulatory framework and registration process in order to facilitate the business community.

Under the PRMI, the process of mapping, rationalization, modernization and automation will be done.