Pakistan has been at the number 147 in 2018 according to the World Bank’s Index for Ease of Doing Business, Pakistan’s global ranking in Ease of Doing business improves to 136 in 2019 as compared to 147 in 2018, and there is an increase of 8.08.
According to the Board of Investment (BOI), Pakistan has created special economic zones during the past year which contributed in ease of doing business in Pakistan and the country jumped from 147 to 136 in just one year, APP reported. The government is also focused on improving and creating further economic zones to strengthen the position in the future.
According to the World Bank’s data, Pakistan’s position has been under immense pressure from 2006 onwards which fell dramatically from 60th to 147th. The BOI has improved the overall performance of the business in Pakistan, the BOI held 8 meetings in the past month headed by Prime Minister Imran Khan focused on improving Ease of Doing Business in Pakistan.
The government initiated many key reforms under Ease of Doing Business in order to improve the business environment in Pakistan, the companies now can register in Pakistan in one business day along with reducing construction permits time from 260 days to 92 days in Karachi and 266 days to 70 days in Lahore.
Moreover, timeframe for electricity applications requests is decreased from 185 to 120 days in Karachi and from 117 to 95 days in Lahore. The government has also launched a Mobile App for electricity load and cost estimation and billing details.
The processing times in property registration has also been improved to a great extent in Karachi and Lahore, tax-paying systems also made swift online and with fewer requirements. Further, for trading across borders web-based customs system was also launched (WeBOC) which was integrated with key departments to reduce processing time significantly.
The Board of Investment had also organized several conferences to highlight and promote the economic and investment potential in Pakistan. There were several key and successful conferences held in the past year which contributed well towards further development. The BOI website was also revamped to have better accessibility, information, and other features along with several new publications, highlighting the priority sectors of the government, for potential investors.
From the past one year the BOI has taken more sophisticated steps including E-Services for the investors, Work Visa and establishment of branch or liaison offices by providing the services 24/7 throughout the year from around the world.