Below are some achievements of REMIT in Improving Pakistan’s Investment Climate and Business Competitiveness:

• Institutionalising the Pakistan Regulatory Modernisation Initiative (PRMI): REMIT has been providing support to BOI in institutionalising the Pakistan Regulatory Modernisation Initiative (PRMI). This initiative aims to improve the investment business competitiveness of Pakistan through the development and implementation of institutional capabilities, legal instruments, and regulatory reforms.

• Impact Evaluation of Regulatory and Legal Reforms under PRMI: REMIT has evaluated the impact of over 115 regulatory and legal reforms under PRMI, helping BOI develop a methodology framework for assessments and conducting detailed field data collection and interviews to implement the methodology and evaluate the impact.

• Attracting Private Investment in the Circular Economy: REMIT has collaborated with BOI to develop a comprehensive plan to attract and realise private investment in the circular economy. The plan identifies opportunities, develops and implements key regulatory changes, and leverages private investors to engage with BOI and strike deals on investment. The focus is on critical sub-sectors such as water management, waste management, alternative housing, and energy.

• Public Private Dialogues (PPD): REMIT has been conducting Public Private Dialogues (PPD) to identify and implement reforms. In the first set of PPDs, the public and private stakeholders agreed that the agenda of taxation, investment, trade, and industrialisation is linked. The ‘whole of government’ approach is required to strengthen economic governance. The second phase of PPDs was initiated in the pharmaceutical sector, with a focus on the recently approved API policy. Critical changes in the DRUG Act and Drug Regulatory Authority of Pakistan Act have been proposed to the Prime Minister’s Office through SAPM on Government Effectiveness as a result. The next phase of PPDs aims to propose recommendations for the upcoming budget (FY2024) for priority sectors of the Government.

• Invest Pakistan Initiative: REMIT has been instrumental in helping BOI frame the ‘Invest Pakistan’ initiative, that will be the first-ever Public Private Partnership experiment for managing reforms and attracting investment. The PPP entity will work towards realising investment deals for Pakistan through a service-oriented approach.

Through our technical support, REMIT has made significant strides in enhancing Pakistan’s investment climate and business competitiveness. We remain committed to our efforts in attracting private investment in the circular economy, evaluating the impact of regulatory and legal reforms, and promoting Public Private Dialogues to identify and implement reforms.