World Bank stresses faster ‘ease of business’ reforms

KARACHI: Patchamuthu Illango, Country Director World Bank, on Thursday asked Pakistan to work faster and continuously on ‘ease of doing business’ reforms, if it aimed to stand among the top 50 states, facilitating business, from its 147th position.

“Pakistan needs to create two to three million jobs per year and in order to achieve that it needs continuous efforts to facilitate ‘ease of doing business’,” Illango said while speaking at Sindh Doing Business Reforms Exhibition hosted by Sindh Board of Investment (SBI) with technical support and facilitation from the World Bank.

The World Bank official acknowledged that Pakistan has joined other countries in fast reforms. However, he said, “It should be done in a marathon.”

During the event, concerned departments showcased the ground-breaking reforms that have been introduced under the ‘Doing Business Reforms’ in the province. The reforms are part of provincial government’s current focus on aggressively transforming the regulatory environment to help make Sindh the next business powerhouse.

Muhammad Waseem, Chairman Planning & Development Sindh, said the province has played a constructive role in integrating the economy of Pakistan. “These business reforms will put our people on the trajectory of economic prosperity and will set a pattern for the province of Sindh,” Waseem said.

Chairperson SBI, Naheed Memon, said there was an increased commitment from the Government of Sindh to make it happen.

“This is not just an effort of a hundred days. This is an ongoing effort that will evolve,” said Memon.

In her presentation she shared the success story of introducing these ground-breaking reforms in detail, lauding the efforts of concerned departments. “We are always compared with Punjab. We are not just doing it better when it comes to these reforms, we are doing it quicker. Even though Karachi is a bigger city with more complicated challenges,” she said.

Memon said that she saw Pakistan on the verge of industrialisation, and urged the private sector as well as the media to positively reinforce these efforts and encourage the government of Sindh regarding these reforms.

Amjad Bashir, senior economist at World Bank, shared rankings of the Bank’s doing business report, which highlighted why these reforms are so integral to improving the investment climate in Pakistan.

Shabana Khawar, principal country officer of International Finance Corporation, said this effort must continue beyond a hundred days.

Mufassar Malik, president Karachi Chamber of Commerce & Industry, pledged the trade body’s full support to the reforms on behalf of the private sector, lauding the establishment of Sindh Investment Climate Improvement Cell (SICIC).