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Pakistan Introduces ‘Regulatory Guillotine’, Invites So Korea Investment

PKONWEB — Pakistan has launched a program called “Regulatory Guillotine” to improve business regulations in an attempt to enhance ease of doing business and attract investment. Through this program, two to three regulations were being scrapped every month to streamline business activities. The country has improved its global ranking in the Ease of Doing Business Index, which went up 11 points.

Adviser to Prime Minister on Commerce, Textile, Industries, Production and Investment Abdul Razak Dawood has invited Korean investors to participate in China-Pakistan Economic Corridor (CPEC)-related projects and has also proposed the establishment of an exclusive economic zone for Korean companies as part of CPEC. Dawood was speaking at the Pak-Korea CEO Forum held in Seoul where representatives of top Korean companies were present.

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Dawood headed a delegation of top players of the textile industry– key sector of Pakistan’s export regime, during the visit to South Korea. The International Monetary Fund (IMF) has projected that Pakistan’s exports will increase to US $ 36.7 billion in five years by the year 2023-24. 

South Korea will send a buying mission of importers to Pakistan in coming months.

The Korean minister (Dawood’s counterpart) said big companies of South Korea were also interested in investing in different projects of mutual interest, pertaining to manufacturing of technology equipment.

The original report appeared in The Express Tribune.