ISLAMABAD: The first element for inviting investment is the continuity and stability of the political system and impatience is detrimental to good steps, Minister for Planning and Development Ahsan Iqbal said on Thursday.

He was speaking at the inaugural session of ‘Thought Leaders Summit 2016 – Strengthening human governance for sustainable ease of Doing Business Index’.

The minister said that while the private sector can afford the luxury of hiring the best minds, the public sector struggles as it has to balance many acts simultaneously.

“One can initiate reforms but implementation can turn into a complex process in the larger context. But we are making it possible by working harder in the right direction,” he said.

While talking about the level of public sector efficiency, he was of view that it had dwindled in comparison to the 1990s.

“The leadership quotient is very low and missing in all tiers which must be mended through a new direction in the human resource management aiming at nurturing and training minds,” he said, while referring to Vision 2025. He maintained that previous efforts at reforms failed because of lack of ownership by the quarters concerned.

For fresh reforms, extensive consultations were held and a framework had been outlined, he informed.

Board of Investment (BoI) Secretary Iftikhar Babar said the board has developed a plan to improve the ‘doing business’ ranking of Pakistan in consultation with all federal and provincial stakeholders.

“Our plan is focused on streamlining of procedures by setting up ‘One-Stop’ shops, making procedures simpler and faster by introducing technology and reducing or eliminating minimum capital requirements. We have extensive programmes to address solvency laws, bankruptcy laws, enforcing contracts and protecting investors. The focus of our plan is introducing transparency through simplification of rules and regulations, automation and training and skills development,” he said.

Published in Dawn, January 22nd, 2016