The Securities and Exchange Commission of Pakistan (SECP) has been recognized as the 7th most powerful regulatory body in the world, as per the ‘Global Competitiveness Report-2019’, released by the World Economic Forum (WEF).
The report published by the World Economic Forum revealed that Pakistan has improved considerably, claiming a position 15 ranks up in terms of competitiveness.
SECP: 7th Most Effective Regulator
Pakistan’s new position on the Global Competitiveness Report-2019 is 52, which reveals that Pakistan has improved 15 ranks from an earlier position of 67. SECP has emerged as the 7th most effective regulatory body for good governance across the globe.
SECP has been recognized as the “7th most effective regulator” by the World Economic Forum in its ‘Global Competitiveness Report-2019.
The progress of Pakistan’s competitiveness was due to the achievements made during the last 12 monthshttps://t.co/TQ6JBDApFD
— PTI ACHIEVEMENT BLOGS BY ATIF BUTT (@PTI_Achievement) October 16, 2019
The report noted that Pakistan ranks amongst the few nations where an individual can register a private organization within 24 hours. Outlining the concerns of start-up businesses, the report revealed that Pakistan has increased six ranks. Earlier in 2018, Pakistan ranked at 96, but now, it has claimed the 90th rank. The country has maintained its position in terms of investment ranking.
The report also noted that the SECP has implemented several reforms to usher in the age of digitalization, further revealing Pakistan to be ranked among the 52 most dynamic economies across the world. Pakistan has secured this position by improving 15 points since 2016 when it ranked at 67th position.
Analysts and observers indicate that Pakistan has improved its competitiveness due to the achievements and improvements made during the past year. These most efficient improvements were ushered in due to the strategies and endeavors undertaken by the apex regulator for the capital markets and the corporate sector. The regulation of insurance, non-banking financial companies, and private pension schemes have also facilitated improvement.
The World Economic Forum’s competitive report reviewed 103 indexes. It reported improvement in 24 indexes, while 12 indexes maintained their position.
Strategies Adopted by SECP
The SECP has succeeded in improving the country’s competitiveness rankings by reducing the number of days required to start a company. The SECP Chairman, Aamir Khan, briefed the partner team of WEF about the future of the economy, explaining that the commission is dedicated to introducing new strategies for connecting and facilitating all stakeholders.
The SECP Chairman stated these new approaches will usher in structural changes that will alter the attitude towards entrepreneurial risk and allow the growth of innovative businesses. Pakistan enjoys a formidable global ranking at the 53rd position amongst 141 nations across the world.
It is important to note that the new strategy deployed by the SECP has proven effective in the creation of more businesses adopting disruptive ideas. The SECP is collaborating with other stakeholders to make legal frameworks much more adaptable to digital business models, an arena where Pakistan has outperformed 100 other nations across the globe.
The SECP Chairman said that the SECP is dedicated to transform its technology infrastructure and provide its stakeholders with a top-notch experience, as per the vision of Prime Minister Khan led federal government.
SECP registered 1525 new companies in July https://t.co/tcfLNvFk4c
— Ch Fawad Hussain (@fawadchaudhry) August 22, 2019
SECP Chairman Aamir Khan said, “We all must work together to improve the collective understanding of all the stakeholders for a meaningful change in the business environment.”