Pakistan Regulatory Modernization Initiative (PRMI) is a comprehensive program aimed at reforming and modernizing the regulatory environment in Pakistan. Launched by the Government of Pakistan in 2019, PRMI is designed to simplify and streamline regulatory processes, reduce bureaucratic hurdles, and promote economic growth and investment in the country. The initiative recognizes the importance of efficient and effective regulations in promoting business activity, enhancing consumer welfare, and improving the overall quality of life for citizens. By creating a more transparent, predictable, and accountable regulatory framework, PRMI seeks to unleash Pakistan's potential as a vibrant and dynamic economy. This initiative is expected to have far-reaching impacts, from stimulating innovation and entrepreneurship to improving public services and governance. Overall, PRMI represents a bold and forward-thinking approach to regulatory reform, with the potential to transform Pakistan's economic and social landscape.

In order to operate in Pakistan, businesses need to fulfill requirements of three tiers of Government (Federal, Provincial and Local Governments). A large number of Government departments / organizations have prescribed multiple “Registrations, Licenses, Certificates and Other permits (RLCOs)” for establishing and operating such businesses. Many of these RLCOs envisage cumbersome processing through manual application procedures.

To reduce the compliance burden on businesses, the Prime Minister of Pakistan approved the launch of “Pakistan Regulatory Modernization Initiative (PRMI)”, established a Steering Committee for implementing PRMI activities and designated the Minerals, Industries, Commerce & Labour (MICL) as the lead agency in Gilgit-Baltistan. The key objective of this initiative is to reduce the compliance burden of businesses on one hand while improving the effectiveness of regulatory regime on the other.

The major deliverable of this project is the establishment of an online “One Stop Shop” by the name of “Gilgit-Baltistan Business Portal " that will be linked with the “Pakistan Business Portal”. This will enable businesses to find regulatory requirements, in respect of different sectors, submit their applications electronically and also pay the fees/charges online to obtain required licenses/permits.