CJP calls for strengthening regulatory bodies to foster business

ISLAMABAD: Chief Justice of Pakistan (CJP) Umar Ata Bandial said that it was crucially important to strengthen regulatory institutions to foster business.

Speaking at a business symosiun in Islamabad on Saturday, the top judge urged the authorities concerned to create “conducive environment” for businesses to thrive.

“Don’t surprise a businessman if you want business to thrive in the country. And particularly the tax regime must be reliable and consistent because you cannot cut the tree if you want the fruit”, he said.

He underscored the significance of creating a “level-playing field” for investors and said that industries with monopolies discourage big investors from competiting.

The CJP urge the need to enhance the capacities of high courts for efficient justice delivery.

He proposed for establishing tribunals to provide a fair environment for businesses and promote industrial development. He also referred to Article 25 of the Constitution, emphasizing the equitable distribution of resources as a crucial factor for the country’s progress.

The top judge acknowledged the subsidy demands of various sectors but emphasized that it is the government’s responsibility to provide them. “The Supreme Court’s role, in this regard, is to assess the justification and legality of subsidies”, he added.

The CJP called for active consultation between the government and business community to ensure the smooth functioning of affairs and emphasized the significance of  implementing effective regulatory measures. He identified long-term investment as key driver of economic growth and development.

He stressed the importance of promoting and assisting private enterprises while stressing the constitutional significance of institutions like the Election Commission of Pakistan (ECP) and the Auditor General of Pakistan (AGP). He further emphasized the necessity of supporting these institutions through training and capacity-building programmes.

CJP Bandial highlighted the challenges posed by different interpretations of laws and the limited role of courts in resolving such issues. He stated that courts were bound to enforce the law and their jurisdiction is limited to assessing the legitimacy of subsidies.