Improving regulatory efficiency requires a multifaceted approach: - Simplification: Streamlining regulatory requirements and eliminating unnecessary procedures. - Digitization: Implementing digital platforms for regulatory processes to enhance efficiency and transparency. - Stakeholder Engagement: Involving businesses and other stakeholders in the regulatory design and review process. - Regular Reviews: Periodically reviewing and updating regulations to ensure they remain relevant and effective. - Capacity Building: Enhancing the skills and capabilities of regulatory bodies to ensure effective enforcement.