Regulatory efficiency is vital for several reasons: - Economic Growth: Efficient regulations encourage business activities, investments, and innovation, leading to economic growth. - Ease of Doing Business: Simplified regulatory processes reduce compliance costs and time, making it easier for businesses to operate. - Competitiveness: Regions with efficient regulatory frameworks are more attractive to investors and businesses, enhancing global competitiveness. - Risk Management: Well-designed regulations help manage risks without stifling business operations.