Pakistan jumps to 136th place on WBs Doing Business list

02 November, 2018, 18:01 | Author: Kevin Carter
  • A general view shows the central business district Nairobi

New Zealand tops the list of 190 countries in ease of doing business, followed by Singapore, Denmark, and Hong Kong. China was ranked 78 in last year's ranking and moved to 46 this year.

Regulations affecting 11 areas of the life of a business are covered: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and labor market regulation.

But it was in the area of "Registering property" that Malta fared worst, in a global 151 spot, requiring 15 days and seven different procedures. Jaitley also said the impact of GST has not been entirely accounted for in the ranking due to an early cut off date.

Overall, the country improved its Ease of Doing Business score by 2.57 points to arrive at its current 80.60.

Getting electricity was made easier by streamlining the number of procedures needed to obtain a new connection; also made electricity tariff changes more transparent.

Johannes Zutt, World Bank Country Director for Turkey, said: "I am pleased to note the priority the government is placing on the important agenda of improving the business climate to boost investment and create jobs".

Four of the region's economies have earned coveted spots in this year's global top improvers, Togo, Kenya, Côte d'Ivoire, and Rwanda.

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The gains made in construction, cross-border trade, digitisation of permits and signatures has minimised the bottlenecks in the system.

The report said the Philippines placed 124th out of 190 economies, largely due to higher business registration costs and the lag in inspecting imported goods.

In the report, Kenya was ranked 61 globally as a country with an environment that encouraged business and investments to thrive.

Suresh Prabhu, Commerce Minister, attributed the improvement in the ranking to the collaborative effort by the state and central government.

The country is also said to have made strides in making it easier to deal with construction permits by reducing time for processing permit applications. It also improved building quality control by introducing decennial liability and insurance.

"Jumping to 11th place worldwide and maintaining the first ranking across the Arab countries in Ease of Doing Business Report 2019 is a results of the efforts exerted by the government entities in the UAE and Dubai, in particular", Al Qamzi added. "It takes 69 days and costs about 8 percent of the property value to register a property, compared to 20 days and 4.2 percent among high income OECD economies", the report said. The latest reform initiatives included electronic submission of documents and upgrading of port infrastructure. The average import into the country spent less than 100 hours being checked for compliance at the border, the World Bank said, down from more than 250 hours a year previously.

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