Friday, 16 November, 2018

Turkey top improver for first time in Doing Business report

A general view shows the central business district Nairobi A general view shows the central business district Nairobi
Cristina Norman | 01 November, 2018, 15:34

It is gratifying to see India's rise in the Ease of Doing Business ranking, by 23 places this year, positioning it among the most improved economies for the second year running.

Commerce and Industry minister, Suresh Prabhu said, today's ranking is an indication of collective work between various ministries.

The World Bank ranks 190 countries based on 10 parameters, including starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts, and resolving insolvency.

Modi had vowed to improve the ease of doing business when he came to power in 2014.

The new co-chairs of Pemudah are Finance Minister Lim Guan Eng and Leiking.

Hence, India was among the economies which made most improvement along with Afghanistan, Djibouti, China, Azerbaijan, Togo, Kenya, Côte d'Ivoire, Turkey and Rwanda.

"Moving forward, the structure will be strengthened to better address issues at the policy and execution levels".

"We acknowledge the on-going efforts of the government to tackle the pressing administrative roadblocks in the Indian real estate sector, as reflected in the improvement in ranking by 129 ranks in "Dealing with Construction Permits" in World Bank's "Ease of Doing Business" report".

The World Bank Group President, Jim Yong Kim, said governments have the enormous task of fostering an environment where entrepreneurs and small and medium enterprises can thrive.

During the past year, Malaysia implemented six reforms, Mauritius five, and the UAE four.

"In the area of Starting a Business, the Philippines simplified tax registration and business licensing processes, but increased tax registration costs".

While talking to the media, Fareena Mazhar, Executive Director General BOI, explained that in addition to introduction of reforms, other positive data corrections also contributed to the unprecedented improvement in ranking of Pakistan.

Getting Electricity was made cheaper and faster in Delhi with the cost for low voltage connections reduced by more than 30 per cent of the income per capita, while the time needed was reduced to 31 days, from 39 days. "During this past year, Kenya has once again showcased itself as one of the global leaders in adopting worldwide best practices in business regulation", said the report released yesterday.

And, importing and exporting was made more efficient for a third consecutive year.

A total of 25 reforms were carried out in Latin America and the Caribbean in the past year.

"This correction should be done soon as the Report could unduly compromise the Philippines' standing among the investment community and negatively impact the country's development, considering that this document is widely used as a reference by investors and survey organizations".

The report also comes just ahead of tomorrow's tabling of Budget 2019, in which the government is expected to introduce measures to spur greater entrepreneurship among Malaysians.

- India continued its reform agenda and advanced 23 spots to 77th place.

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