Ghana moves up six spots on 2019 World Bank Doing Business ranking
Ghana moves up six spots on 2019 World Bank Doing Business ranking
New Zealand is best place to do business but UK slips to ninth – report
01 November, 2018, 11:26
The reforms raised Kenya to 61st place in the global ease of doing a businessranking, from a rank of 80 last year, earning the country a spot among the global top improvers for the fourth time in the past 11 years. The advance - the second big jump in a row - marks a huge step forward in Narendra Modi government's efforts to ease processes, project a business-friendly environment, and draw in foreign investment.
For three years in a row, New Zealand topped the worldwide financial body's Doing Business Report, released on Wednesday, followed by Singapore and Denmark. Besides, the Congress has persistently pointed to what it calls the "failure" of PM Modi's "Make in India" initiative.
Malaysia rose nine rungs to 15th place in the World Bank's flagship Doing Business report for 2019, indicating a significant improvement of local conditions for starting and running businesses in the country. India scored 137 in the starting a business category, 52 in dealing with construction permits, 24 in securing access to electricity, 166 in registering property, 22 in getting credit and 7 in protecting minority investors.
The high grade came despite recording a drop in ranking in six out of 10 parameters assessed by the bank. First, the Government has made it easier to Deal with Construction Permits by strengthening construction quality control by imposing stricter qualification requirements for professionals in charge of technical inspections. Improvements have already done on enforcement of contracts, taxation and insolvency laws and would be reflected in future rankings, he said.
The rankings of countries in the report indicate competitiveness as well as highlights the areas where reforms are immediately needed to improve business climate in the country.
Board of Investment, being the secretariat of Prime Minister s Steering Committee on Doing Business Reforms, briefed the press on the reforms behind improvements made in Pakistan s ranking and reforms being introduced to improve it further.
"It also performs well in the area of registering property, with a global rank of 39", it said. This is another area in which reforms have been carried out for a third consecutive year.
India also performs particularly well in the area of Protecting Minority Investors, with a global rank of 7, and scoring a flawless 10 in the index measuring shareholders' rights and role in major corporate decisions. The country's global rank in getting Credit improved to 22 this year.
This year, Doing Business collected data training of customs clearance officials and brokers and finds that training results in lower border and documentary compliance times, easing the movement of goods across borders.
To facilitate cross-border trade, they said, China implemented a national trade single window linking the customs and tax administration, port authorities, the Ministry of Commerce and other agencies involved in the export and import processes.
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