Malaysia now 'easier' for doing business, says World Bank

India Jumps 23 Places on World Bank’s ‘Ease of Doing Business’ Rankings

The World Bank has ranked Nigeria 146 out of 190 countries on ease of doing business. The US grabbed the eighth spot, while China was ranked #46 after climbing 30 positions.

According to the report published Wednesday, Turkey received 74.33 points out of 100, improving 4.34 points since previous year.

The report used Shanghai and Beijing as sample cities, of which Shanghai had a weight of 55% and Beijing accounted for 45%.

The economies' competitiveness was measured across several indicators, namely: 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.

The DOF and DTI said the World Bank's survey team was unable to correct the information on the country's credit information database.

The report commended the country's efforts towards embracing digital transformation, which it said facilitated easier tax reporting, permit applications, power connections, cross-border trading, and resolution of insolvency issues. Sindh also made registering property easier by increasing the transparency of the land registry.

In the World Bank's annual ranking of bureaucracy-busting economies, New Zealand again claimed the top spot after making it cheaper to set up a company.

More news: Saudi Arabia Says It Is Beacon Of 'Light' Against Iran Despite Crisis

The average time and cost to register a business, for example, has declined from 59 days and 192% of income per capita in 2006 to 23 days and 40% of income per capita today.

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".

"All these achievements have been made possible through KEPSA's various engagement structures established in partnership with the government over the years including Presidential Round table, Speakers' Round table, Ministerial Stakeholders' Forums, among others that have been crucial in ensuring a stable, secure and enabling business environment where all businesses large and small, domestic and foreign can start, grow and thrive."

The Emirates is the highest ranking economy in the Middle East and North Africa, and joins the World Bank's top 20 ranking out of 190 economies for the first time.

He added, "The decline in the business environment is partially due to the to lack of interest on the part of federal government especially after the 18th Constitutional Amendment when coordination between the federation and the provinces decreased". The report notes that India has supported its ambitious reform agenda by providing regular training to both customs officials and private sector agents, as well as by establishing Customs Clearance Facilitation Committees which bring together actors involved in worldwide trade at regular meetings.

- During the past year, Malaysia implemented six reforms, Mauritius five, and the UAE four. These are Togo, Kenya, Côte d'Ivoire, and Rwanda.

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