UAE jumps 10 places in World Bank's ease of doing business list

02 November, 2018, 18:01 | Author: Sally Reid
  • Felipe Jaramillo

Jitendra Gianchandani, chairman and managing partner of Jitendra Consulting Group, said the UAE's improvement in the ranking from 21st place to 11th is phenomenal.

India improved its ranking on the World Bank's "ease of doing business" report for the second straight year, jumping 23 places to the 77th position on the back of reforms related to insolvency, taxation and other areas. "It's a collaborative effort and a combination of several interventions that has resulted in improvement into this "Ease of doing Business" index".

The country also made trading across border easier as it reduced the time needed to export and import by implementing joint inspections, the NICIS2 electronic system and around-the-clock operations at Apapa Port.

In Malaysia, special task force Pemudah initiates and drives regulatory reforms and improvements within the Doing Business indicator areas in Malaysia.

Currently, it takes 113 days in Rwanda to get a construction permit. Sindh also made registering property easier by increasing the transparency of the land registry.

India has improved its rank in 6 out of 10 indicators. "Starting a business central government and state governments have to work together".

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"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".

The report, which was released on Wednesday, showed that the country took a step backwards from her 145th position previous year. Back in 2014, it ranked far behind at 142. Collectively, region's economies carried out 19 reforms in the past year, Afghanistan and Turkey, top improvers for the first time, implemented record single-year reforms, with five and seven, respectively.

It takes a business in Pakistan 161 days to obtain an electricity connection, compared to the South Asia regional average of 98 days and the cost is 50 percent more than elsewhere in the region.

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

The World Bank's senior economist Arvind Jain said an acceleration in reforms had helped Malaysia advance its position to be among the top 20 ranked economies globally. The changes also simplified documentation requirements, improved processing times, and expanded public access to information.

"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 joint statement said. 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 global trade at regular meetings.

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