Published: Thu, November 01, 2018
Business | By Eloise Houston

Nigeria Drops On Ease Of Doing Business Ranking

Nigeria Drops On Ease Of Doing Business Ranking

India has jumped 23 places in ease of doing business ranking. The survey ranks countries on an aggregated score of 0 to 100, with higher marks indicating more conducive conditions for businesses while lower results demonstrate the opposite.

Turkey carried out a record number of business reforms in the past year, earning the country a spot in this year's top 10 global improvers, read the World Bank Group's Doing Business 2019: Training for Reforms report on October 31.

"It shows the UAE has best regulatory practices - such as construction permits, registration, trading across borders, getting electricity permits, getting credit and tax payment mechanism etc. - when it comes to doing business".

Similarly, India witnessed improvement in the ranking for "trading across borders", which rose to 80 from 146 previous year.

Israel improved 24 places, from 65th to 41st, for dealing with construction permits. But it fell short in registering property (53), resolving insolvency (44), getting credit (32) and enforcing contracts (30).

The country is said to have made starting a business easier by reducing the time needed to obtain a business licence.

With 13 reforms between them, China and India-two of the world's largest economies-are among the 10 top improvers.

India has improved its rank in 6 out of 10 indicators and has moved closer to worldwide best practices (Distance to Frontier score) on 7 out of the 10 indicators. After all ease of doing business is all about minimum governance and your investment process is guided by it.

Briefing the media on the report, Executive Director Board of Investment, Fareena Mazhar explained that in addition to introduction of reforms, other positive data corrections also contributed to the unprecedented improvement in ranking of Pakistan.

Commenting on government's new initiative of monitoring Ease of Doing Business in the district level, he said this step will further enable India to improve in micro-levels thereby affecting the macro picture.

It also performs well in the area of registering property, with a global rank of 39, and at just five days, it is four times faster to register a property transfer in Turkey than in the region, according to the report. For example, getting an electricity connection now takes 185 days as compared to 215, previously. "You have to crack the code & try and improve on the criterion in which we lack". "India made paying taxes easier by replacing many indirect taxes with a single indirect tax, the GST, for the entire country".

The Ministry of Finance points out that this year's advance follows consecutive declines in recent years.

"Enhanced risk-based management now allows exporters to seal their containers electronically at their own facilities; as little as five percent of shipments must undergo physical inspections", it said, adding that India also invested in port equipment, strengthened management and improved electronic document flow.

Other strengths for Kenya reviewed by World bank include strengthening requirements regulations for minority investors, Increasing shareholder rights and calls for greater corporate transparency.

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