Malta remains most hard place in the European Union to do business

Malta remains most hard place in the European Union to do business

Speaking on the occasion, Commerce and Industry Ministry Suresh Prabhu said, India has moved up 53 ranks in the last two years, reflects the government commitment to implement progressive reforms.

India jumped 23 positions in the World Bank's Ease of Doing Business Index and is now ranked 77 out of 190 countries in 2018, a development that could help the country attract more foreign investments.

Leiking said Malaysia's ranking at 15th was due to the World Bank recognising the government's numerous regulatory reforms and improvements.

The Doing Business report is published by World Bank, which measures the performance in ease of doing business in 190 countries.

Meanwhile, China's score increased by 8.64 points compared with past year, and it is one of the economies with the greatest improvement in the business environment.

The rest of the top 10 performers are Singapore (85.24), Denmark (84.64), Hong Kong (84.22), Korea (84.14), Georgia (83.28), United States (82.75), United Kingdom (82.65), and Macedonia (81.55). To be sure, India's insolvency code is still in its infancy, and the first cases under it were closed only this year, so it is a safe assumption that the country's record on this front will improve. A score closer to 100 indicates a more efficient business environment and stronger legal institutions.

"These efforts have had transformative and positive effects on the judicial system as a whole, but also in the areas of commercial litigation and insolvency specifically", the report said.

Perhaps unsurprisingly, Malta fared best in the area of "Dealing with construction permits", where the country was ranked in a global 45 position.

Afghanistan was the most improved economy followed by Djibouti and China.

"Given the current economic environment in Turkey, it is, nevertheless, encouraging to the global business community and local entrepreneurs alike to see the process of conducting business simplified in so many Doing Business areas", said Johannes Zutt, the World Bank Country Director for Turkey. It also strengthened access to credit by creating a register of moveable assets and making it safer for banks to lend money to businesses. 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. In addition, this year also saw the highest number of economies carrying out reforms, with 40 of the region's 48 economies implementing at least one reform, compared to the previous high of 37 economies two years ago. "As a highly respected institution, the World Bank has a responsibility to ensure that an economy is not unduly disadvantaged and that its report reflect the realities on the ground", the statement added.

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