Malaysia ranked 15th in World Bank Doing Business 2019 Report

India ranks 77th in ease of doing business rankings

In its annual report, the World Bank said overall, the BRIC economies - Brazil, Russia, India and China - improved their average ease of doing business score by a combined total of nearly 19 points across various areas of business regulation.

The country's score also improved by 1,92 percent to 50.44, according to World Bank Group Flagship Report, which compares business regulation for domestic firms in 190 economies across the globe.

The country was ranked at 70th in 2002 and 85th in 2009.

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".

Ease of doing business rankings

"The improvement is excellent news for India, and good news for the business community", Commerce Minister Suresh Prabhu said on Wednesday.

He said, "It's teamwork between Central, state and local government". In 2016, 2015 and 2014, India had not improved much and was placed at 130, 131 and 134, respectively, in the ranking. "Improved ranking means business-friendly and corruption-free environment and lower transactions cost which will ultimately help to attract multinationals to invest in the UAE and attract more foreign investments", Gianchandani said.

Answering a question regarding PM Imran's visit to China, Dawood said, "Pakistan wants to expand the scope of China-Pakistan Economic Corridor to increase cooperation in industries, market access and agriculture cooperation".

India has climbed 23 spots on the World Bank's Ease of Doing Business (EODB) Index in the last two years, and now ranks #77 among 190 global economies.

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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. The country now ranks first among South Asian countries, compared to the sixth slot it held in 2014, he added. "On the measure of absolute progress towards best practice, Pakistan improved score to 55.31, from 52.78 past year", it said in a statement. While reforms in the region covered all areas of Doing Business, many improvements focused on easing construction permitting and cross border trade.

The biggest gain was in construction permit where India climbed 129 ranks to 52nd place on the back of targeted government effort to remove hurdles.

In the 2019 ranking, New Zealand tops the list, followed by Singapore, Denmark and Hong Kong.

He said the government, through Pemudah, will undertake more reform initiatives to further enhance the ease of doing business in a new Malaysia that prospers through business competitiveness. This two-year jump is the second largest for any country on the index.

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"The five areas that need more improvement are in registering property, starting a business, insolvency and taxation and enforcement of contracts".

"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.

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