Ministry of Hajj issued over 150,000 Nusuk cards for the Hajj of 2025    Saudi Arabia deports 12,866 illegal residents in a week    SFDA clears first 44-ton medical shipment for Hajj pilgrims    Over 13 million worshipers pray at Rawdah Sharif in a year    Pope Francis laid to rest at historic funeral in Rome    Massive explosion at Iran's Shahid Rajaee Port injures over 500 people    Russia claims full control of Kursk region after ousting Ukrainian forces    Former US congressman George Santos sentenced to over 7 years for fraud and identity theft    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Alkhorayef praises advancements in Al-Kharj food industries sector    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Average life expectancy in Saudi Arabia rises to78.8 years    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



DOING BUSINESS HAS BECOME EASIER IN PAKISTAN AND INDIA
Published in Saudi Press Agency on 14 - 02 - 2007

Doing business became easier in Pakistan and India in 2005-2006, according to a new regional report released Tuesday by the World Bank and its private sector arm, International Finance Corporation or IFC, entitled Doing Business in South Asia 2007.
The report covers eight countries in the World Bank s South Asia region and examines 12 major cities in India, six in Pakistan, and four in Bangladesh.
According to the report, within India, Hyderabad has the most business-friendly regulations while Karachi is at the top in Pakistan, while Dhaka ranks best in Bangladesh.
Five reforms in India and two in Pakistan reduced the time, cost, and hassle for businesses to comply with legal and administrative requirements.
No other South Asian economies improved business regulations in 2005-2006, ranking the region last in the pace of global reforms , the report added.
It compares business regulations in the region with 175 economies around the world. The top-ranked countries are the Maldives (53) and Pakistan (74), followed by Bangladesh (88), Sri Lanka (89), Nepal (100), India (134), Bhutan (138), and Afghanistan (162).
Doing Business in South Asia 2007 is the third report in a series of South Asia regional reports based on the methodology of the annual global Doing Business report.
Doing Business tracks a set of regulatory indicators related to business start-up, operation, trade, payment of taxes, and closure by measuring the time and cost associated with various government requirements. It does not track variables such as macroeconomic policy, quality of infrastructure, currency volatility, investor perceptions, or crime rates.
The report finds that entrepreneurs in South Asia face large regulatory obstacles to doing business. For example, it takes 18 months of salary, on average in the region, to dismiss a redundant worker. More than a year (425 days) is needed to register property in Bangladesh. Taxes are high: a standard company in India pays 81% of commercial profits in taxes, while in Pakistan, it takes 560 hours per year to comply with all tax regulations.
Good practices exist within Bangladesh, India, and Pakistan. The report team finds that if each city in these countries mimicked the best practices followed in other cities within the country, the country ranking and ease of doing business would improve drastically.
In Pakistan, implementing each city s best practice would result in a 22-place jump in the global Doing Business rankings, from 74th to 52nd place.
In 2005-2006, the pace of reform was slower in South Asia than in any other region, with only India and Pakistan starting to improve their business environment. Countries are competing for investment, enterprises, and the jobs that come with them. Some improvements are underway in the region, but the pace of reform must increase if South Asia wants to keep up with the rest of the world, said Simon Bell, World Bank Manager for Financial and Private Sector Development in South Asia.
As a region, South Asia performs comparatively well in business start-up and protecting investors. It lags far behind, however, on the ease of employing workers, enforcing contracts, and trading across borders. For example, resolving commercial disputes through the courts is more time-consuming in South Asia than in any other region.
On average it takes almost three years (969 days).
The report finds that complex and costly business regulations push workers into the underground economy. In India, over 8 million workers have formal jobs in the private sector in a country of over 1 billion people and a workforce of 458 million. Sri Lanka has over 4 million workers in formal private sector jobs out of a workforce of about 7 million. In Bangladesh, 7 million workers have formal jobs in the private sector. In northern European countries, where it is easy to do business and people benefit from social protection, less than 8% of all economic activity occurs in the underground economy.


Clic here to read the story from its source.