Ranking 3rd position in South Asia, Nepal improves in ease of Doing Business 2020 list
London — Nepal has made significant improvement in the trade and business environment. It has become successful in taking the third position in South Asia in terms of this, a report has shown.
In Asia region, the Doing Business ranking has shown China top with scoring 31st position, India (63rd), Bhutan (89th), Nepal (93rd) and Sri Lanka (99th).
The governments of 115 economies around the world launched 294 reforms over the past year to make doing business easier for their domestic private sector, paving the way for more jobs, expanded commercial activity, and higher incomes for many, according to the World Bank Group’s Doing Business 2020 study.
According to the report, DB 2020 uses a simple method to calculate which economies improved the ease of doing business score the most. First, it selects the economies that in 2018/19 implemented regulatory reforms making it easier to do business in 3 or more of the 10 topics included in this year’s aggregate ease of doing business score.
Pakistan, top improver in South Asia, developed an ambitious reform strategy, setting up a national secretariat as well as Prime Minister’s Reform Steering Committee to ensure progress. Most of the programmed reforms evolved around the doing business indicators. Doing business working groups have been set up at both municipal and provincial levels.
Economies of the region carried out 17 reforms to improve the business climate for domestic small and medium-sized enterprises. India continues to be the region’s top-ranked economy, placing 63rd place in global ease of doing business rankings thanks to four reforms in the 12-month period to May 1.
Nepal made notable improvements with four reforms. The country improved an online e-submission platform for construction permits and enhanced the quality of land administration by publishing official service standards for delivering updated cadastral maps. Authorities improved the commercial judicial system by introducing time standards for key court events.
However, Nepal made the process of registering new employees with social security more cumbersome by requiring in-person follow-ups. The country also raised property transfer registration fees.
Full report :World Bank Ease of Doing Business 2020