Ease of doing business: Pakistan first in S Asia

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World
Pakistan not acting against Mumbai conspirators: India THE DISPOSABLE ALLY
Pakistan highest foreign policy priority: US ISLAMABAD: Pakistan has gained top ranking amongst its South Asian competitors according to the IFC - World Bank’s Ease of Doing Business 2010 report published this week.

The report ranks 183 economies around the world based on 10 indicators of business regulation that record the time and cost of meeting government requirements in starting and operating a business, trading across borders, paying taxes, and closing a business.

Pakistan is currently ranked at 85 out of 183 countries ahead of all the BRIC countries; China (ranked 89), India (ranked 133), Russia (ranked 120) and Brazil (ranked 129) and also all other SAARC countries. Over the past year Pakistan has started an online registration system for sales tax and lifted a requirement for a document that has reduced the time taken to register a business by four days.

For the fourth year in a row, Singapore was ranked the top economy globally, New Zealand as runner-up and Hong Kong and USA ranked third and fourth respectively.

‘Business regulation can affect how well small and midsize firms cope with the crisis and seize opportunities when recovery begins,’ said Penelope Brook, Acting Vice President for Financial and Private Sector Development for the World Bank Group. ‘The quality of business regulation helps determine how easy it is to reorganize troubled firms to help them survive difficult times, to rebuild when demand rebounds, and to get new businesses started.’

Pakistan has a liberal investment policy and has successfully attracted a large pool of foreign investors. With recession in the United States and Europe, two of the world’s largest investment magnets, foreign investors have started looking at a number of South Asian and East Asian countries for generating greater returns. With dedicated focus towards liberalization of policy reforms, deregulations and transparency of investment policies, Pakistan has proved to be a safe haven for both local and foreign investment.

‘Strategically located in the heart of Asia, Pakistan has access to all the growing markets of the world,’ says Saleem H. Mandviwalla, Chairman of the Board of Investment (BoI). ‘In order to capitalize on its strategic location, Pakistan has adopted a liberal investor friendly policy, broad features of which include, proactive facilitation and guarantees of equal treatment of both local and foreign investors, easy tariff structures and a liberal regime on repatriation of profits.’

The development of a Special Economic Zones Policy (SEZs), and a new initiative to revamp Pakistan’s Board of Investment in to a one stop shop for investors are top priority for the current year and significant development has been made towards achieving these goals. Furthermore, BoI is closely working with UNCTAD to launch its E-regulations system in Pakistan, which will bring further transparency in business procedures.

According to Mr. Mandviwalla, ‘The initiatives taken will further harness the investment potential in the country. The Board of Investment assures its full cooperation and support to the investors ready to come to Pakistan.’—Online

http://www.dawn.com/wps/wcm/connect/dawn...asia-za-05