The World Bank improved its Ease of Doing Business ranking 2020 for Pakistan by 28 points, placing the country among top 10 countries that have made reforms and improved their business environment at fast pace.
Addressing a launching ceremony of the World Bank’s report, Adviser to Prime Minister on Commerce Abdul Razzak Dawood said in Islamabad that Pakistan improved its ranking and was placed at 108th position against 136th position, out of total 190 big and small economies of the world.
The top government aide said that Pakistan had achieved the sixth position in top reformers of the world and also secured first position in South Asian region in bringing fast reforms. Besides Pakistan, the other countries that were included in the top 10 list including China, India, Saudi Arabia, Kuwait, Jordan, Nigeria, Bahrain, Tajikistan and Togo.
Razzak Dawood said that the improvement in the World Bank’s report is an unprecedented positive jump in the country’s business environment history, which he said would enhance the overall image of the country at the world level and help promote investment into the country.
He said that the economic team of Prime Minster Imran Khan proved its worth through the improvement in the World Bank ranking of Pakistan. He also said that Pakistan’s DB score formerly known as distance to frontier improved from 55.31 to 61. He said that the report highlighted the country is consistently closing the gap between its regulatory environment and global good practices.
The adviser said that Pakistan’s score improved in seven indicators including starting a business, dealing with construction permits, getting electricity, registering property, protecting minority investors, paying taxes and trading across borders. He said that improvement in Pakistan position in the World Bank ranking was achieved due to coordinated efforts of Sindh and Punjab provinces and all national institutions.
“In the raking 2020 enclosed only two main cities of Karachi and Lahore but “we shall go to provide conducive business environment in all four provinces for providing equal business opportunities at all over the country,” he said. He said Pakhtunkhwa and Balochistan are also in priority list to provide more facilities to improve business environment there.
He said a lot of foreign investment could pour in these provinces. The adviser said the government was committed to facilitating the business in these two cities as well as rural areas. “We are working on model to improve the business at district level.” Talking to reporters, Razzak Dawood said that the government would continue its work on further improving the ranking.
“We need to improve more for providing conducive business environment to foreign investors.” He said the government had set ambitious target for improving the WB, and want to achieve ranking up to 70th and 80th position within couple of years. On the occasion, BOI chairman said that improvement in ranking is encouraging as it would highlight positive image and attract foreign investment into the country.