Pakistan ranked 85th in ease of doing business

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Pakistan ranked 85th in ease of doing business

Wednesday, 30 Jun, 2010

The report highlights the need for improving ease of doing business in Quetta and Hyderabad. — File Photo Business

Pakistan postpones oil exploration bids Pakistan postpones oil exploration bids ISLAMABAD: World Bank (WB) and International Finance Corporation (IFC) in a joint report on “Doing Business in Pakistan, 2010” said that Pakistan ranked 85th in ease of doing business in the world and if the best practices already being exercised in different cities can help upgrade its global ranking to 69th place.

The report has stressed for establishing commercial courts in the country within the ambit of existing judicial setup to provide speedy justice in business disputes.

The report, finalised after studies conducted in 13 cities in the country, said that the provincial and municipal-level reforms in Pakistan are complementing reforms on nation-wide basis.

Speakers on the occasion said that the findings of the report would be beneficial for investors and promotion of business in the country.

The report studied business regulations from the perspective of a small-to -midsize domestic firms starting business in six regulatory areas such as construction permits, registering property, paying taxes, trading across border and enforcing contracts.

WB Investment Policy officer Jana Malinski announced the key findings of the report and said that the report has ranked Faisalabad at No. 1 in ease of doing business, Islamabad No 1 in ease of starting business; Multan as No. 1 in ease of dealing with construction work. Faisalabad also ranked highest in ease of registering property, Islamabad in ease of paying taxes, Karachi ranked No. 1 in trading across border and Sukkur ranked No 1 in ease of enforcing contracts.

She said results shows that doing business is easiest in Faisalabad, but no single city performed well on all indicators, but all provinces have high performers in key areas. Islamabad and Peshawar are first and second, respectively, on starting business, while Quetta has been ranked second in ease of paying taxes.

The report highlights the need for improving ease of doing business in Quetta and Hyderabad.

World Bank Country Director John W. Wall speaking on the occasion said that promotion of small and midsize firms, which represent 90 per cent of the country’s total businesses, would be more instrumental for creating job opportunities as well as bringing informal sector into a formal sector, which would eventually be contributing more in taxes.

Minister of State for Finance and Revenues Hina Rabbani Khar said that the government had already embarked upon comprehensive reforms agenda and it would take maximum guidance from the report.

The government would restructure and reform at least 2 to 3 major public sector entities this year to stop financial bleeding caused by these units, she added.

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