Comparison of top 3 Key Asian Countries on Ease of Doing Business
The World Bank has recently released its analytical report on Doing Business. The world economies are ranked from 1 – 185 on the ease they provide on doing business. An average is carried out in the report index, keeping in account 10 topics which are Starting a business, Dealing with Construction Permits, Getting Electricity, Registering Property, Getting Credits, Protecting Investors, Paying Taxes, Trading Across Borders, Enforcing Contracts, and Resolving Insolvency. Singapore, yet again reserved the position of Asia’s most preferred investment destination.
For the seventh consecutive year, Singapore has been ranked first on ease of doing business. In six categories Singapore is in the top 5. The categories are Dealing with Construction Permits, Resolving Insolvency, and Protecting Investors – 2nd rank, Starting a Business – 4th rank, Getting Electricity and Paying Taxes – 5th rank, Under the category of Trading across borders, the island country has been ranked on the top position. The country is ranked on the 12th position in two categories i.e. Getting Credits and Enforcing Contracts. The lowest ranking category is Registering Property in which Singapore has secured 36th position. Singapore government’s open and transparent economy and trading policies are continuously assisting in grabbing the first position for last several years. In the beginning of 2013, the World Economic Forum (WEF) had addressed Singapore as a country which is most open to International Trade. This South Asian business hub top global ranking proves the efficiency of the political system. It also shows the efforts put by the government to keep Singapore as the foremost choice of entrepreneurs and corporate houses around the world.
The second place holder Hong Kong has also shown promises with it overall high rankings in almost all categories. Hong Kong has secured 1st rank in the category – Dealing with Construction Permits. In 5 categories Hong Kong has secured ranking under 5, i.e. Trading across borders – 2nd rank, Protecting Investors – 3rd rank, Getting Electricity, Getting Credits, and Paying Taxes – 4th rank. Hong Kong has secured 6th and 10th position in Starting a Business and Enforcing Contracts category. In the category of Resolving Insolvency the country has secured 17th rank. The only lowest category is Registering Property, where Hong Kong has been placed on the 60th position. Similar to Singapore, Hong Kong also promises open business environment. Hong Kong is among those nations which offer the highest level of economic freedom of any region or country globally. Hong Kong enjoys dynamic business relationship with China. Hong Kong exports tariff free goods to its neighbor China.
The third most attractive Asian destination for ease of doing business is Malaysia, which has missed its ranking with just two steps and has been placed on the 12th position. Malaysia has improved its ranking considerably from last years’, which was 18th. The country has been ranked 1st in the category of Getting Credits, which makes it the preferred destination for the reason of acquiring finances and loans smoothly. Under the category of Protecting Investors Malaysia has reserved the 4th rank. The country’s lowest ranking is in the category of Dealing with Construction Permits where the nation has been placed on the 96th rank. Malaysia has overcome many of its economic weaknesses which made it possible for the country to make a big leap. The ongoing economic reforms are promising enough to help the country acquiring even better rankings in the coming years.