11 June 2019
According to the latest World Bank annual ratings, Myanmar’s ease of doing business is ranked 171 out of 190 economies in the world.
When we are talking about ease of doing business, procedural steps, time and cost reduction in doing businesses provided by government departments are a major factor. Dr Aung Tun Thet, former economic advisor to the president of Myanmar explained more about the importance of ease of doing in a country. He said, ease of doing business ranking indicates the situation of doing businesses. If we know it, we can work to make it better.
Dr.Aung Tun Thet said, “The most important thing is we have to change the basic. For example, youths should be easily access to setting up businesses if they want to and start-up companies should be access to loan easily and so on.”
Myanmar’s ease of doing business ranking remained unchanged for two consecutive years; 171 in 2019 and 171 in 2018. In 2017, it was 170 while Myanmar was ranked 171 in 2016. The World Bank studies showed that the all-time high of 177 could be found in 2014.
As World Bank’s Doing Business 2019 report shows, New Zealand stood at the top ranking in the ease of doing business worldwide and then the other countries were followed by Singapore, Denmark, Hong Kong, Korea, Georgia and Norway.
Dr.Aung Tun Thet further explained why the ease of doing business is realfly important for a country to invite the foreign direct investment. He said, it is a kind of incentives to welcome the foreign investors to invest in a country and to show how efficient the country is when doing businesses.
Dr. Aung Tun Thet suggested that trust is so important when doing businesses: “If trust can be built among business community, the others will be interested to working with you. Thus, we have to try to establish trust among the business community.”