Investvine-1 Nov 2017
Among ASEAN nations, Thailand and Indonesia were the ones that jumped the most in the new ‘Ease of Doing Business 2018’ ranking by the World Bank, which was released on October 31.
Thailand ranked 26th in the list, surging 20 ranks over last year’s rating, beating its peers in ASEAN and even overtaking Japan, which held steady in 34th place. Indonesia improved 19 notches to 72nd, while Brunei moved 16 ranks to 556th and Vietnam 14 ranks to 68th.
All other countries slipped, most of all Myanmar and the Philippines, both down 14 ranks to 171st and 113th, respectively.
Regionally, Thailand stands now third in ASEAN in terms of Ease of Doing Business, behind Singapore, which globally remains second, and Malaysia, which moves down one notch overall to 24th globally.
The World Bank said Thailand made impressive strides, having adopted a record eight reforms in the past year.
“Thailand has made immense progress in doing business reforms this past year, with strong government leadership at the highest levels,” said Ulrich Zachau, World Bank Director for Thailand, Malaysia and Regional Partnerships.
“First, Thailand eliminated the requirement that companies obtain a company seal. Previously, every certificate of shares had to be signed by at least one director and bear the company seal. And secondly, Thailand repealed the requirement to obtain approval of the company’s work regulations from the labour department, and also strengthened access to credit by adopting new legislation that broadens the scope of assets that can be used as collateral,” he added.
Vietnam move upwards to 68th was higher than China’s 78th place. The country “made exporting and importing easier by upgrading the automated cargo clearance system and extending the operating hours of the customs department,” the World Bank said.
Overall, the most business-friendly economies worldwide are New Zealand, which is ranked first in the latest survey, followed by Singapore, Denmark, Korea and Hong Kong. The US, UK, Norway, Georgia and Sweden round up the top ten.
Thailand, Brunei, Malawi, Kosovo, India, Uzbekistan, Zambia, Nigeria, Djibouti and El Salvador were the most improved economies in areas tracked by the Ease of Doing Business report. Together, these ten top improvers implemented 53 regulatory reforms making it easier to do business.
