Pakistan ranks 77 in good practices applied for doing business as compared to Bangladesh and India that rank 110 and 122 respectively, a World Bank report revealed. According to the report, there are 10 indicators for measuring the good practices applied for doing business.
These include starting the business, dealing with construction permits, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contractors and closing a business.
The World Bank issued a report on 'Doing Business 2009'on Wednesday that focuses on easing the regulatory burden of doing business through reforms in most of the countries of the world.
The report shows that the introduction of reforms in business regulations makes it easier for a country to obtain credit by strengthening the legal rights of creditors and enhancing the availability of credit information. The main purpose of the report is to encourage the countries to bring about changes to improve their competitiveness globally.
The report shows that there are eleven procedures required to start a business in Pakistan in contrast with India where the number is 13, whereas it requires just seven procedures in Bangladesh to start a business. Similarly, it takes 24 days in Pakistan for starting any business while in Bangladesh 73 and in India it is 30.
According to report it requires twelve per cent of per capita income to start any business in Pakistan, while in India the trend goes up to 70 per cent and in Bangladesh it's 25 per cent. Pakistan stands 43rd on the table regarding the rigidity of employment while India is 30th and Bangladesh 35th, the report stated.
The report revealed that six procedures are required to register property both in Pakistan and India while in Bangladesh the number goes up to eight. The report indicates that the cost of doing business can be reduced to a great extent by easing regulatory burden through local reforms and getting inspiration from other economies.
According to the report, New Zealand can be considered as benchmark regarding the credit information, while Pakistan and India rank four in contrast to Bangladesh two. Pakistan ranks sixth in the table regarding the strength of investor protection, extent of disclosure and the extent of direct liability, the report reads.
The report shows that in Pakistan 47 payments are required for an entrepreneur to pay tax while the number goes up to 60 in India while the number in Bangladesh is 21. According to the report Pakistan requires $611 per container to export any commodity while the cost goes up to $944 per container in India whereas in Bangladesh the cost is $970. Pakistan requires $680 per container to import, while India requires $960 and Bangladesh $1375.