ISLAMABAD— Pakistan has climbed 28 ranks on the World Bank’s Ease of Doing Business Index 2020 to gain 108th position.
The country has also secured a place among top ten global business climate reformers.
Pakistan ranking 136 previously, carried out reforms in the last one year that helped improving its ranking to 108, the World Bank’s “Ease of Doing Business 2020”, annual report released on Thursday quoted as saying.
The economies with notable reforms in Doing Business 2020 are Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India, and Nigeria, according to the report.
The WB report said that Pakistan made starting a business easier by expanding procedures available through the online one-stop shop in both Sindh and Punjab. Furthermore, abolished the Labor Department registration fee in Punjab.
Pakistan also made paying taxes easier by introducing online payment modules. It made getting electricity easier by enforcing service delivery time frames also increased the transparency of electricity tariff changes.
Moreover, made obtaining a construction permit easier and faster by streamlining the approval process. Pakistan made trading across borders easier by enhancing the integration of various agencies in the Web-Based One Customs (WEBOC) electronic system.
It made property registration faster by making it easier to execute and register a deed at the Office of the Sub-Registrar. On the measure of absolute progress towards best practices, Pakistan has improved the score to 61 from previous 52.8 points
In South Asia India still remained at top by improving 14 positions and clinched to 63rd rank, Pakistan also fared well by securing a place among top ten global business climate reformers and improving 28 positions in a year.
The Ease of Doing Business index is mostly used as a guide by foreign investors to learn more about a country, aiding decisions on investment into the economy.