According to the latest report revealed by the World Bank, Pakistan shows unprecedented improvement in terms of ease of starting a Business. Pakistan has improved its position in the World Bank’s Ease of Doing Business Index for the second year in a row. Also, Pakistan has improved its position by an impressive total of 28 points, moving from 136th position to 108th on the rankings.
Pakistan Ranks 2nd in South Asia in terms of Ease of Starting a Business: World Bank Report
Out of the six reform areas highlighted in the 2020 edition of the report, Pakistan showed the highest improvement in the “Starting a Business” indicator. No doubt, this area is largely being revolutionized by the Securities and Exchange Commission Pakistan (SECP).
In this indicator, Pakistan has improved its position from 130 to 72 and successfully managed to get the second position in South Asian countries.
According to the SECP, the improvement is due to the integration of e-services with the Federal Board of Revenue (FBR) and the Employees Old-Age Benefits Institution (EOBI) at the federal level and with business registration portals of Punjab and Sindh at the provincial level.
As a result of this reform, the number of procedures to start a business have been reduced from ten to five and Pakistan has managed to rank “among the top ten reformers globally”.
No doubt, it is a great improvement which will definitely increase the business-friendly culture for all. Moreover, it will act as a booster to enhance the entrepreneurship environment which is already showing a positive spike in the country.