Ease of Doing Business (EoDB) is an index published by the World Bank. It is an aggregate figure that includes different parameters and investigates the regulations that enhance business activity and those that constraint it. Or simply put, it shows how easy it is to do business in a country.
Just recently, the World Bank released its figures for 2020, and it has made headlines for Pakistan all over the globe. Pakistan jumped to 108th rank registering a staggering 28 points jump in last 1year- an incredible feat in its EoDB ranking history. Due to the collective efforts of the Federal Government and the Provincial Governments of Punjab and Sindh, a conducive environment for investors has been created in Pakistan. The main reforms that made it happen are (i) Starting a Business (ii) Registering a property (iii) Getting Construction permits (iv) New Electricity connections (v) Paying Taxes and (iv) Trading across borders.
Extracts from the World Bank Report are given as: “Pakistan improved in six areas measured by Doing Business—starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders—reflecting the country’s development of an ambitious reform strategy including the establishment of national secretariat and Prime Minister’s reform steering committee. Pakistan made starting a business easier by expanding procedures available through the online one-stop shop. In addition to improvements in property registration, obtaining a construction permit became easier after the Sindh Building and Control Authority and the Lahore Development Authority streamlined approval workflows and improved the operational efficiency of their one-stop shops. The launching of online portals for new commercial connections made getting electricity easier, and tariff changes are announced in advance. Moreover, tax compliance became easier through online payment modules for value added tax and corporate income tax, and a lower corporate income tax rate. Pakistan made trading across borders easier by enhancing the integration of various agencies into an electronic system and by improving coordination of joint physical inspections at the port.”