Kathmandu, Oct 24: Nepal has made significant improvement in the trade and business environment.
As a result, it has become successful in taking the third position in South Asia in terms of this, a report has shown.
The Doing Business 2020 study report the World Bank Group released in Washington D.C., USA on Thursday states that Nepal is in the third place after India and Bhutan by making notable improvement in the doing business environment.
Many South Asian economies kept up a solid pace of business regulatory reforms as India and Pakistan both earned spots among the world’s top ten most improved economies, the World Bank Group’s Doing Business 2020 study says.
“It is encouraging to see the steady implementation of reforms in South Asia,” said Rita Ramalho, Senior Manager of the World Bank’s Global Indicators Group, which produces the study. “Continued and sustained progress is key to improving the domestic business climate and enabling private enterprise.”
Economies of the region carried out 17 reforms to improve the business climate for domestic small and medium-size enterprises. India continues to be the region’s top ranked economy, placing 63rd place in global ease of doing business rankings thanks to four reforms in the 12-month period to May 1.
Nepal made notable improvements with four reforms.
The country improved an online e-submission platform for construction permits and enhanced the quality of land administration by publishing official service standards for delivering updated cadastral maps.
Authorities improved the commercial judicial system by introducing time standards for key court events.
However, Nepal made the process of registering new employees with social security more cumbersome by requiring in-person follow-ups. The country also raised property transfer registration fees.