The World Bank every year scores countries based on 10 business regulations to find out which countries are easy to do business in or difficult. These regulations are as follows:
- Starting a Business
- Dealing with Construction Permits
- Getting Electricity
- Registering Property
- Getting Credit
- Protecting Minority Investors
- Paying Taxes
- Trading Across Borders
- Enforcing Contracts
- Resolving Insolvency
When I first moved to Myanmar it was 3rd from last, just above Afghanistan and Somalia. Somalia is still last at 190 out of 190, Afghanistan has moved past Myanmar to 167 while Myanmar is at 171. You might not think 171 out of 190 is that good and you’d be correct, but Myanmar has come a long way in just 7 short years.
According to the World Bank Myanmar is in the top 20 most improved countries this year and has implemented 5 initiatives that enhanced its business environment:
- The City of Yangon Strengthened Construction Quality Control by imposing stricter qualification requirements for architects and engineers, and invested in its water and sanitation infrastructure.
- Nationally launched an online company registration platform.
- They made property registration faster by streamlining deed registration and appraisal.
- Myanmar Courts started publishing performance measurement reports.
- A new company law strengthened minority investor protections by mandating greater disclosure of transactions with interested parties, increasing director liability and requiring greater corporate transparency.
New rankings will be coming out on October 24th based on this data collected and surely Myanmar will have moved up several places.
It will take time for Myanmar to develop its government and improve in all these areas. They are making strides and in time the country will be improved and business will be easier. But give Myanmar time. It’s still early days for its fledgling democracy.
By-Charles Ryan Russell (CEO of Myanmar Business Answers)