Myanmar’s economy is moving at a slow pace, with it being placed a lowly 171 among 190 countries in the ease of doing business rankings.
Foreign investors have criticised the slower economic development in the country, attributing it to weak infrastructure and policy requirements.
To improve the ease of doing business ranking and provide precise answers to the tricky questions posed by the World Bank, a coordinating meeting of the public and private sectors was held at the Union of Myanmar Federation of Chambers of Commerce and Industry last Monday.
The meeting highlighted issues of construction permits and tax and trading across borders. U Aung Htoo, Deputy Minister for the Commerce Ministry, and other related officials and businessmen from the private sector discussed these key problems.
In 2009, the World Bank released a questionnaire for international businessmen to create a smooth business environment for investment.
Clear and proper responses have to be provided while answering the questionnaire released by the World Bank for the year 2019, said U Zeya Thura Mon from Zeya and Associates Co. Ltd. He also explained the research activities of the ease of doing business rank and the scores of New Zealand, Singapore, Malaysia, Thailand, India and Myanmar.
While filling out the questionnaire, businessmen can directly ask for a support group, including officials from the World Bank and the Commerce Ministry, if the questions are confusing.
The World Bank determines a country’s ease of doing business rank based on 11 indicators; starting a business, dealing with the construction permit, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and labour management, all of which are incorporated into those indicators in 2018. Each indicator has 2-38page questions.