DAR ES SALAAM, TANZANIA – The East African Community (EAC) has been ranked 117th among 185 economies in a survey on the ease of doing business.
The annual survey is a joint effort between the International Finance Corporation and the World Bank.
The report said if all EAC countries adopted the best practices in the region across all areas of regulation covered, the EAC would rank 26th, equal to the United Arab Emirates.
A report entitled, ‘Doing Business in the East African Community 2013’ which compares business regulations and identifies good practices across the EAC in 10 areas noted that the ingredients of reform already reside in the EAC; ‘what remains is for a stronger culture of peer learning to grow within the community,’ the report states.
Burundi is among the global top 10 improvers for the second consecutive year, with four regulatory reforms—in starting a business, dealing with construction permits, registering property, and trading across borders.
Rwanda, the top performer in the EAC, stands out as having consistently improved since 2005.
“Drawing on the global Doing Business report, Doing Business in the East African Community 2013 provides policy makers with key measurements of business regulations in the EAC,” David Bridgman, Manager, Investment Climate Africa, IFC/World Bank Group said.
Over the past eight years, EAC economies implemented a total of 74 business regulatory reforms. The majority of the reforms focused on simplifying regulatory processes.
The average time to register property fell from 140 days in 2005 to 56 in 2012. The introduction of new information and communication technology has been a common feature of reforms making it easier to start a business.
Both Kenya and Tanzania now offer online name search for companies, reducing time and cost.
Powered by WPeMatico