MUSCAT, OCT 26 - Oman advanced 10 positions in the Ease of Doing Business 2020 report by the World Bank. With this, the Sultanate now ranks at the top among the Gulf Cooperation Council countries in the cross-border trade index as a result of continuous improvement in legislative and executive measures, according to the report. “The Sultanate has jumped 10 places in the ‘Doing Business 2020’ report, ranking 68th in the world for 2019, while in 2018 it was 78th,” said a statement from Oman’s Government Communication Centre (OCC).
Doing business is meant to be a measure of efficiency that is affecting 10 fields of business of 190 economies, the OCC said in response to the milestone achievement.
In cross-border trade, Oman has been ranked 64 globally and the first in GCC. While in ‘starting a business activity’, the Sultanate ranks 32 globally and the second in the GCC.
There are several other fields in which Oman has achieved globally: Building Permits (47th), Access to Electricity (35th), Property Registration (52nd), Investor Protection (88th), Pay taxes ( 11th ) enforce contracts ( 69th).
OCC added, “Globally, Oman ranked fourth in the overall ranking of the index. The factors that have contributed to the facilitation of doing business in the Sultanate are the excellence of the Sultanate in providing services and facilities in various fields.”
In the field of access to electricity index, it was distinguished in the service of prepaid meters and in determining the period of time to provide the service.
In property registration, it has been distinguished in reducing the time required for the issuance of title deeds and in improving the land management system by publishing the service manual and clarifying the procedures of transfer of property. And about the Investor Protection Index, the Sultanate has been distinguished in increasing shareholders’ equity and clarifying property and oversight structures.
“As for the field of cross-border trade index, it was characterised by the development of infrastructure in the port of Sohar and the introduction of risk-based inspections, pre-clearance and audits,” the World Bank report said.
Doing Business 2020 measures regulations across 190 economies in 12 business regulatory areas to assess the business environment in each economy.
Ten of these indicators were used to estimate an ease of doing business score this year, over the 12 months ending on April 30, 2019. This is the 17th edition of a study that has motivated governments worldwide to undertake business reforms with the goal of bolstering sustainable economic growth.
The study looks at rules affecting a business from inception through operation to wind-down: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
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