Maravi

Zambia improves doing business ranking in Commonwealth

Zambia improves doing business ranking in Commonwealth
By Larry Moonze
Fri 27 Nov. 2009, 04:00 CAT

THE International Finance Corporation (IFC)’s Doing Business Report 2010 has listed Zambia among Commonwealth countries that have improved their doing business rankings over the past year. And Commonwealth Business Council (CBC) director general Dr Mohan Kaul said 20 of the world’s fastest growing economies were in the Commonwealth.

Addressing the 2009 Commonwealth Business Forum (CBF) in Trinidad and Tobago staged on the Serenade of the Sea cruise liner (ship) on Tuesday, Dr Kaul said for the first time the Forum had a formal link with the Organisation of American States.

“According to the International Finance Corporation’s Doing Business Report 2010, five Commonwealth countries are ranked in the global top ten for ease of doing business: Australia, Canada, New Zealand, Singapore and the United Kingdom,” Dr Kaul said.

“Commonwealth countries that have improved their doing business rankings over the past year include Mauritius, Mozambique, Samoa, Sierra Leone, and Zambia.”
He said the combination of good governance and sound market-friendly policies was working.

Dr Kaul said improvements in the investment climate in many countries had led to increased domestic and foreign investment.

He said CBC had been working to help strengthen the investment climate including through the biennial Business Environment Report.

However, Dr Kaul observed that since the last CBF in Kampala in 2007, the global economic crisis had taken its toll on all Commonwealth economies.

“While the first signs of global economic recovery or stabilisation are now showing, we are acutely aware that most countries have felt a sharp downdraft from declining export revenues and foreign direct investment,” he said. “Nonetheless, over the past decade, for the large majority of our countries, improvements have led to strong economic growth, averaging five to seven per cent in many Commonwealth countries.”

Dr Kaul said the Commonwealth had a distinct advantage in that member countries shared the global language as well as common political and institutional features.

He said member states used those assets to address poverty through growth.

“Now twenty of the world’s fastest growing economies are in the Commonwealth,” Dr Kaul said. “We have seen the emergence of middle income countries like Trinidad and Tobago and others in the region that are successful in attracting investment, engaging in international trade and becoming net contributors to the global economy.”

He said investment in education and skills development stood out because they would provide the foundation for longer-term growth, adaptation and competitiveness.

Dr Kaul said another call to action was acceleration of regional economic integration.
“This is never easy as it often requires short term sacrifices for individual countries,” Dr Kaul said. “But it is an irreversible global trend. Businesses want access to larger markets, which offer economies of scale and operation. This applies to every Commonwealth country.”

He said this year’s forum would issue specific recommendations to governments on priority areas ranging from improved access to finance, developing infrastructure, creating the right foundation for strong and prosperous small and medium enterprise (SME) sector, addressing skills shortage and human resource availability, adopting business friendly tax policies to tackling corruption and improving corporate governance.

Dr Kaul said on its part, the CBC would help remove barriers to trade by pushing for the conclusion of the Doha Development Round of world trade negotiations.

He further said the CBC was developing programmes to involve SMEs and facilitate connections with larger companies to enhance business linkages.

Dr Kaul said the CBC would continue a series of activities and events to mobilise investment.

He said the council was implementing an initiative on Business Action Against Corruption to ensure good governance in Commonwealth member countries.

Dr Kaul said the council was working with partners to expand business engagement for the achievement of the Millennium Development Goals through the United Nations Call to Action.

Labels: BUSINESS, COMMON WEALTH, ZAMBIA

posted by MrK @ 1:50 PM