Egypt World's 10th Best Business Reformer
In the World Bank’s recently released “Doing Business 2009 Report”, Egypt was found to have reformed its business regulations more than any other Middle East country. Once again, it was ranked among the top 10 global reformers for the third year in a row.
The country streamlined the process of starting a business by reducing the capital requirement by over 80%. It also introduced an automated system of tax registration, something that will cut endless delays and red tape.
Egypt has introduced changes in the rules concerning listings on its stock exchange. This move was made to strengthen protection for minority shareholders. Procedures to register properties were simplified and a new system has also been introduced to speed up custom clearances at the port of Alexandria.
Although the country ranked first in last year’s survey, the drop in ranking should not be seen as a negative mark against the rate of reforms in the country. Ziad Bahaa El-Din, a member of Egypt’s General Authority for Investment and Free Zones states, “We are not reforming alone. Other countries are reforming too.”
The report seems to echo these sentiments. Its co-author states, “Ranking lower than last year [on the world’s top 10 reformers] does not necessarily mean that this country is stagnating with its reforms. But it means that there are other countries outpacing its reform process.”
James Gonzalez, Market Analyst for Obelisk, sees the report as good news. “Being so highly ranked on the global reformer list for three years running shows a real long-term commitment to modify their system and make substantial change. Investors should take note.”
His point is reflected in other figures. For example, Egypt rose 11 places in the aggregate rankings on the ease of doing business, ranking 114 out of 181 countries, up from 125th place.
For more information on overseas property investment and to find out about Obelisk's latest projects, contact Obelisk free on 0808 160 0670 (UK) or 1800 932 514 (IRE).
Email: info@obeliskinternational.com or visit our website: http://www.obeliskinternational.com.
For press enquires, please contact Obelisk’s marketing department on (+34) 952 820 319 or email press@obeliskinternational.com.
The country streamlined the process of starting a business by reducing the capital requirement by over 80%. It also introduced an automated system of tax registration, something that will cut endless delays and red tape.
Egypt has introduced changes in the rules concerning listings on its stock exchange. This move was made to strengthen protection for minority shareholders. Procedures to register properties were simplified and a new system has also been introduced to speed up custom clearances at the port of Alexandria.
Although the country ranked first in last year’s survey, the drop in ranking should not be seen as a negative mark against the rate of reforms in the country. Ziad Bahaa El-Din, a member of Egypt’s General Authority for Investment and Free Zones states, “We are not reforming alone. Other countries are reforming too.”
The report seems to echo these sentiments. Its co-author states, “Ranking lower than last year [on the world’s top 10 reformers] does not necessarily mean that this country is stagnating with its reforms. But it means that there are other countries outpacing its reform process.”
James Gonzalez, Market Analyst for Obelisk, sees the report as good news. “Being so highly ranked on the global reformer list for three years running shows a real long-term commitment to modify their system and make substantial change. Investors should take note.”
His point is reflected in other figures. For example, Egypt rose 11 places in the aggregate rankings on the ease of doing business, ranking 114 out of 181 countries, up from 125th place.
For more information on overseas property investment and to find out about Obelisk's latest projects, contact Obelisk free on 0808 160 0670 (UK) or 1800 932 514 (IRE).
Email: info@obeliskinternational.com or visit our website: http://www.obeliskinternational.com.
For press enquires, please contact Obelisk’s marketing department on (+34) 952 820 319 or email press@obeliskinternational.com.
Labels: customs, economy, Egypt, reform, stock exchange, tax, world bank
posted by Owen Thomas at 5:23 pm
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