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Kuwait ranks among world’s top 10 economy improvers

Kuwait ranks among world’s top 10 economy improvers
Kuwait improved the local regulatory framework

Mubasher: Kuwait’s economy was ranked among the top 10 improvers worldwide among 190 other countries in the World Bank Group’s Doing Business 2020 study, Kuwait News Agency (KUNA) reported on Thursday.       

Thanks to its comprehensive reform programme during the last year, Kuwait’s rank in the Ease of Doing Business rose to 83 in 2020 from 97 in 2019.

On this occasion, the resident representative of the World Bank Country Office in Kuwait, Ghassan Alkhoja said, “with a strong acceleration in the country’s reform agenda, we applauded Kuwait’s efforts to improve its overall business climate,” hoping that the country to sustain these efforts in the future to become the region’s financial and trading hub.     

The study showed that Kuwait has implemented several substantive improvements in the local regulatory framework in some areas during the fiscal year 2018/2019.

In this regard, the start of business in Kuwait was facilitated by merging the procedures to obtain a commercial license and streamlining online company registration.

The country has further cut the time needed to get a construction permit to 103 days from 194, which is 50 days fewer than the Organization for Economic Co-operation and Development (OECD) high-income economy average.    

Trading across borders became easier as a new electronic clearance system was implemented and the customs risk management system was improved.

It is worth noting that since the inauguration of the bank’s Country office in 2019, World Bank became a strategic partner with the Gulf state.