Egypt’s business-friendly reforms top World Bank list
1st October 2007

Egypt has been named by the World Bank as the nation that is reforming the most economically in a report charting the most investment-friendly countries around the world. The annual ‘Doing Business’ report, researched by the World Bank in association with the International Finance Corporation, sets out to discover the countries in which it is easiest for companies to enter, set up and carry out business.

While Singapore was ranked the most business-friendly for the second year running, Egypt was the country that topped the list of ‘reformers’. Egypt was successful in five out of ten criteria devised to ascertain which country is improving the most in creating a business climate conducive to overseas investment. Other reformers in the top ten include Croatia, Bulgaria, Ghana and Saudi Arabia.

The World Bank report, which analyses the economies of 178 nations, considers factors such as the time it takes to start up a business venture in the country and the country’s regulations governing taxation, trade and operational laws. However, it does not factor in issues such as the country’s infrastructure, any volatility in its currency, or how the country is perceived by investors.

Egypt was found to be the most economically reformed in this arena due to a number of government-led reforms which are rapidly improving the investment climate. These include the introduction of a land registry system and the lifting of restrictions on overseas investors purchasing property in certain areas, such as the country’s coastline. It is also relatively easy to set up a company in Egypt thanks to recent improvements to the administrative procedures.

According to a report spokesperson, "Reformers simplified business regulations, strengthened property rights, eased tax burdens, increased access to credit and reduced the cost of exporting and importing". Such reforms will not only help those conducting business in Egypt, but also those purchasing Egyptian investment property.

------