Latest news with #BusinessReady
Time of India
11-07-2025
- Business
- Time of India
Commerce minister Piyush Goyal meets officials on ease of doing business
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: Commerce and industry minister Piyush Goyal Friday met officials of the Department for Promotion of Industry and Internal Trade (DPIIT) on enhancing ease of doing business 'Held a review meeting with senior officials on enhancing ease of doing business Modi Government remains committed to strengthening trust-based governance by reducing compliance burden & decriminalising laws, facilitating an ecosystem where entrepreneurs can innovate & scale without barriers,'Goyal said in a post on meeting comes amid the government working to decriminalise more than 100 provisions in various laws under Jan Vishwas 2.0 aimed at further reducing legal complexities and the compliance DPIIT is also working on Business Ready (B-READY), the World Bank's new flagship report benchmarking the business environment and investment climate in most economies has also put in place a national single window system to provide support to investors, including pre-investment advisory, information related to land banks, and facilitation of clearances at the Centre and state levels.
IOL News
20-06-2025
- Business
- IOL News
Are we inviting the World Bank's interference or seeking genuine support?
Later this year the World Bank Group will launch the second pilot edition of its B-READY report, a new benchmark for assessing global business climates. Image: Wikipedia Has the World Bank's flagship business index already been hijacked — from a South African perspective — even before the country's debut in the pilot phase? Money, as Ayn Rand wrote, is the barometer of a society's virtue. In her 1957 novel Atlas Shrugged, Rand observed: 'When you see that trading is done not by consent but by compulsion, when you see that to produce, you need permission from men who produce nothing, when money flows to those dealing in favors rather than goods — when corruption is rewarded and honesty becomes self-sacrifice — you may know your society is doomed.' Nearly seven decades later, her words remain chillingly relevant. Later this year (September–October 2025), the World Bank Group (WBG) will launch the second pilot edition of its Business Ready (B-READY) report, a new benchmark for assessing global business climates. South Africa is set to join the third pilot in 2026, alongside 184 economies, before the project's full rollout in 2027. B-READY, an evolution of the discontinued Doing Business survey, evaluates regulatory frameworks and public services affecting firms. For South Africa, the index focuses on 10 key areas — business entry, utilities, labour, financial services, taxation, dispute resolution, and more — spanning four departments: Employment and Labour; Finance; Small Business Development; and Trade, Industry, and Competition. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ The WBG has already critiqued South Africa's 'hard regulations', including BEE policies, local content rules, and collective bargaining, arguing they stifle implementation and breed corruption. A February 2025 WBG report, Driving Inclusive Growth in South Africa, also highlighted weak market competition as a critical flaw. Notably, the report's contributors included prominent South African economists and private-sector representatives — Tania Ajam, Haroon Bhorat, Mcebisi Jonas, and others. While the World Bank is a respected institution, its reports often reflect local biases rather than impartial Washington analysis. South African policymakers are well aware of this — and of attempts to influence policy through institutions and 'experts' of perceived gravitas. B-READY's methodology relies on firm-level surveys and confidential expert input, raising questions about transparency. In a country with low internet penetration and a gatekeeping culture, how representative will these surveys be? The selection process — scouring LinkedIn, conferences, and embassy directories — hardly guarantees objectivity. The Doing Business report's demise in 2020 followed data manipulation scandals involving China, Saudi Arabia, and the UAE. Is South Africa immune to such interference? With competing economic agendas, disjointed governance, and external pressures (including from Trump-aligned figures), the risk of distortion is real. Domestically, the DA is challenging labour laws in court, while AfriForum lobbies foreign governments against B-BBEE. Meanwhile, institutions such as the CIPC, Competition Commission, and SARS — though theoretically capable of enabling business — remain inefficient and disjointed. Consider recent examples: CIPC's mass deregistration of 'non-compliant' companies, under the guise of FATF compliance, ignores South Africa's unemployment crisis. Private-sector exploitation of undocumented workers (Uber, SPAR franchises) flouts labour and tax laws. Tshwane's revenue crackdown exposes rampant illegal utility connections by businesses. Will the World Bank's surveys capture these realities? Or will its findings — like past reports — be skewed by advocacy masquerading as research? A 2005 evaluation of WBG research (led by Nobel laureate Angus Deaton) found that the Bank elevated favourable studies and ignored inconvenient ones, blurring the line between analysis and agenda. South Africa doesn't need external interference — it needs will. Regulatory bodies must function cohesively. Policies should enable, not strangle. And if B-READY is to be Rand's 'noble medium', it must resist becoming another tool of coercion. The question lingers: Is the World Bank's index a genuine reform tool—or a new frontier of influence against South Africa? * Makgwathane Mothapo is a marketing and communications practitioner. ** The views expressed here do not reflect those of the Sunday Independent, IOL, or Independent Media. Get the real story on the go: Follow the Sunday Independent on WhatsApp.
Daily News Egypt
18-06-2025
- Business
- Daily News Egypt
Egypt targets top 50 global business readiness ranking with key reforms
Egypt's government is targeting a position among the world's top 50 economies for business readiness and has set a three-month deadline to implement the required reforms, the country's investment minister said. Minister of Investment and Foreign Trade, Hassan El-Khatib, made the statement during the second meeting of the National Committee for the 'Business Ready' report. The meeting was hosted by the ministry and attended by Cairo Governor Ibrahim Saber and other relevant government bodies. The committee reviewed the findings of the second report issued by its technical secretariat and discussed institutional participation indicators. 'The government is targeting a position among the world's top 50 economies for business readiness,' El-Khatib said, stressing the need to implement the required measures within three months. He emphasised the need for all sectors to participate effectively by completing the report's questionnaires to ensure a realistic and effective assessment of the business environment. He noted that the required procedural reforms are not complex and can be implemented immediately, which would create a significant shift in the country's competitiveness. The minister also stressed the importance of turning current challenges into genuine reform opportunities, pointing toEgypt's existing strengths. He cited the country's advanced infrastructure, including ports and railways, a clear plan for expansion into African markets, a highly skilled workforce and engineering talent, and the availability of renewable energy sources. For his part, Cairo Governor Ibrahim Saber affirmed the governorate's full readiness to cooperate with the Ministry of Investment and Foreign Trade to address any challenges that may hinder the implementation of the targeted reforms. The meetings of the National Committee for the 'Business Ready' report are part of a state-wide effort to enhance the readiness of its institutions to apply international business standards. The initiative aims to coordinate between different government agencies and integrate their roles to build a flexible and effective institutional system capable of keeping pace with global developments and improving Egypt's investment climate.
Daily News Egypt
03-06-2025
- Business
- Daily News Egypt
Egypt details economic strategy, private sector empowerment to Goldman Sachs
Egypt's Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, has outlined the country's economic reform progress and government efforts to empower the private sector and increase investment during a meeting with a Goldman Sachs delegation. The delegation included Farouk Soussa, Chief Economist at Goldman Sachs International Financial Institution, and other bank officials. The meeting reviewed key developments in the Egyptian economy and state initiatives aimed at improving the business environment and creating an investment climate attractive to local and foreign investors, thereby enhancing macroeconomic stability. Al-Mashat emphasised that strengthening macroeconomic stability has been a governmental priority since the inception of the economic reform programme, aiming to boost confidence and credibility in the Egyptian economy. 'Maintaining macroeconomic stability is a priority through continuous structural reforms,' Al-Mashat stated. The minister highlighted that current government priorities include sustaining macroeconomic stability and implementing the national programme for structural reforms. This programme is centred on three main pillars: promoting the resilience and stability of the macroeconomy, improving the business environment and investment climate, and advancing the transition to a green economy. Within this framework, Al-Mashat noted that various national entities are implementing numerous measures and policies to enhance public finance discipline and reduce burdens on investors. She mentioned that, for the first time, the state is working to consolidate all fees borne by investors into a single framework, following directives from President Abdel Fattah Al-Sisi. Furthermore, the government has established a national committee focused on the World Bank's Business Ready (B-Ready) report, which will measure and monitor regulations to improve the business environment and support the competitiveness of the Egyptian economy. Al-Mashat also referred to ongoing procedures to promote the transition to a green economy. The minister elaborated on the national strategy for economic development, affirming the state's determination to shift the Egyptian economic growth model towards one based on tradable and export-oriented sectors. 'We are working to elevate the Egyptian economic model to achieve investment and production-driven growth,' she said. Al-Mashat pointed to positive developments in the first half of the current fiscal year, which demonstrated positive growth with a qualitative change, led by the non-petroleum manufacturing sector, tourism, transport and storage, and information and communications technology. This occurred despite regional and global geopolitical tensions. Reviewing relationships with international institutions and development partners, Al-Mashat highlighted their role in driving finance for development, particularly for the private sector. She noted a positive change in the volume of financing alongside economic and structural reform measures, which contributed to an increase in such financing to approximately $4.2bn by the end of last year, surpassing government financing for the first time. The minister also outlined ongoing negotiations with the European Union to implement the second phase of the macroeconomic assistance mechanism and budget support, valued at €4bn. Al-Mashat addressed state measures to empower the private sector and create space for local and foreign investments through the implementation of the State Ownership Policy Document. She explained that the state is focusing on three pillars in this regard. The first is the sovereign fund, which aims to increase returns on assets and maximise their utilisation for future generations. This works alongside the government offerings unit at the Cabinet. The second element involves 'issuing the State-Owned Companies Law to maximize returns on assets and open up space for the private sector,' as Al-Mashat put it. She clarified that this law, currently under debate, concerns the management of or participation in state-owned companies and will enable the establishment of a unit to inventory and monitor these companies. This unit will undertake tasks including determining optimal methodologies for dealing with these companies to enhance private sector empowerment efforts. The third pillar involves partnerships, such as the one with the International Finance Corporation (IFC), which provides advisory services to strengthen public-private partnerships (PPP) in the airport sector. This aims to improve infrastructure, connectivity, and passenger services.
Yahoo
13-05-2025
- Business
- Yahoo
Shanghai releases 10 major missions on improving business environment
SHANGHAI, May 12, 2025 /PRNewswire/ -- A news report from The municipal government of Shanghai released a circular outlining 10 major missions to seek further breakthroughs in improving its business environment on May 8, aiming at further stabilizing employment, companies' operations and market expectations. One of the 10 initiatives is to better align with the evaluation methods and criteria used in the World Bank's Business Ready report. Further reforms will also be advanced. Meanwhile, favorable policies should be more easily accessible for companies. The city will launch an online platform via which companies can search for the applicable policies and obtain approvals. A "policy calculator" will also be introduced to explicitly explain the application conditions and scope for certain policies. To further enhance administrative oversight of companies, Shanghai will complete and upgrade the supervision QR code system, which was rolled out citywide earlier this year. According to the circular, financing costs for small and medium-sized enterprises should be reduced, and innovative financing services should be offered. To this end, Shanghai will promote a fast-track loan initiative across industrial parks, which was first piloted in the Hongkou district in northeast Shanghai. The circular also highlights the need to improve bankruptcy procedures, as this is one of the key indicators in the World Bank report. Enhancing efficiency in this area will support company restructuring, accelerate market evolution, and improve resource allocation. For more information: View original content to download multimedia: SOURCE Sign in to access your portfolio
