ID :
79201
Thu, 09/10/2009 - 08:41
Auther :
Shortlink :
https://www.oananews.org//node/79201
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S. Korea ranks 19th in business environment: WB report
By Koh Byung-joon
SEOUL, Sept. 9 (Yonhap) -- South Korea's business environment improved four notches over the past year mainly on streamlined procedures for company openings and improvements in trade-related regulations, a report showed Wednesday.
South Korea's business environment ranked 19th out of 183 countries this year,
compared with 23rd recorded a year ago, according to the annual report compiled
by the World Bank.
The report is based on 10 business-related indices, including those related to
company start-up, employment conditions and investor protection. It has been
released every year since the World Bank started analysis of each nation in 2003.
This year's ranking is the highest ever for South Korea and the first time that
Seoul's ranking has risen to within the top 20 countries in the world, the report
showed.
The rise is attributed mainly to improvements in the environment and regulations
related to business openings and cross-the-board trading, which jumped to 53rd
and 8th from 126th and 12th place, respectively, according to the report.
South Korea's ranking was higher than the average for member countries of the
Organization for Economic Cooperation and Development, which stood at 30th place,
the report showed.
Singapore retained the top spot, followed by New Zealand, Hong Kong and the
United States. Japan came in 15th, lower than the previous year's 13th.
The report comes as South Korea's government has been pushing to create a more
"business-friendly" environment since the inauguration of the
CEO-turned-president Lee Myung-bak early last year by removing red-tape and
encouraging investment through incentives and other tax benefits.
Seoul's government described it as a marked achievement to rank within the top 20
countries in terms of business environment.
It pointed out, however, that efforts should be made to improve the environment
in other areas such as employment conditions, property registration and investor
projection, most of which received a relatively lower ranking than other nations
in this year's report.
kokobj@yna.co.kr
(END)
SEOUL, Sept. 9 (Yonhap) -- South Korea's business environment improved four notches over the past year mainly on streamlined procedures for company openings and improvements in trade-related regulations, a report showed Wednesday.
South Korea's business environment ranked 19th out of 183 countries this year,
compared with 23rd recorded a year ago, according to the annual report compiled
by the World Bank.
The report is based on 10 business-related indices, including those related to
company start-up, employment conditions and investor protection. It has been
released every year since the World Bank started analysis of each nation in 2003.
This year's ranking is the highest ever for South Korea and the first time that
Seoul's ranking has risen to within the top 20 countries in the world, the report
showed.
The rise is attributed mainly to improvements in the environment and regulations
related to business openings and cross-the-board trading, which jumped to 53rd
and 8th from 126th and 12th place, respectively, according to the report.
South Korea's ranking was higher than the average for member countries of the
Organization for Economic Cooperation and Development, which stood at 30th place,
the report showed.
Singapore retained the top spot, followed by New Zealand, Hong Kong and the
United States. Japan came in 15th, lower than the previous year's 13th.
The report comes as South Korea's government has been pushing to create a more
"business-friendly" environment since the inauguration of the
CEO-turned-president Lee Myung-bak early last year by removing red-tape and
encouraging investment through incentives and other tax benefits.
Seoul's government described it as a marked achievement to rank within the top 20
countries in terms of business environment.
It pointed out, however, that efforts should be made to improve the environment
in other areas such as employment conditions, property registration and investor
projection, most of which received a relatively lower ranking than other nations
in this year's report.
kokobj@yna.co.kr
(END)
