News

Business standing ups

CAROLINE KALOMBE, Lusaka
ZAMBIA has improved its ranking on the World Bank Ease of Doing Business standing at 83 from 90 last year among 189 countries worldwide.
This represents a seven percent improvement.
According to the World Bank data, starting a business in Zambia requires five procedures, takes 6.5 days and costs 26.8 percent of income per capita.
Globally, Zambia stands at 45 in the ranking of 189 economies on the ease of starting a business.
The ranking also indicates an improvement in dealing with construction permits at 57 from 67 last year, requires 11 procedures, takes 124 days and costs 198.5 percent of income per capita to obtain the permit.
The ranking notes that regulation of construction is critical to protect the public but it needs to be efficient to avoid excessive constraints on a sector that plays an important part in every economy.
Where complying with building regulations is excessively costly in time and money, many builders opt out. They may pay bribes to pass inspections or simply build illegally, leading to hazardous con-struction that puts public safety at risk.
The rating provides an aggregate ranking on the ease of doing business based on indicator sets that measure and benchmark regulations applying to domestic small to medium-size businesses through their life cycle.
Economies are ranked from 1 to 189 by the ease of doing business index.



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