Holidays Market Overview For centuries, Malaysia has profited from its location at a crossroads of trade between the East and West, a tradition that carries into the 21st century. Geographically blessed, peninsular Malaysia stretches the length of the Strait of Malacca, one of the most economically and politically important shipping lanes in the world. Malaysia leveraged its strategic location to become one of the largest producers and exporters of tin, rubber and palm oil. Malaysia has been able to transform its economy from overdependence on raw materials and agriculture to a relatively high-tech, competitive nation.
The progress that Kenya is making against the Ease of Doing Business indicators may seem very remote from the lives of ordinary Kenyan businesses and households, but is actually very significant for three reasons.
Firstly, it can result in increased domestic investment and jobs. Lets take the progress Kenya has made in cutting all the red tape around starting a business, which is one of the reforms that the World Bank has recognised. In Mombasa this has brought the time down to get a Business License from 7 days to less than 1 hour, using an online platform.
Evidence suggests that this can have a number of benefits: It increases the number of firms entering a market, which increases competition and productivity; it can also incentivize businesses to formalize, since the high costs of doing so are a major reason why Kenya has so many informal firms.
This can then give them better access to finance and the opportunity to grow and create more jobs; and as more firms register for businesses, county governments also benefit from increased revenue. The Business permit is already the third most important source for revenue for Mombasa County.
So one survey of the global evidence found that a reduction in the time to start a business by a similar amount to Mombasa, is associated with a 0. If this reform can be spread throughout Kenya it can therefore add up to a lot of jobs for ordinary Kenyans.
Secondly, it can result in increased foreign investment in Kenya.
This is because being rated as a top ten reformer signals to investors that Kenya is genuinely open for business. Of course, if it causes investors to look into Kenya, all the other conditions also have to be met for the investment to take place, so it is just creating an opportunity which the Government needs to seize.
This is because the use of electronic and streamlined regulatory processes significantly cut the opportunity for corruption. However, although celebrating success is important, we should also not rest on our laurels.
The last time that Kenya was a top ten reformer was inwhen it had a Doing Business ranking of Because of other countries then making progress faster than Kenya, we then dropped rapidly.
The message then is this: This will require further institutionalization and empowerment of the Doing Business Unit in the Ministry of Industrialisation, so that it can continue to drive reforms throughout government.
I would like to end by stating that the British Government remains committed to helping the Government of Kenya continue with this work, and to briefly outline what we are doing to help the Kenyan economy.
The UK is a major development partner on economic development in Kenya, and is helping to achieve the Vision goal of becoming a middle income country with prosperity for all.
But because we prefer to provide support behind-the-scenes, many are not aware of all that we are doing and so I would like to very briefly take this opportunity to share some of the activities. On the investment climate, we are the largest donor to the World Bank in its support to the Government on this, which has contributed to the success we are celebrating today.
To date MShawari has lent 24 billion shillings in small business loans, and has turned CBA into the biggest bank in East Africa by loan volumes, almost overnight. On access to electricity, we are supporting a Kenyan company — MKOPA — which has enabled nearlyhouseholds to access modern solar technology to charge a phone and light their homes.
We are the largest donor to Trademark East Africa who are working closely with the Government in bringing down the time it takes to import and export.The International Development Association (IDA) is the part of the World Bank that helps the world’s poorest countries.
Overseen by shareholder nations, IDA aims to reduce poverty by providing loans (called “credits”) and grants for programs that boost economic growth, reduce inequalities, and improve people’s living conditions.
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Archives and past articles from the Philadelphia Inquirer, Philadelphia Daily News, and attheheels.com Today, the World Bank released its new report “Doing Business ,” which assesses the level of regulation affecting domestic firms across the globe.
To do so, the international institution. 2 Annual Report Annual Report 3 Annual Report Contents Financial Highlights year as well as the business plan we will implement this coming year.
At the Hyundai Asan Tower, you will find the world’s fastest elevator running at speeds up to 18m/sec, as well as the 10m/. About us. The World Bank, a member of the World Bank Group, is a vital source of financial and technical assistance to developing countries around the world.