22 Aug 2019
The Trade and Industry Ministry revealed that South Africa is dedicating a lot of effort to improving its business ranking, Engineering News reports.
When addressing a question regarding what is being done by the Department of Trade, Industry and Competition (DTIC) to improve results shown on the World Bank’s Ease of Doing Business Report, the Ministry revealed that the DTIC had signed a cooperation agreement with the World Bank, through InvestSA, to tackle investment climate reform issues over the coming two to three years.
This follows South Africa ranking as eighty-second this year, contrasting with its previous successful ranking of thirty-second in 2009.
According to the Ministry, President Cyril Ramaphosa had vowed to improve South Africa’s investment climate and ease of doing business, as well as aiming to rank in the top 50 of the Ease of Doing Business Rankings.
The Ministry went on to emphasise that the goal was to turn South Africa into an attractive investment destination, also stating that the national reform would be partnered up on from government departments, agencies and the private sector.
In order to bring the national reform to life, five of the ten indicators used in the Doing Business report are now the main focus of InvestSA and the World Bank, based on the fact that they ranked among the lowest and are considered useful to entrepreneurs. These are: registering property, paying taxes, trading across borders, and dealing with construction permits.
Other initiatives include a roadmap that has been implemented with short-term (six to eight months) and medium to long term (18 to 24 months) reform action plans, as well as e-government services aimed at easing the process to start a business in South Africa.