FIJI SLIPS IN WORLD BANK BUSINESS RATINGS

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SUVA, Fiji (Fiji Times, Sept. 7) - Fiji has dropped back two rankings to 31 on the 2007 World Bank's Doing Business report after being ranked 29 this year.

The drop in ranking comes amid concerns from the bank about some aspects of doing business in Fiji even though it has improved a lot from its previous ranking in previous years.

This was revealed at a teleconference between academics, World Bank officials and the media in Papua New Guinea, Australia and Fiji yesterday.

The bank report which states the cost and timeliness of doing business in 157 countries around the world showed that Fiji is ranked 31 the highest ranking for any Pacific island country apart from Australia which is ranked 8th and New Zealand which is second to the best country to do business in the world, Singapore.

This year's report is based on many issues like the time frame it takes to establish a business in any country and how long it takes to obtain licenses and how much it would cost investors to establish their businesses and how long would it take to close the business venture down.

World Bank officials were concerned that the cost of importing a container to Fiji costs US$1,170 while it costs only US$418 to export containers out of Fiji.

The bank said while the Fiji economy would be putting up with this as it tried to develop an export strategy, it said it could work otherwise as most of the imported stuff do end up being re-exported out of the country.

Apart from this Fiji is considered one of the best places in the East Asia and Pacific region to do business in as it's considered a good place for investors to establish their businesses.

September 8, 2006

Fiji Times Online: http://www.fijitimes.com .

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