Ease of Doing Business Report 2017: VANUATU IMPROVES IN SCORE
Vanuatu’s ranking in ease of doing business as reported by the world bank report 2017 looks very promising. It has made improvement in more than 50% of the topics that contributed to this impressive improvement. These include:
- Starting a Business – +21
- Getting Credit – +9
- Protecting Minority Investors – +23
- Resolving Insolvency – +18
All the above improvements contributed to an improved ranking from a score of 88 (2016) to 83 (2017) [http://www.doingbusiness.org/data/exploreeconomies/vanuatu/]
Ensuring an enabling business environment has been and remains the Government’s number one priority in its effort to boost economic development initiatives. This is demonstrating its recognition that FDI is the best option of capital inflows that accelerates growth, it is sustainable and can provide long term assurance in assisting other development initiatives.
Despite the country’s geographic characteristics that poses continuous challenges to growth developments, recent infrastructural engagements through bilateral agreements demonstrates the Government’s commitments in ensuring FDI benefits reaches its rural communities.
The number of new registered FDI projects maintain an upward trend, which to a large extent is reflecting the country’s improved doing business enthronement. The Government is committed to ensure this improvement is sustained as reflected in its recent Sustainable Development Plan (NSDP) – an update version of the previous plan – “The Priority Action Agenda (PAA).
Recent infrastructure projects such as the Port Vila Beautification Project, Lapetasi International Wharf, Port Vila Road and drainage project, upgrade of the Luganville wharf and upgrade of the Pekoa Air-port to cater for international air crafts are all per-requisites of increased FDI activities.
More focus in improving the doing business environment in Vanuatu is the way to go in order for the Government to achieve its long term goals.