Despite significant reforms that led to an impressive performance in the World Bank’s 2010 Doing Business Report released on Wednesday, Rwanda has set an ambitious target of achieving a single digit in the next rankings.
Prime Minister, Bernard Makuza, said that Rwanda should work on areas where it underperfomed after jumping to number 67 from 143 in the 2009 rankings.
He made the remarks during the celebration of the country’s achievement at Kigali Serena Hotel on Wednesday .
“This should be our target,” the Premier said, appealing to government and private sector officials to set sight on making Rwanda one of the best countries for business in the world .
This means that Rwanda aims to emulate the likes of Singapore, New Zealand, Hong Kong, US, UK and Denmark with the highest rankings.
This is the biggest jump ever recorded in the Doing Business Ranking, making Rwanda a global top reformer. It is the first Sub-Saharan African economy to lead in reforms since Doing Business rakings started in 2003.
The country registered massive reforms, in starting a business, employing workers, dealing with construction permits, registering property, getting credit, protecting investors, trading across borders and closing business.
The Deputy Principle CEO of Rwanda Development Board (RDB), George Mulamula said that the target of single digit is achievable considering the current ranking.
“It may not be in the next ranking but we are hopeful that in the near future. We have identified our areas of weakness and now working on addressing them,” he explained.
The Minister of Trade and Industry, Monique Nsanzabaganwa said that the country is faced with a bigger challenge of meeting and exceeding expectations set by the new ranking.
“We have set high standards for ourselves and it is our responsibility to meet them. The other challenge is to keep reforming fast and progressing in the future,” she explained.
However Clare Akamanzi, the RDB Deputy CEO of Business Services and Operations said that the target maybe ambitious but it is a good yardstick.
“We will see how far we will go,” she explained.
Rwanda jumped 76 places in the ease of doing business, from 143 to 67.
Reforms in 7 of the 10 areas studied by Doing Business: starting a business, employing workers, registering property, getting credit, protecting investors, trading across borders, closing a business.
Key legislative efforts:
Law on Security Interest in Movable Property
Law on Commercial recovery and Settling of issues arising from Insolvency
New Companies Law
New Labor Law
Consistent reformer over time: 19 major reforms in the last 5 years in all ten indicators.