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Taiwan eyes top 10 spot in 'Doing Business' rankings
Central News Agency
2013-02-20 07:06 PM
Taipei, Feb. 20 (CNA) The Council for Economic Planning and Development (CEPD) intends to vault Taiwan into the top 10 in the World Bank's "Doing Business" ranking within four years by continuing its efforts to improve the country's business environment. In its report for 2013 that the World Bank released in October 2012, Taiwan ranked 16th in the world in terms of the overall ease of doing business in the country, up nine notches from the previous year. The latest ranking also represented a huge jump from 61st in the 2008 report, helped by the efforts of the CEPD in improving the country's regulatory environment, said the council, the country's top economic planning agency. Since October 2008, the CEPD has applied the standards used by the World Bank in its Doing Business evaluation -- such as "dealing with construction permits," "protecting investors," "getting electricity," and "starting a business" -- to improve Taiwan's investment environment. Wu Ming-ji, deputy head of the council, said the CEPD promoted the goal to move into the top 10 in the World Bank ranking in a series of meetings with other government agencies recently. Wu expects Taiwan to face great challenges over the next four years in competing with other countries for foreign investment, but he said the country is determined to boost its global competitiveness and enhance its international visibility. To meet the goal, the council will continue to push for a one-stop online application process for companies to start businesses and do away with unnecessary paperwork, while streamlining the application process for construction permits. The government also intends to improve its electricity management mechanism to speed up the pace at which power gets supplied to new construction projects, the council said. In addition, the CEPD is studying the feasibility of revising the Company Act and the Securities and Exchange Act in a bid to better protect the rights of minority shareholders. (By Lin Hui-chun and Frances Huang)
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