Kuwait ranks 86th among 189 states and was 8th on the Arab level in ‘ease of doing business’ ranking according to World Bank’s ‘Doing Business 2015’ report, said Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah, Director-General of the Kuwait Direct Investment Promotion Authority (KDIPA). The Director-General added that Kuwait recorded 63.11 points in its ‘Distance to Frontier’ measure, slightly higher than the 63.05 rating in 2014. Singapore retained its top billing as the country having the best conditions for doing business.
Sheikh Meshaal stated in his remarks that "start of the improvement in Kuwait's (business) status, as mentioned in the report between early June 2013 and end of May, came as a result expansion of electronic applications and installment of electronic means for making transactions, thus shortening duration of some procedures by diverse proportions."
He also indicated that Kuwait had succeeded in elevating its level in this rating due to upgrading and amending relevant legislations by the concerned government authorities that are members in the permanent committee for improving the business environment.
Elaborating on this, the KDIPA chairman noted that Kuwait's status, in the 2015 report, was negatively affected due to hiking the minimum capital and fees on commercial permits. "These two matters will be tackled in an appropriate manner and according to the best practices," he affirmed.
The KDIPA was established, according to a Cabinet resolution in December 2013, with the members comprising the ministers of commerce, industry, justice, power and water and the municipality.
Sheikh Meshaal added that the permanent committee focused its efforts, this year, on dealing with practical measures concerning companies' founding, construction permits' transactions, securing power and property registration, noting that it had to get involved in these intensive tasks due to the limited duration of time since the commission's start of its works early April till end of May, 2014, the date set by the WB group for delivering required documents, needed for the assessment.
He indicated that the commission would deal with some problems at this level and prepared for the next assessment due for 2016.