Economic Minister Muhammad Saeed have said that the World Bank should revise how they rank countries on how easy it is to do business in a country.
He made this statement while speaking at the opening ceremony of “Doing business in Maldives: A Judicial perspective colloquium” organized by the Economic Ministry and the Judiciary.
He said that they give most marks based on how easy it is to get access to electricity. “ When we look at electricity, our services are at the same level of Europe. That completes 80 percent of Maldivian businesses. Ordinary shops all get electricity at ease. Until recently they even received subsidies” said Muhammad Saeed.
Minister Saeed said that when World Bank formulates their report, they measure the electricity of Maldives based on the same standards as neighboring countries and Maldives does not get the marks Maldives deserves. He said that hence there are things like this that needs to be changed.
In addition, he asked law firms in Maldives to provide accurate information when they provide information to World Bank and other such institutions.
Muhammad Saeed said that Maldives receives a lot of assistance from World Trade Organization to develop businesses in Maldives. He said that Maldives is trying to develop standards in Maldives up to the standards of WTO and even now Maldives has upgraded many rules and regulations up to WTO standards.
He said that Maldives has achieved many things that neighboring countries have not achieved. He said that Maldives is getting ready to sign the New York Convention which will give legal protection to businesses and investments in the country.