NZ keen to further improve competitiveness

  • Bill English
  • Rodney Hide
Finance Regulatory Reform

New Zealand has maintained third place in the World Bank's Doing Business survey, confirming its reputation as one of the best countries in which to do business, say Finance Minister Bill English and Minister for Regulatory Reform Rodney Hide.

Singapore was again ranked first and Hong Kong was runner-up in Doing Business 2011, which ranks countries from one to 183.

"This report confirms our reputation as a quality investment and business destination, and a country that promotes business confidence," Mr English says.

"Across most of the nine indicators New Zealand compares very well internationally, which reflects the quality of our regulatory frameworks and the Government's economic policies.

"However we believe there is still room for improvement. That is why we are continuing reviews of major regulation, which are aimed at cutting red tape and creating an environment where business can thrive," Mr English says.

Mr Hide said the World Bank report highlighted the fact that onerous or poor regulation deterred investment and stifled growth.

"This Government is committed to increasing productivity by removing superfluous regulation that grew unchecked though much of the past decade," Mr Hide says.

"Creating better regulatory conditions lifts business confidence, which in turn flows through to investment and jobs.

"Having a simple and transparent regulatory environment also helps attract international investment and we need to ensure New Zealand remains globally competitive," Mr Hide says.

The report is available at www.doingbusiness.org.