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SINGAPORE : More policy reforms to improve the business environment could help facilitate ASEAN's aim to integrate its economies by 2015.
In a recent World Bank report, only Singapore, Malaysia and Thailand were ranked among the top 30 countries in terms of ease of doing business.
For the second year running, Singapore topped the World Bank rankings, as the easiest place to do business.
Its ASEAN neighbours Thailand and Malaysia jumped several notches to 13th and 20th positions respectively this year.
But the rest of ASEAN, like Vietnam, Indonesia, the Philippines, Brunei and Cambodia, did not even make it to the top 80.
With integration high on the grouping's agenda, the World Bank said it could spur countries to make more changes in order to be more competitive.
Penelope Brook, director, Indicators and Analysis/Financial and Private Sector Vice Presidency, The World Bank Group, said: "We saw some very important reforms in Cambodia last year, for example in the area of creditor rights, in the area of insolvency law; we are seeing countries like Indonesia moving towards important steps in trade facilitation, so we are seeing active reform across the region."
Singapore, in spite of its good ratings, could still do more to simplify business procedures.
Ms Brook said: "For example, starting a business...Singapore currently has four steps, New Zealand has simplified this to one step which you could do online."
The Doing Business 2009 report measures regulation and red tape affecting small and medium-sized business in 181 economies.
The report showed that a record of 113 economies implemented over 230 reforms in the past year to make it easier to do business, and a good number of economies comes from the Eastern European and Central Asian regions.
The World Bank said the financial storm which has swept across global markets could also result in more policy changes next year.
These are in the areas of protection to creditors and investors, quality of credit information and solvency procedures. - CNA/ms
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