The Doing Business 2010 report from the World Bank says that the regions of eastern Europe, central Asia, the Middle East and north Africa were particularly active regulatory reformers. Of these regions’ 46 economies, 43 carried out reforms in the past year. Much of this reform was said to be the result of competition between neighbouring countries.
Egypt’s minister of investment, Dr Mahmoud Mohieldin, stated that his country’s corporate code and ownership rights are set to undergo further reforms. He said: “The country’s foreign investment regulations are normally concerned with entry rules, but it is also important that the exit rules are adequate too. We’re working on organising our bankruptcy court and liquidation procedures and seeing what we can do to enforce ownership protection.
“Maybe it sounds odd for a minister who wants people to invest to be talking about exit rules, but it is a way of life, and we need to consider it."
Egypt’s economy grew by 5.8% in the first quarter of 2010. FDI inflows to the country have risen steadily since 2004, and this year it is on course to beat its previous year’s total of $18.56bn in capital expenditure. Singapore was listed in the World Bank report as the top-ranked economy for ease of doing business for the fourth consecutive year. New Zealand came in second place in this ranking.