Ringing in Reforms

My colleagues over at the Doing Business Blog report on the second annual Reformers’ Club awards, which took place last week in New York. In attendance were representatives of the top ten reformer countries: Egypt, Croatia, Ghana, FYR Macedonia, Georgia, Colombia, Saudi Arabia, Kenya, China, and Bulgaria. And what was the prize for all their hard work? They got to ring the bell of the New York Stock Exchange! Not to mention favorable press coverage in many of the recipient countries – here are a few examples:

• Bulgaria in Doing Business Top 10 Survey
• Hrvatska u New Yorku primila nagradu Svjetske banke za reforme (if you want to practice your Croatian)
• Colombia recibe el “Reformers Club Top Ten Reformer Award”
• IFC: Nation a top business reformer

Of all the countries, Egypt received top billing because of its extensive reforms in five of the ten possible categories. Among other achievements, Egypt cut the cost of starting a business, launched one-stop shops for imports and exports, and improved access to credit information. Dr. Mahmoud Mohieldin, Egypt’s Minister for Investment, discusses how his country became a top reformer in the clip below.

Let's hope that others can learn from Egypt’s example and implement reforms to stimulate the establishment of businesses and broad-based economic growth.