CATEGORY:ECONOMY/BUSINESS
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By Wallace J.A
Inside Grenada correspondent
Wednesday November 29,2006


THE WORLD BANK GROUP recently ranked Grenada at position number five on its list of the best OECS countries to do business in. This is according to an article appearing on BBC Caribbean.com.

At the top of the list is the island of St. Lucia, which was identified by the group as the best OECS country in which to do business. Antigua and Barbuda was ranked second, St.Vincent and the Grenadines came in third and Dominica came in fourth. St. Kitts /Nevis was ranked sixth – behind Grenada.

The World Bank Group tracks the time, cost and difficulties a business has to deal with in order to adhere to legal and administrative structures in various areas including start-up and operation.

In terms of Grenada’s global ranking, the Spice Isle sits in the 73rd position. St. Lucia is 27th, Antigua and Barbuda 33rd, St. Vincent and the Grenadines 44th, Dominica 72nd and St. Kitts and Nevis 85th. All six countries are within the top 100 countries in the world to do business.

The World Bank Group acknowledges that the six OECS countries perform quite creditably on the easiness of starting a business, dealing with licenses and the strength of investor protection but lag behind on the ease of obtaining credit, enforcing contracts and closing a business.

The report recognizes the fact that the OECS countries are trying to harmonize several areas of business regulations but one of the concerns raised has to do with the disparities which arise in the different territories with respect to how the legislation is implemented. Starting a business in St. Vincent, for example, takes 12 days while it takes 57 days in St. Kitts.