Thursday, June 3, 2010

Singapore, HK least red tape in Asia: survey

Regional financial centres Singapore and Hong Kong have the most efficient bureaucracies, according to the survey of expatriate business executives by the Political and Economic Risk Consultancy (PERC) on Wednesday.

Government bureaucracies in some Asian countries have become "power centres" in their own right, allowing them to effectively resist efforts toward reforms by politicians and appointed officials, the Hong Kong-based firm said.

Indonesian President Susilo Bambang Yudhoyono's failure to carry out reforms contributed to the resignation last month of respected finance minister Sri Mulyani Indrawati, who accepted a senior position at the World Bank, PERC said.

"Despite President Susilo's strong election mandate, he lacks the power to really shake up Indonesia's bureaucracy," the consultancy said.

Singapore was ranked has having the most efficient bureaucracy, with a score of 2.53, followed by Hong Kong with 3.49.

PERC said 1,373 middle and senior expatriate executives took part in the survey carried out earlier this year.

Singapore was also number one and Hong Kong was in third place globally in the World Bank's latest survey on the ease of doing business, which covered 183 economies.

Source: Channel NewsAsia

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