Nepal slips to 121st position as business destination

Nepal's rank has slipped by 25 places to dip to 121st on the list of the world’s best countries for business, compiled by the Forbes.
According to the Himalayan Times, the ranking of Nepali saw a fall as it lost ground in areas like property rights, innovation, technology, red tapism and personal freedom.
Nepal has moved down from its previous 96th position in Forbes’ annual list, which ranks 127 nations on the basis of business climate in a country for entrepreneurs, investors and workers, reports the daily.
The goal of the Forbes's annual list is said to be aimed at quantifying for entrepreneurs and investors the often-qualified information about dynamic economies and what they would consider desirable conditions for business.
Barring aside Bangladesh, all other countries in South Asian region declined from their last year’s position.
"India has slipped 11 places to rank 75th while Sri Lanka slipped to 83rd position from last year’s 67th. Pakistan slipped to 101st spot from last year’s 83rd. Nevertheless, Bangladesh moved up four places to 106th position from last year’s 110th," it is reported.
Even though the South Asian countries posted a bleak performance in personal freedom and increased red tapism, Nepal has done better in protection of investors’ interests in comparison to other South Asian countries, where they have dismal performance, according to Forbes.
The Forbes report said that Nepal has considerable scope for exploiting its potential in hydropower and tourism, areas of recent foreign investment interest.
“Because of the small size of the economy, its technological backwardness, its remoteness, its landlocked geographic location, civil strife and its susceptibility to natural disaster gives more points to Nepal in personal freedom," stated the report.
Denmark was ranked first the chart — for the second consecutive year followed by the US that moved up from last year’s fourth position.