Third's good but we can do better, says minister

Bill English. Photo / Sarah Ivey

The World Bank has rated New Zealand the third best country in which to do business.

The bank's Doing Business survey ranked 183 countries and New Zealand was third behind Singapore and Hong Kong.

Finance Minister Bill English said the country could do better.

"This confirms our reputation as a quality investment and business destination and a country that promotes business confidence.

"Across most of the nine indicators New Zealand compares very well internationally, which reflects the quality of our regulatory frameworks and the Government's economic policies."

Mr English said there was still room for improvement, and the Government was reviewing regulations with the aim of cutting red tape and creating an environment in which business could thrive.

Regulatory Reform Minister Rodney Hide said the World Bank report highlighted the fact that onerous or poor regulations deterred investment and stifled growth.

"The Government is committed to increasing productivity by removing superfluous regulation that grew unchecked through much of the past decade."

- NZPA