Russia climbs 11 positions in Doing Business ranking

31st October 2015

On 27 of October 2015 the World Bank and International Finance Corporation published the ranking on the ease of doing business Doing Business 2016. The Russian Federation occupies 51st place in the ranking, its ranking rose by 11 positions. Currently, Russia occupies the position between Peru and Moldova.

On 27 of October 2015 the World Bank and International Finance Corporation published the ranking on the ease of doing business Doing Business 2016. The Russian Federation occupies 51st place in the ranking, its ranking rose by 11 positions. Currently, Russia occupies the position between Peru and Moldova.

Singapore, New Zealand, Denmark, South Korea and Hong Kong were recognized as the most favorable countries for doing business.

In Doing Business 2015 Russia occupied 62nd place climbing from the 92nd.

The World Bank highlighted Russia’s success in areas such as the introduction and improvement of online procedures, improving regulation of connection processes, reducing time for registering property, reducing some taxes, improving procedures for pledge of movable property.

As explained by the author of Doing Business ranking Valentinа Saltane, Moscow scored 14 points out of 15 on “Dealing with Construction Permits” indicator, on “Getting Electricity” Russia received 8 points out of 8, on “Enforcing Contracts” – 12.5 out of 18 points, on “Quality of Real Estate Register” 26 points out of 30.

According to her, during this year’s preparation of the ranking the approach to the indicator “International Trade”, where the Russian Federation has not managed to score many points, was revised.

“On “International Trade” indicator Russia is on the 170th place”, - said Valentinа Saltane.

According to Director General of the Agency for Strategic Initiatives to promote new projects (ASI) Andrey Nikitin, there is a potential for a significant improvement in Russia's place in the ranking.

“We have a good potential. We do not plan to stop at this point, this year we will discuss further directions for improving business climate. We hope that we can get close to the task that was set by the President in the May decrees”, - he said.

Commenting on the country’s success, Andrey Nikitin noted energy sector, “because there is a fairly rapid progress due to those real reforms on connection speed”, which were implemented by Russian Ministry of Energy and ROSSETI according to ASI road maps. At the same time, there is still a lot of work to do in improving business climate, he stated, adding that there is a fairly strong negative dynamics on customs.

The May decrees signed by Russian President Vladimir Putin in 2012 stipulate that by 2015 the country should rise in the Doing Business ranking to the 50th position, and in 2018 – to the 20th.

Source: TASS

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