Russia climbed to the 28th position in the ranking of Doing Business

Russia climbed to the 28th position in the ranking of Doing Business

Russia moved up three positions in the ranking of Doing Business-2020 world Bank and the International Finance Corporation (IFC), taking 28th place. This follows from the report published on the website of the world Bank.

As noted by the authors over the past year Russia has conducted three reforms, speeding up the process of producing electricity and simplifying tax compliance. In addition, enhanced protection of the rights of minority investors due to the tightening of corporate transparency.

Leadership in the world ranking on creating the most favorable conditions for doing business this year, has confirmed New Zealand. The second line of retained Singapore. The third position went up in Hong Kong, shifted to the fourth Denmark. Followed by South Korea, USA, Georgia, great Britain, Norway and Sweden.

The report «doing business» is already the 17th time and covers 190 countries. It explores the regulations that promote or impede business development throughout the work cycle, including the establishment of enterprises, business management, international operations, payment of taxes and the level of investor protection.

The head of the Ministry Maxim Oreshkin, commenting on the improved position in the Doing Business-2020, noted that Russia holds the highest place in ranking among BRICS countries, ahead of many European countries, but the successes need to be done to create a predictable business environment.

«Competition, of course, increases, the competition here is serious: the same China with a 46-th place moved to the 31-th place, we are already closely pressed. Therefore, in order to even maintain its position, we will be very active moving forward,» said the Minister, quoted by RIA «Novosti».

In turn, the Ministry of energy of the Russian Federation stressed that Russia first time in history took the 7th place in the world Bank Doing Business ranking for the indicator «connection to the power supply system» (97.5 points out of a possible 100). And this progress was due to the large-scale reforms in the field of technological connection of consumers. Since 2012, the number of procedures required to connect to electricity in the Metropolitan regions dropped from 5 to 2, and the term connection — from 281 to 41 days. The cost of technological connection decreased to 5% of the income per capita in 2019.

According to the criterion of «issuance of building permits» in the annual Doing Business rating, Russia has moved to 26th place from 48th last year.

And according to the criterion of «obtaining property» — 12-e (position has changed).

As stated by the Minister of Finance Anton Siluanov, the improvement of the position of the Russian Federation in the world Bank rating was expected, but the main thing — not the success in the ranking, and real improvements for business. «We did not weaken the work to make the conditions for our business more comfortable. And the most important thing is not success in this ranking, the most important is how these changes should feel business. That’s our biggest problem,» — said Siluanov. «The promotion for this only demonstrates that our colleagues from the world Bank also see improvements, too, see changes for entrepreneurs», — said Deputy Prime Minister.

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