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NEWS

Uzbekistan moves 10 places up in Doing Business ranking

www.uzdaily.com
29 October 2013

Uzbekistan significantly improved its position in new ranking of Doing Business-2014 of the World Bank and International Financial Corporation, moving from 156th place in 2012 to 146th place in 2013.

Ukraine, Rwanda, the Russian Federation, the Philippines, Kosovo, Djibouti, Côte d'Ivoire, Burundi, the former Yugoslav Republic of Macedonia, and Guatemala are among the economies improving the most in 2012/13 in areas tracked by Doing Business.

Worldwide, 114 economies implemented 238 regulatory reforms in 2012/13 making it easier to do business as measured by Doing Business - 18% more reforms than in the previous year.

According to the report, Uzbekistan improved its ranking in such criteria as business registration (21st place, + 66 positions), permission for construction (59th place, +1 position), property registration (136th place, +6), crediting (130th place, +24), and international trade (189th place, no change).

At the same time, Uzbekistan worsened its position on such criteria as connection to electricity (173, -4), taxation (168, -3) and investor protection (138, -1).

The report said that Uzbekistan made starting a business easier by abolishing the paid-in minimum capital requirement and by eliminating the requirement to have signature samples notarized before opening a bank account.

The report added that four procedures required in Uzbekistan to register enterprise, which is less than average in the Europe and Central Asia (5) and OECD member states (5). The registration term is 8.5 days in Uzbekistan against 12.8 days in Europe and Central Asia and 11.1 days in the OECD countries.

Singapore topped the global ranking on the ease of doing business. Joining it on the list of the top 10 economies with the most business-friendly regulatory environments are Hong Kong SAR, China; New Zealand; the United States; Denmark; Malaysia; the Republic of Korea; Georgia; Norway; and the United Kingdom. [Read Uzbekistan Report here].