REUTERS
Ukraine has climbed by four positions in the World Bank's Doing Business 2018 ranking due to easier rules for construction permits, better safeguards for minority investors ensured by the publication of information on deals with related parties, as well as due to a reduction in a single social security tax rate, according to the rating's website.
These major improvements in Ukraine were taken into account when compiling the rating, it said.
At the same time, little progress was noted in the procedures for starting a business, getting electricity, registering property and insolvency. However, these changes had not significantly affected the country's position in the rating. At the same time, the lack of any progress was registered in getting credit, trading across borders, and enforcing contracts.
According to the rating, the most positive aspects of doing business in Ukraine are getting credit (29th place), dealing with construction permits (35th), and paying taxes (43rd). Ukraine ranks 52nd in terms of starting a business, 64th in registering property, 81st in protecting minority investors, 82nd in enforcing contracts, 119th in trading across borders, 128th in getting electricity, and 149th in resolving insolvency.
Ukraine's neighbors in the rating are Kyrgyzstan (77th place) and Bhutan (75th place). At the same time, such CIS member states as Moldova, Belarus and Russia ranked 44th, 38th and 35th, respectively. The top ten countries in the ranking (in decreasing order) are New Zealand, Singapore, Denmark, South Korea, Hong Kong, the United States, Great Britain, Norway, Georgia, and Sweden.
Read alsoUkraine climbs to 76th Doing Business place
"We are moving forward. Perhaps not as fast as we would like, but we clearly know in which direction we need to move. This year the World Bank's mission came to Ukraine at our invitation, so that their conclusions were as objective as possible. I think we will continue this practice in the future. And of course, we need to work to improve the business climate," First Deputy Prime Minister of Ukraine, Minister of Economic Development and Trade Stepan Kubiv said.
At the same time, Deputy Minister of Economic Development and Trade Maksym Nefyodov noted that the Verkhovna Rada's adoption of deregulation bill No. 6540 would help the country enter the TOP 40 rating.
"Plus four positions is good, but we want a better result. Bill No. 6540 jointly developed by the Economic Development Ministry and the Better Regulation Delivery Office should help Ukraine enter the TOP 40 rating. We should pass it as soon as possible because the pace is important in deregulation. Other countries are also guided by the rating and do much, as they are also interested in attraction of investors. To remain on the same place in the rating, one have to run, while to move forward means to run twice faster. Therefore, we stress the need for the speedy adoption of bill No. 6540, which will significantly improve the investment climate in Ukraine," Nefyodov said.
As UNIAN reported earlier, the Ukrainian Economic Development and Trade Ministry forecast that Ukraine could climb by 10 positions in the Doing Business 2018 rating to the 70th place, which could potentially bring $1 billion in investment in the country annually.
In 2016, Ukraine climbed three positions up in the Doing Business ranking: from the 83rd to 80th place. Ukraine showed the greatest progress in simplifying regulations for starting a business (from 190th to 20th place), while the slowest progress was recorded in its anti-corruption efforts (from 190th to 140th place).