Ukraine has risen up to 7 positions in the Doing Business 2020 investment attractiveness rating, published annually by the World Bank and took 64th place among 190 countries.
According to the World Bank’s report this year Ukraine has improved its feature from 6 of 10 indicators which are taken into account by the World Bank experts in rating.
Ukraine has shown the greatest progress in “Minority Shareholder Protection” component with +27 points due to the opening of the final beneficiary information and the “Getting a Building Permit” component with +10 points by eliminating the requirements for hiring an independent designer and proof engineer and introducing online reporting, as well as reducing the cost of building permits within Kiev.
In addition, positive changes in the following components influenced the upgrade of the rating:
“Power grid connection”: simplification of power grid connection and streamlining of technical conditions, as well as introduction of a geographical information system. Ukraine has also improved the reliability of its electricity supply by off-set mechanism introducing;
“International trade”: simplifying of the certification requirements for certain industrial products;
“Property registration”: increasing transparency of the land administration system and simplifying of the property registration;
“Access to credit”: upgrading by improving access to credit information through the creation of a new National Credit Register at the National Bank of Ukraine.
The profile of Ukraine in the Doing Business rating (in English) is available by reference.
It should be reminded that last year, Ukraine rose by five positions – 71st place among 190 countries. In 2014-2018, Ukraine moved up 24 positions in the rating
Prime Minister of Ukraine Oleksii Honcharuk commented on the results of the rating: “Upgrading the rating of Ukraine in Doing Business-2020 by 7 positions at once is a result that speaks for itself. This is a positive signal for Ukrainian entrepreneurs and a “green light” for foreign investors. However, this is only the beginning and we continue to work in this direction: three days ago, the Bankruptcy Code was launched, a few weeks ago – the law on investment activity stimulating, activating the processes of deregulation. “
Information. The Doing Business rating is the World Bank’s annual investment attractiveness rating of 190 countries. The Doing Business report is made by 10 key indicators on the basis of the comprehensive study results of the state of reforms in each country which are used to analyze the economic results and identify successful reforms and effectiveness evaluation. The Doing Business Ease of Doing Business Index is an important marker for investors in decision-making processes on investments to a certain country in the world.