Ukraine improved its position by 7 points in the Doing Business 2020 investment attractiveness rating, which is published annually by the World Bank, and ranked 64th out of 190 countries.
“Raising Ukraine’s ranking 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 stimulating investment activity, we are activating the process of deregulation,” comments Prime Minister of Ukraine Oleksiy Honcharuk.
According to a World Bank report, Ukraine improved its performance this year in 6 out of 10 indicators taken into account by World Bank experts in the rating.
Ukraine has shown the greatest progress in the Minority Shareholder Protection component through the opening of information on final beneficiaries and the Building Permit Component by eliminating the requirements for hiring an independent designer and engineer, thus reducing the cost of building permits within Kyiv.
In addition, the ranking was influenced by positive changes in the following components:
“Connection to grids”: simplification of connection to the grids and streamlining of technical conditions, as well as the introduction of a geographical information system. Ukraine has also improved the reliability of electricity supply by introducing a cut-off mechanism;
“International trade”: simplification of certification requirements for certain manufactured goods;
“Property registration”: improving the transparency of the land management system and simplifying property registration;
Credit Access: Improvement by improving access to credit information through the creation of a new National Credit Registry with the National Bank of Ukraine.
