THE DOING BUSINESS REPORT HAS UPPED LITHUANIA BY THREE POSITIONS
Updated 2010-11-27
Following the World Bank‘s Doing Business report, Lithuania has succeeded to improve the national business environment in a year’s time: today’s Doing Business report ranks Lithuania 23 out of 183 economies, which is by three positions higher than last year.
ccording to the press release of the Ministry of Economy of Lithuania, the World Bank has recorded that the largest number of reforms in recent years were carried out in Lithuania compared to other report-covered economies. Considerable progress has been achieved by Lithuania under the Starting a Business topic which falls within the scope of competence of the Ministry of Economy: the change in rank accounts for increase by even 12 positions (from 99 to 87).This increase has been affected by the shortened company registration procedure and other simplified registration procedures.
The World Bank has also evaluated Lithuania’s efforts to improve tax administration, increase transparency in credit granting, facilitate foreign trade by introducing electronic Customs environment and improve administration of bankruptcy procedures.
„The World Bank’s rating demonstrates optimistic tendencies and inspires to make further efforts to improve business environment by increasing the national competitiveness and attractiveness to foreign investors. We have achieved certain results, yet it does not suffice, and I would like to encourage other national public authorities to be more careful about their homework since our common goal is to achieve before 2012 the ranking among top fifteen economies boasting the most business-friendly environment, “ Minister of Economy Dainius Kreivys said. “I also seek for more active cooperation with the World Bank’s partners in Lithuania who render market-related information to the “Doing Business” reporters every year. “
The World Bank’s rating is based on 9 topics: ease of doing business rank, starting a business, dealing with construction permits, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business. The Ministry of Economy will propose to the Government to further improve the business environment based on the World Bank’s analysis.
