UPDATE: Russia climbs to 35th position in Doing Business rating

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MOSCOW, Oct 31 (PRIME) -- Russia has climbed to the 35th position in the World Bank’s and International Finance Corporation’s Doing Business-2018 rating, Economic Development Minister Maxim Oreshkin told President Vladimir Putin and the government on Tuesday.

“Today, the World Bank’s Doing Business rating will be published, Russia has climbed five positions as compared with last year and currently occupies the 35th place,” Oreshkin said.

He said Russia ranked 124th out of 190 countries in the rating six years ago.

“It is important to understand that progress becomes more and more complicated each time, because when we were at the end of the list, it was quite easy to move, and here, on the top – all countries are constantly trying to improve their business climate,” the minister said.

The World Bank said in a statement that Russia improved its rating thanks to three key reforms – a wider access to credit through improvements in the register of notifications about collateralized property, simpler international trade with a launch of a new deep-sea port in the Gulf of Finland, and simpler registration of property through cutting the time for submitting documents for state registration of property rights transfer.

The World Bank also said citing its Resident Representative in Russia Andras Korvai that Russia has a clear and consistent commitment to improving the business climate for small and medium enterprises in the country.

Oreshkin also said that Russia’s goal is to become one of the top-20 countries in the rating in 2018. “The goal is the top-20, it still is, so we will work actively for the next six to nine months to implement additional reforms that will allow us to reach it. The goal is difficult, as all countries that we are close to in the rating are trying to improve their positions and to improve conditions for business,” he said.

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