Uzbekistan improves its position in World Bank’s Doing Business ranking

Uzbekistan rose by 7 positions in the annual ranking of the World Bank’s Group Doing Business (Assessment of business regulation) from 76 to 69 place among 190 countries of the world. This allowed our country to enter the top 20 countries that have shown the greatest progress in improving the business climate.

In nine indicators out of ten criteria for assessing the ease of doing business Uzbekistan received higher scores compared to last year. Only one criteria – the indicator of resolution of insolvency worsened by 1.7 points. Uzbekistan has the best dynamics in terms of international trade (by 8.4 points) and protection of minority investors (by 8 points).

Uzbekistan was able to rise in the general ranking of countries in 5 directions as:

✓Creating a business (by 4 positions)
Reducing costs and time for starting a business by introducing a system for registering companies through the Public Service Centers and eliminating the requirement for stamps for small enterprises.

✓ Obtaining building permits (by 2 positions)
Reducing the cost of obtaining technical conditions for connecting to communications and other permissions

✓ Protecting minority investors (by 27 positions)
Uzbekistan strengthened minority investor protections by increasing shareholders’ rights and role in major corporate decisions, clarifying ownership
and control structures, and requiring greater corporate transparency.

✓ Trading across borders (by 13 positions)
Uzbekistan made trading across borders easier by introducing risk-based
inspections and simplifying import documentary compliance.

✓ Enforcing contracts (by 19 positions)
Uzbekistan made enforcing contracts easier by introducing a consolidated
law on voluntary mediation, establishing financial incentives for the parties
to attempt mediation, and publishing performance measurement reports
on local commercial courts.

The Doing Business report is prepared for the 17th time.

The leadership in the world rank, as countries with most favorable conditions for doing business, has been retained by New Zealand, and Singapore has remained second this year. Hong Kong moved up to third position, pushing down to fourth place Denmark. South Korea, the USA, Georgia, Great Britain, Norway and Sweden are followed. The Russian Federation took 28th place, and Kazakhstan rose from 28th to 25th.