Ukraine has improved 7 positions and is ranked #64 in the annual World Bank Doing Business 2020 report.
“7 positions improvement in the World Bank Doing Business report in a year is a result that speaks for itself. It is a positive sign for Ukrainian entrepreneurs and green light for foreign investors. However, this is just the beginning: 3 days ago Ukrainian Code of Bankruptcy came into force, a couple of weeks ago the Parliament adopted a law on increasing investment attractiveness of Ukraine and the Government, for sure, will keep the pace”, Prime Minister of Ukraine Oleksiy Honcharuk stated.
According to the World Bank, Ukraine has improved 6 out of 10 indicators that the World Bank ranking is based on. Protecting minority investors achieved through requiring greater disclosure of transactions with interested parties contributed most (27 positions). It is followed by dealing with construction permits achieved through eliminating the requirement to hire an external supervisor and introducing an online notification system, as well as through reducing the contribution fee to the Kyiv City Council (+10 positions).
Other indicators that have added to improving the positions are as follows:
– Getting electricity. Ukraine made getting electricity easier by streamlining the issuance of technical conditions and by implementing a geographic information system. Ukraine also improved the reliability of power supply by introducing an outage compensation mechanism.
– Registering property. Ukraine made registering property easier by increasing the transparency of the land administration system.
– Getting credit. Ukraine improved access to credit information by establishing a new public credit registry in the National Bank of Ukraine.
– Trading across borders. Ukraine reduced the time to import by simplifying conformity certification requirements for auto parts.