The World Bank issued its annual Doing Business report, which tracks the ease of doing business in 189 countries around the world. Up 19 spots from last year’s report, Russia is now ranked 92. Russia has moved ahead of China and is now ranked the most business-friendly among BRIC nations.
Of the eleven metrics tracked on making it easier to do business, Russia improved in five areas: starting a business, dealing with construction permits, getting electricity, registering property, and trading across borders.
From the report:
· Starting a Business: Russia made starting a business easier by abolishing the requirements to have the banks signature card notarized before opening a company bank account.
· Dealing with Construction Permits: Russia made dealing with construction permits easier by eliminating several requirements for project approvals from government agencies and by reducing the time required to register a new building.
· Registering Property: Russia made transferring property easier by streamlining procedure and implementing effective time limits for processing transfer applications.
· Trading Across Borders: Russia made trading across borders easier by implementing an electronic system for submitting export and import documents and by reducing the number of physical inspections.
· Getting Electricity: Russia made getting electricity simpler and less costly by setting standard connection tariffs and eliminating many procedures previously required.
Ahead of all the BRIC nations, Russia is now on top. The country has a rich heritage of innovation from its early advancements in aerospace, engineering and energy generation, and is now poised to reach new heights. In recent years, Russia has witnessed a number of striking economic developments indicating that its economy is diversifying through the growth of dynamic new industries and the advancement of its expanding and economically-powerful middle class. This new direction marks a shift from the resource-driven industries with which Russia is commonly associated. These consumer-driven innovations will lead to higher wages, increased opportunity and an overall improved quality of life for millions of Russians.
This is Russia’s untold growth story and The New Russia.