Ulaanbatar, October 23, 2012
—Mongolia is one of the top improvers of business regulations in this year’s Doing Business report published by IFC and the World Bank. Singapore tops the global ranking on the ease of doing business for the seventh consecutive year, while Hong Kong SAR, China, holds on to the second spot.
Released today,
Doing Business 2013: Smarter Regulations for Small and Medium-Size Enterprises
finds that 23 economies in East Asia and the Pacific have made their regulatory environment more business-friendly since 2005.
The
Doing Business 2013
report covers the period from June 2011 to June 2012 and uses data for indicators that measure regulation affecting 10 key areas of the life cycle of local businesses. It finds that Mongolia made starting a business easier by eliminating the minimum capital requirement for establishing local limited liability companies, improved access to credit information by guaranteeing borrowers’ right to inspect their personal credit data, and strengthened investor protections by enacting new legislation that increased disclosure requirements for related-party transactions.
"This year, Mongolia joined the global list of top 10 improvers for ease of doing business in the report,” said Augusto Lopez-Claros, Director, Global Indicators and Analysis, World Bank Group. “Mongolia implemented reforms that cut regulatory hurdles and make it easier for local firms to do business.”
Under its Mongolia Advisory Services Program, the World Bank Group has worked closely with the Mongolian government to support the reforms of the company laws, food safety law, and business inspections.
“The World Bank Group is committed to supporting Mongolia’s continued improvements to the investment climate which is critical for the country’s next stage of sustainable economic growth,” said Sérgio Pimenta, IFC’s Director for East Asia and the Pacific. “We do so by providing financing and advice to the government and businesses with the goal to generate jobs, create opportunities, and build shared prosperity.”
Going forward, the World Bank Group and Mongolia will deepen the partnership through a number of new programs including streamlining permits and licenses to make the business environment more transparent, efficient, and conducive for small and medium enterprises.
About the
Doing Business
report series
Doing Business
analyzes regulations that apply to an economy’s businesses during their life cycle, including start-up and operations, trading across borders, paying taxes, and protecting investors. The aggregate ease of doing business rankings are based on 10 indicators and cover 185 economies.
Doing Business
does not measure all aspects of the business environment that matter to firms and investors. For example, it does not measure the quality of fiscal management, other aspects of macroeconomic stability, the level of skills in the labor force, or the resilience of financial systems. Its findings have stimulated policy debates worldwide and enabled a growing body of research on how firm-level regulation relates to economic outcomes across economies. This year’s report marks the 10
th
edition of the global
Doing Business
report series. For more information about the
Doing Business
report series, please visit
www.doingbusiness.org
. Join us on
Facebook
.
About the World Bank Group
The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world. For more information, please visit
www.worldbank.org
,
www.miga.org
, and
www.ifc.org
.
Regional Media Contacts:
East Asia and the Pacific
Hannfried von Hindenburg (+852 2509-8115) Muhamad Al Arief (+1 202 458-5964)
