DUSHANBE, 25.10.2019 (NIAT Khovar) – After having moved up 20 places, Tajikistan is now in the 106th place in the Doing Business 2020 ranking. Last year, Tajikistan was in 126th position, according to the latest World Bank (WB) report.

“The decision taken by the government of Tajikistan to focus on addressing critical business climate constraints that had dissuaded enterprises from contributing more actively to the country’s ambitious development objectives have shown first results,” notes the report.

The WB Group’s Doing Business 2020 report has recorded three related reforms in the past year earning Tajikistan a spot among the world’s top ten most improved economies for ease of doing business.

“Tajikistan introduced a social identification number in the company incorporation certificate at the time of registration. The country improved access to credit by launching a unified, modern and notice-based collateral registry, the establishment of a functional secured-transactions system, the broadening of the scope of assets that can be used as collateral, the allowance of the general description of debts and obligations, the granting of absolute priority to secured creditors, and the provision of a time limit and clear grounds for relief from automatic stays during reorganization procedures. Tajikistan also facilitated the export of goods by prioritizing customs clearance of perishable products,” reads the report.

In its wake, Tajikistan has taken a big step upwards to the 106th rank globally, with a score of 61.3 out of 100.

“Against the backdrop of ambitious development objectives and emerging trade opportunities, Tajikistan has realized that an improved business climate for small and medium-size enterprises holds the key to investments, innovation, employment generation, and sustainable domestic resource mobilization,” said Jan-Peter Olters, World Bank Country Manager for Tajikistan.

“By sustaining this reform momentum, Tajikistan will lay the foundation for increased private sector activities, export orientation, and dynamic rates of sustainable and inclusive growth,” he added.

New Zealand, Singapore, Hong Kong SAR (China), Denmark, South Korea, USA, Georgia, UK, Norway and Sweden are among the top ten in terms of ease of doing business this year. Ranking leaders usually have online procedures for registering businesses and transferring property, as well as electronic platforms for filing tax returns.

In the ranking, Pakistan ranked 108th, Egypt located at 114th, Brazil – at 124th, Argentina – at 126th, Iran – at 127th positions.

The Doing Business report is being compiled for the 17th time and covers 190 countries. It examines regulatory standards that promote or hinder business development throughout the life cycle, including setting up an enterprise, conducting business, conducting foreign trade, paying taxes, and protecting investors’ rights.

The report is usually published in the fall. Since 2005, the report contains a ranking of states for ease of doing business, and since 2006, countries are also ranked by indicators.